Shares of BlackBerry Ltd, who have been hit hard, rose again on Wednesday as investors focused on extraordinary income would receive the company because of its plans to sell its real estate assets in Canada. In the picture, a BlackBerry logo at its headquarters in Waterloo, Canada on September 23, 2013. Photo: Mark Blinch / Reuters BlackBerry Ltd shares which have been hit hard, rose again on Wednesday as investors focused on extraordinary income would receive because the company plans to sell its property assets in Canada.
BlackBerry
, based in Waterloo, Ontario, said Tuesday it plans to get rid of most of the properties it owns in Canada to boost its balance sheet.
Shares of the company climbed to 8 percent to $ 10.73 in afternoon trading on Nasdaq, while shares listed in Toronto were up 8.8 percent at C $ 11.84.
BlackBerry
shares have been by far the best performance so far this year in the benchmark Toronto Stock Exchange, after climbing 50 percent.
Analysts estimate that the sale of real estate assets will raise a substantial amount of cash for the company, trying to reinvent the leadership of its new CEO, John Chen.
“Based on our estimates using price per square meter in Waterloo, Ontario, conservatively project that the company could raise about 600 to 700 million dollars,” said Maynard Um, an analyst at Wells Fargo in a note to clients.
BlackBerry
not disclose how much money it expects to raise through the sale process. The properties involving more than 280,000 square meters.
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