Dec 13 (Reuters) - Sunland Group Ltd SDG.AX :
* Sunland announces on-market share buy back-sdg.ax
* Buyback equivalent to approximately 16.4 million ordinary shares
* Announced it will commence an on- market share buyback program to acquire up to 10 per cent of sunland's issued capital over next 12 months
* Reaffirmed their intention to maintain dividend payment ratio of 40% - 50% of net operating earnings whilst undertaking buyback program Source text for Eikon: Further company coverage: SDG.AX