Share buyback value hit 30-month high in March

The value of shares bought back by their companies hit $221.8m.

The total value of shares Singapore companies bought back in March hit a 30-month high at $221.8m, Singapore Exchange (SGX) revealed. According to a report, this was the highest consideration value since September 2015 when the month’s buyback consideration totalled $445m.

The buyback consideration was almost two-thirds higher than the $134.2m recorded in February. For the month, there were 86.3 million shares repurchased by 26 companies.

SGX noted that the top five stocks with the largest buyback consideration value were CapitaLand, OCBC, UOB, Boustead Singapore, and SATS which made up 89% of the $221.8m total.

Moreover, six STI constituents - CapitaLand, OCBC, UOB, SATS, Sembcorp Industries and SGX made up as much as $185m of the $222m (83%).

CapitaLand commenced its share buyback mandate the following week, topping the February tally with buyback consideration of $43.8m. CapitaLand also topped the March tally with the repurchase of 26.3 million shares for a consideration of $95.3m. 

SGX noted that the mandate to purchase 2% of its issued shares had been approved at CapitaLand’s annual general meeting. As of 3 April 2018, the company bought back 1.002% of its shares on this current mandate which is up from 0.905% as of the end of March 2018.