First Rock has been ramping things up with share buyback over the last few weeks. Typically, companies buy back shares to increase the price of shares for investors due to supply and demand within the market.
The company states that they have repurchased a total of 350,000 US dollar shares and 380,000 Jamaican dollar shares on November 29, 2022.
The price per share for the American dollar section is between US0.0749 and US$0.080 while the Jamaican dollar shares are between J$13.38 and J$15.00.
The maximum number of shares to be repurchased through the entire program is 3.82 million Jamaica dollar shares and 24.7 million American dollar shares.
A couple of months earlier within the month of September, the company went through another buyback shares process, and at that time they repurchased 250,000 US dollar shares and 40,000 Jamaican dollar shares.
Earlier in the year, First Rock went through a name change to better reflect the core of the business which was causing a bit of confusion externally it seems.
The overall name for the company is First Rock Real Estate Investments Limited, prior the company was broken up into two parts First Rock Private Equity which was focused on equity investments, and First Rock Holdings which handles real estate.
