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SGX firms' Aug buybacks exceed S$100m

The five largest buyback considerations in August so far have been made by DBS, UOB, CapitaLand, City Developments, OCBC Bank

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Led by DBS Group Holdings, United Overseas Bank and CapitaLand, the companies have bought back 17.7 million shares for a consideration of S$116.5 million in the month to date.

Singapore

COMPANIES listed on the Singapore Exchange (SGX) have continued their momentum in share buybacks this month, with 23 stocks reporting buybacks totalling more than S$100 million in the first 12 sessions of August, SGX market strategist Geoff Howie said in a Monday market update.

Led by DBS Group Holdings, United Overseas Bank and CapitaLand, the companies have bought back 17.7 million shares for a consideration of S$116.5 million in the month to date, compared with last month's buyback consideration of S$109.0 million and August 2017's consideration of S$59.7 million.

Mr Howie noted that this is the seventh successive month that the S$100 million threshold has been crossed. In the year to date, buyback consideration has exceeded S$1 billion.

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The five largest buyback considerations in August so far were made by DBS, UOB, CapitaLand, City Developments and OCBC Bank - all stocks on the Straits Times Index (STI). Hi-P International's buyback of 1.39 million shares for S$1.47 million was the largest buyback consideration by a non-STI stock in the month-to-date.

Seven stocks commenced new mandates in August's first 12 sessions. They are City Developments, Hi-P International, Singapore Shipping Corporation, Ban Leong Technologies, Japan Foods Holding, Maxi-Cash Financial Services Corporation and Star Pharmaceutical.

In share buyback transactions, share issuers repurchase some of their outstanding shares from shareholders through the open market, for reasons including a move to align stock valuations with balance sheet objectives.

Once bought back, the shares are converted into treasury shares and no longer categorised as outstanding shares.

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