FirstRock Real Estate Investments (FIRSTROCKJMD) has been experiencing a smooth process in its share buy-back initiative which it initiated last month.
During the period between September 28 to 29, they purchased $300,000 USD and $100,000 JMD worth of shares, under the company’s share buy-back program.
This overall move helps to improve the shareholder value in the company and the results speak for itself. Last Friday, FirstRock shares improved by $1.97 to $13.75 JMD with 132,406 shares exchanging hands.
This whole buy-back scheme was delayed because it was initially supposed to happen sometime in the first quarter of this year. Instead, it was pushed into the month of September.
There can be various reasons for this, probably timing wasn’t right and they were waiting for favorable market conditions to initiate such a move.
This entire process started on September 1, 2022, specifically on the opening market of September 7, 2022, they purchased 100,000 shares. Subsequent market openings thereafter they purchased 250,000 shares, specifically between September 15 to September 19.
