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.

Get Singapore Business Review in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

This is the last trading day before the ghost month.
And firms say discount for vaccinated people not discriminatory.
Its revenue also rose 23.4% YoY to. US$2,262.4m in the same period. 
It is expected to be ready for launch in H2 2022.
Encouraged by vaccinations, more Singaporeans plan to travel in the next three months.
The amendments include higher penalties for erring property agencies or agents. 
The centre aims to spearhead Singapore’s maritime industry’s energy transition.
However, PropertyGuru’s data showed continued confidence amongst sellers.
The system enables employees to have test results in as fast as 60 seconds.
COVID-19 disruptions continue to cause delays in its projects.
Its underlying profit of $832.2m is still 17% below pre-COVID levels.
The airline saw a net loss of $1.12b in the same period last year.
All of its key businesses were profitable in the first six months of the year.
Singtel, Keppel Corp, and OCBC Bank led the Straits Times Index on 29 July.