Share buybacks by Singapore-listed companies hit 9-month high in June, down 77% year-on-year

A view of the Singapore Stock Exchange building.
A view of the Singapore Stock Exchange building. PHOTO: AFP

SINGAPORE - Share buyback consideration on the Singapore Stock Exchange in June was the highest since September last year (2016).

Companies repurchased about 13.4 million of their outstanding shares from shareholders through open market transactions for close to S$51.5 million.

This was up by 5.9 per cent from the S$48.6 million in May, but still almost 77 per cent lower than in June last year, when S$218 million of shares were repurchased. SGX noted that over the past 12 months, the STI has rallied 13.6 per cent in price, generating a total return of 17.8 per cent.

In all, the share buyback consideration in the first six months of this year was S$200.8 million, a drop of 63 per cent from S$544 million in the first half of 2016.

Of the 18 companies repurchasing shares in June, the five with the largest buyback consideration value were OCBC, SIA Engineering, Singapore Post, Hi-P International and Telechoice International.


PHOTO: SGX

OCBC had the highest buyback consideration for the fourth straight month, buying back S$44.8 million of shares in June and taking its number of shares bought under the 12-month mandate to 7.2 million.