OCBC leads April share buyback rally
OCBC, ST Engineering and Global Investments were the top firms that bought back shares last month.
Approximately 23 million shares were bought back from the Singapore Exchange (SGX) in April, for a $48.5m total consideration.
Leading these firms is OCBC, which bought back 3.66 million shares at an average price fo $11.83 per unit, to be held as treasury shares and deducted against its share capital.
The SGX noted that shares bought back can be converted to treasury shares, and motivated by employee compensation or long-term capital management.
"Buybacks can pick up amidst market declines that are driven by broader moves on international macroeconomic developments," the SGX explained.
Global Investments bought back the largest percentage of its issued shares, at 5.19% as of end April.
Luxury automobile distributor EuroSports Global purchased 1.8% of its issued shares, noting that its sales and operations were affected by the lockdown. Moving forward, it plans to seek new dealerships and expand outside of Singapore.
The top companies that bought back shares in April are OCBC, ST Engineering, Global Investments, SIIC Environment Holdings, Koufu Group, Trek 2000 International, MDR, GP Industries, Food Empire Holdings, Eurosports Global, Global Palm Resources HOldings, Engro Corporation, Nordic Group, Mun Siong Engineering, HC Surgical Specialists and GRP.