Astro Japan Property Group
(ASX:AJA) says it will undertake an off-market buy-back of around $18.3 million of shares.
Despite the current market price of around $6.20 per share Astro says a buy-back price of $6.03 is appropriate.
The buy-back will be funded from the surplus cash received from asset sales along with cash reserves following refinancing of debt.
The company has about $61 million in unrestricted cash and is also considering selling some of the portfolio into a new Japanese listed property trust.
Astro reported a net profit of $54.22 million for the six months to the end of December 2015.
