Buyback activity in 2013 hits 3-year low

Published Sun, Jan 5, 2014 · 10:00 PM
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SINGAPORE Exchange buyback activity fell to its lowest level in three years with 69 companies recording 1,068 filings worth $451 million in 2013 - sharply down from 2012 (98 firms, 1,521 filings, $719 million) and 2011 (96 companies, 1,730 filings, $1.06 billion). Buyback totals were also lower than the yearly averages of 82 firms, 1,252 filings and $685 million from 2007 to 2012. Firms got off to a very slow start in 2013 with 176 filings worth $99 million in Q1. The activity picked up with 324 filings worth $162 million in Q2 and 332 filings worth $101 million in Q3 - but dipped sharply in Q4 (only 236 filings worth $89 million).

Share buyback totals 1999-2013

Performance-wise, 41 companies or 59 per cent of the total number of firms buying back shares in 2013 recorded an average gain of 17 per cent from their mean buyback prices - 26 firms or 38 per cent of the total saw their share prices drop by an average of 10 per cent in 2013. Overall, firms repurchasing shares last year saw their share prices rise by an average of 6.2 per cent from their average buyback prices. Viking Offshore & Marine's share price more than doubled …

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