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Share buybacks spike up in Q3

SINGAPORE-LISTED companies bought back 713.8 million shares worth S$1.07 billion in July through September, boosting the year-to-date total to S$1.73 billion, the Singapore Exchange said in a SGX My Gateway report on Monday.

The total value of shares bought back in Q3 was about triple the S$354 million bought back in Q2 and also easily outstripped the S$304 million for Q1.

A large part of the Q3 buybacks occurred in August, which was also the month China unexpectedly devalued the yuan. August's share buyback value amounted to S$544 million, the highest monthly figure this year, while September was the runner-up at S$445 million. July paled in comparison with S$82 million.

The company that spent the most on buying back its own stock in Q3 was warehouse landlord Global Logistic Properties, which paid S$224 million to buy back 101.6 million shares.

Commodities group Wilmar International chalked up the second-highest dollar amount, forking out S$202.5 million for 72.5 million shares. The next three companies were DBS Group, Sinarmas Land and Singapore Airlines.