Emaar buyback cancelled?

The UAE stock market regulator cancelled Emaar Properties' 10 percent share buyback licence after the firm failed to buy shares in time. Emaar only bought 200,000 shares, or 0.003 percent of its capital. It is not clear why the cmpany did not buy the shares. It apparently has cash on its balance sheet and was recently rated by a credit agency (see earlier report on this blog). The stock is not that illiquid, so 200,000 shares is fairly pathetic. Seems the company may be having cash flow issues.