Sinarmas Land share buyback raises questions
SHARE buybacks, part of a firm's defence arsenal to beat the market's under appreciation of its stock or to provide support amid a selloff, rarely turns into fodder for market wags.
This was not quite the case for Singapore-listed Sinarmas Land, a real estate firm controlled by Indonesia's billionaire Widjaja family, which coughed up S$88.5 million or 59 Singapore cents apiece to buy back 149.8 million shares on Sept 18.
Between then and Sept 30, …
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