Jardine Matheson doubles share-buyback scheme size after closing in early on target

BLUE-CHIP conglomerate Jardine Matheson Holdings J36 plans to double the size of its share-buyback scheme to US$500 million, it said on Wednesday (Dec 8).

The group had launched a programme in end-Sep to repurchase up to US$250 million of shares by Jun 30, 2022; it now says it has already nearly achieved this target.

The stated aim of the share-buyback scheme is to reduce the capital of the company, in line with an ongoing capital allocation policy.

"The group remains committed to returning gearing nearer to historic levels over the medium term, following the simplification of the group's holding structure earlier in the year," it reiterated as it unveiled the bumped up amount.

Jardine Matheson, which is listed in London, Bermuda and Singapore, closed on Wednesday at US$54.14, down by US$0.48 or 0.88 per cent.