Homebuilder Etalon suspended a share buyback program indefinitely after buying about $14 million of its stock — a fraction of the $130 million targeted less than six months ago — after a 37 percent rally in shares since the company announced the buyback.
Etalon said in October that it would buy back 9.25 percent of its share capital — valued at $130 million at the time.
The property group said Monday that it had bought 2.9 million Global Depositary Receipts at an average price of $4.86 each. Etalon's shares, which floated at $7 in April 2011, plunged to $2 in October. Etalon's shares fell 3 percent Monday to $6.70, valuing it at $2 billion. The company said it has $490 million of expansion capital on its balance sheet.