Hongkong Land shares gained after it announced after market on April 22 that a group of its executive directors have committed to acquiring US$960,000 worth of shares from the open market between now and June.
Hongkong Land's shares, which have dropped more than 12% year to date, gained as much as 4.1% thus far today, April 23.
"The acquisition of the company’s shares re-affirms management’s commitment and confidence in the value and long-term development of the company," says Hongkong Land.
While Hongkong Land is known for its portfolio of prime commercial assets in Hong Kong's Central, it is also exposed to the slump in mainland China.
As at Dec 31 2023, its net asset value per share was US$14.49, down 3% from US$14.95 a year earlier.
In its statement released via SGX on April 22, the company said that this group of executive directors include Alvin Kong, Ling Chang Feng, John Simpkins, Kenneth Foo, Raymond Wong, and Yolice Wu, as well as CFO Craig Beattie.
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Assuming each of these executives bought the same quantum of shares, that will work out to around US$137,142 each, or just over 45,400 shares each.
