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BEVERLY HILLS-Kennedy Wilson, Inc. says it has it has initiated a stock buyback program in which it will repurchase up to 500,000 shares, which translates to 5% of the company’s outstanding shares.

The international real estate investment management and real estate services firm made the announcement Thursday morning. In mid-morning trading Thursday, company shares stood at $4.45, unchanged on the day. The share price is in the middle of its 52-week low of $3.41, achieved in November 2001, and its 52-week high of $6.33, achieved in late February of this year.

Kennedy Wilson is headquartered in Beverly Hills and has 20 offices throughout the United States and Japan. In September, Kennedy Wilson Japan entered into a joint venture with Mitsubishi Corp. for the development of residential condominiums. Construction on the first project, a three-story condominium project is located in central Tokyo, is scheduled to start next year with a projected completion of spring 2004.

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