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SIAEC conduct largest 1-day share buyback in a year as stock slumps

SIA Engineering Company (SIAEC) conducted its largest share buyback exercise in a year on Wednesday, hauling back 419,300 shares as its stock slumped to a six-year low on Wednesday. The shares were bought back at a price of between S$3.15 and S$3.35 apiece on Wednesday. On Nov 8, 2016, the company made its second-largest one-day purchase of 240,000 shares.

The maintenance, repair and overhaul (MRO) company was roiled by news on Wednesday that some 38.9 million shares, representing a 3.5 per cent stake, were offered by JP Morgan at a price range of S$3.11 to S$3.30 each. SIAEC's shares hit S$3.15 on Wednesday on the news, the lowest since January 2010, before closing at S$3.21, down 25 Singapore cents, or 7.23 per cent.

The stock had recovered slightly as at 9.25am on Thursday, trading at S$3.23, up two Singapore cents, or 0.6 per cent. The counter eventually closed a cent higher at S$3.22 with some 4.3 million shares changing hands.