SGX: S$1 billion in Share Buybacks in 3Q2015
OREANDA-NEWS. There are two common motivations for a listed company to buy shares back from the open market – when they feel that their share price has been undervalued or simply to facilitate employee share option schemes. The former is typically cited when the share price reaches levels that are seen to provide good value for company capital. The latter will be of particular relevance amidst tight labour markets where companies offer share bonuses to employees.
The Buy-back Process
Shareholders’ approval must have been obtained for the share buy-back scheme with the price restrictions and size clearly set out in the circular seeking shareholders’ approval. Share buy-backs are also subject to Section 76C of the Companies Act, Chapter 50. The purchase price is subject to price restrictions as approved by shareholders at the Annual General Meeting, as the case may be. The purchase price is subject to a limit of 105% of the average closing price for market purchase; and 120% of the average closing price in the case of off-market purchases pursuant to an equal access scheme. Companies should check the definition of the average closing price as set out in the circular to shareholders. Share buy-back is valid for the period from the date of shareholders’ approval to the date on which the next annual general meeting is held or date when the mandate is fully utilised or revoked or varied (if applicable).
Share buy-back mandates and information can be found on the company disclosure page on the SGX website, using the Announcement category and sub-category of Share Buy Back-On Market.
Recent Buy-backsDuring the quarter ended 30 September 2015, there were a total of 713,797,200 shares repurchased by 77 stocks, with a total consideration of S\\$1.1 billion.
The five stocks with the largest considerations in buybacks from July to September 2015 were Global Logistic Properties, Wilmar International, Sinarmas Land, DBS Group Holdings and Singapore Airlines.
The table below is sorted by the total consideration amount in buybacks for 3Q2015, which collates the amount of shares purchased and the purchasing price of the shares. The date of the relevant share buyback mandate is also provided, in addition to the amount of shares authorised to be bought back under the mandate. The total number of shares purchased under the mandate, and the percentage of companies that issued shares that have been repurchased under the mandate, are also provided.
Name | Start Date | Mandate | Total no of shares purchased: 3Q2015 | Total Consideration: 3Q2015 (S\\$) | Cum no of shares purchased to date | Percent* |
GLOBAL LOGISTIC PROPERTIES | 7/29/2015 | 484,420,322 | 101,604,500 | 224,002,608.24 | 102,626,700 | 2.12 |
WILMAR INTERNATIONAL | 4/24/2015 | 639,529,860 | 72,521,400 | 202,465,432.62 | 75,311,200 | 1.18 |
DBS GROUP HOLDINGS | 4/23/2015 | 24,787,928 | 7,399,800 | 137,370,996.66 | 11,215,800 | 0.45 |
SINARMAS LAND | 4/24/2015 | 304,195,943 | 151,886,900 | 89,691,774.99 | 151,886,900 | 4.99 |
SINGAPORE AIRLINES | 7/30/2015 | 58,574,867 | 7,905,000 | 79,755,477.59 | 8,312,200 | 0.71 |
GENTING SINGAPORE PLC | 4/21/2015 | 1,206,968,389 | 73,523,100 | 61,153,589.54 | 92,171,300 | 0.76 |
CAPITALAND | 4/30/2015 | 85,347,558 | 19,778,300 | 55,281,101.17 | 19,778,300 | 0.46 |
NOBLE GROUP | 4/17/2015 | 673,946,696 | 69,893,200 | 44,620,607.84 | 204,057,400 | 3.03 |
KEPPEL CORPORATION | 4/17/2015 | 90,850,197 | 5,424,000 | 38,522,083.98 | 6,808,000 | 0.37 |
SINGAPORE TECHNOLOGIES ENGINEERING | 4/23/2015 | 62,188,890 | 7,165,700 | 21,352,840.33 | 8,754,200 | 0.28 |
PACIFIC CENTURY REGIONAL DEVELOPMENTS | 4/24/2015 | 273,887,290 | 42,732,000 | 17,872,375.72 | 70,202,400 | 2.56 |
OVERSEA-CHINESE BANKING CORPORATION | 4/28/2015 | 199,084,946 | 1,220,000 | 11,173,437.29 | 4,420,000 | 0.11 |
OUE | 4/30/2015 | 90,988,586 | 6,089,000 | 11,046,729.39 | 6,589,000 | 0.72 |
