The InsiderExecutives of Midland Realty, Landsea and Elec & Eltek disclose rare buy-backs of own stocks

The chairmen of Midland Realty, Landsea Green Properties and Elec & Eltek International disclosed rare buy-backs last week during the holiday shortened trading period, according to disclosures to the Hong Kong stock exchange.

The buy-backs came as transactions by company insiders rose for the fourth consecutive week in Hong Kong. Up to 48 companies disclosed 207 purchases worth HK$173 million (US$22 million) while 16 companies reported 64 disposals valued at HK$131 million.

Midland’s chairman Freddie Wong Kin-yip bought nearly 6 million shares of his company between December 27 and January 4 at an average price of HK$2.38 per share, raising his holdings to 27.71 per cent.

The company issued a positive profit alert on December 22, citing rising property transactions, growth in its market share and effective cost controls. Midland had swung to an interim profit of HK$115.67 million in the first six months of last year, from a loss of HK$137.07 million in 2016.

The stock closed at HK$2.40 on Friday. Wong’s purchases were his third since January 2014, when he paid an average of HK$4.68 per share for 90.56 million shares.

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