Guoco buy-back begins
Guoco Group's share buy-back starts today with the aim of buying 86 million shares at HK$50 to HK$55 each for a maximum cost of HK$4.73 billion. The shares represent 20.13 per cent of Guoco. Since the buy-back was announced last month, the company has increased its target size from 43 million shares and the price range from HK$46 to HK$51 a share in response to investor feedback. Guoco has the option to increase its offer to 107 million shares.