SINGAPORE PRESS HOLDINGS | 12/2/2014 | 159,988,429 | 2,135,600 | 8,633,488.60 | 4,385,600 | 0.28 |
SILVERLAKE AXIS | 10/27/2014 | 224,474,911 | 14,397,600 | 7,372,459.29 | 78,041,600 | 3.48 |
FRASER AND NEAVE | 1/30/2015 | 101,295,155 | 2,824,600 | 5,735,845.74 | 2,824,600 | 0.20 |
OSIM INTERNATIONAL | 3/31/2015 | 77,915,153 | 2,654,900 | 4,245,808.72 | 19,139,600 | 2.54 |
SEMBCORP INDUSTRIES | 4/21/2015 | 35,732,431 | 1,241,900 | 4,130,262.94 | 1,241,900 | 0.07 |
RAFFLES EDUCATION CORPORATION | 10/27/2014 | 101,620,523 | 13,508,400 | 3,840,714.19 | 40,128,600 | 3.95 |
COURTS ASIA | 30/07/2014 | 55,573,910 | 8,543,600 | 3,238,518.55 | 19,036,200 | 3.43 |
GP BATTERIES INTERNATIONAL | 7/30/2015 | 16,360,725 | 3,533,000 | 3,187,291.69 | 3,032,700 | 1.85 |
HYFLUX | 4/29/2015 | 80,687,669 | 4,345,500 | 3,053,171.26 | 6,767,200 | 0.84 |
STRACO CORPORATION | 4/29/2015 | 85,801,958 | 2,965,100 | 2,796,948.43 | 3,185,100 | 0.37 |
KSH HOLDINGS | 7/24/2015 | 41,271,630 | 5,632,400 | 2,652,840.00 | 5,268,400 | 1.28 |
GLOBAL INVACOM GROUP | 4/29/2015 | 25,744,930 | 10,740,000 | 2,303,156.99 | 25,744,900 | 9.99 |
LIAN BENG GROUP | 9/26/2014 | 52,976,000 | 3,836,400 | 2,012,785.30 | 25,270,400 | 4.77 |
EZION HOLDINGS | 4/22/2015 | 157,853,408 | 2,500,000 | 1,892,810.00 | 2,500,000 | 0.16 |
HO BEE LAND | 4/28/2015 | 33,357,595 | 917,100 | 1,775,797.33 | 917,100 | 0.14 |
CENTURION CORPORATION | 4/28/2015 | 75,687,333 | 3,458,400 | 1,457,018.38 | 3,458,400 | 0.46 |
PACC OFFSHORE SERVICES HOLDINGS | 4/27/2015 | 182,000,000 | 4,585,900 | 1,420,807.68 | 4,685,900 | 0.26 |
ASPIAL CORPORATION | 4/28/2015 | 185,307,859 | 3,550,000 | 1,204,190.06 | 2,550,000 | 0.14 |
HTL INTERNATIONAL HOLDINGS | 4/28/2015 | 40,474,291 | 5,137,200 | 1,184,665.43 | 5,137,200 | 1.27 |
KEONG HONG HOLDINGS | 29/01/2015 | 23,295,000 | 2,500,000 | 1,152,646.00 | 7,000,000 | 3.00 |
CHUAN HUP HOLDINGS | 10/24/2014 | 93,353,245 | 3,500,000 | 1,147,327.80 | 3,500,000 | 0.37 |
WING TAI HOLDINGS | 10/28/2014 | 78,775,586 | 639,800 | 1,047,433.79 | 7,899,200 | 1.00 |
PACIFIC RADIANCE | 4/28/2015 | 72,575,501 | 3,409,600 | 1,032,554.77 | 3,409,600 | 0.47 |
TAT HONG HOLDINGS | 7/29/2015 | 62,973,682 | 1,735,500 | 835,527.55 | 2,207,900 | 0.35 |
NAM CHEONG | 4/24/2015 | 210,109,388 | 4,656,000 | 833,321.55 | 4,628,000 | 0.22 |
TECHNICS OIL & GAS | 1/30/2015 | 23,493,297 | 1,100,000 | 746,808.19 | 4,257,000 | 1.81 |
FSL TRUST MANAGEMENT | 4/29/2015 | 64,864,787 | 4,226,700 | 701,730.96 | 8,454,900 | 1.30 |
SARINE TECHNOLOGIES | 4/20/2015 | 34,888,829 | 380,000 | 635,706.78 | 440,000 | 0.13 |
FRAGRANCE GROUP | 10/4/2015 | 671,485,000 | 3,000,000 | 622,463.00 | 3,000,000 | 0.04 |
LUM CHANG HOLDINGS | 10/28/2014 | 38,356,860 | 1,494,700 | 568,977.51 | 1,494,700 | 0.39 |
BUMITAMA AGRI | 4/27/2015 | 175,753,184 | 754,400 | 568,388.16 | 754,400 | 0.04 |
SUNVIC CHEMICAL HOLDINGS | 4/29/2015 | 53,365,064 | 2,650,000 | 554,024.84 | 1,650,000 | 0.31 |
GP INDUSTRIES | 30/07/2014 | 49,629,448 | 778,300 | 531,325.18 | 10,406,600 | 2.10 |
BRC ASIA | 1/23/2015 | 18,772,168 | 757,300 | 508,533.33 | 983,500 | 0.52 |
SOUP RESTAURANT GROUP | 4/30/2015 | 28,560,700 | 2,084,200 | 426,814.77 | 2,084,200 | 0.73 |
PEC | 28/10/2014 | 25,515,700 | 1,000,000 | 416,044.00 | 380,000 | 0.15 |
BREADTALK GROUP | 4/22/2015 | 28,183,724 | 334,500 | 375,935.63 | 481,500 | 0.17 |
AMARA HOLDINGS | 4/29/2015 | 57,602,610 | 730,500 | 359,624.09 | 890,500 | 0.15 |
MARCO POLO MARINE | 29/01/2015 | 33,737,900 | 1,464,900 | 352,186.00 | 4,201,400 | 1.25 |
POWERMATIC DATA SYSTEMS | 7/24/2015 | 3,480,262 | 595,800 | 289,883.98 | 301,560 | 0.87 |
KTL GLOBAL | 10/20/2014 | 22,515,934 | 1,403,000 | 219,764.47 | 1,403,000 | 0.62 |
NORDIC GROUP | 4/29/2015 | 40,000,000 | 1,086,500 | 184,770.25 | 1,086,500 | 0.27 |
MEMTECH INTERNATIONAL | 4/29/2015 | 70,592,000 | 1,515,600 | 177,727.88 | 1,515,600 | 0.22 |
TREK 2000 INTERNATIONAL | 4/24/2015 | 29,711,692 | 550,800 | 166,928.46 | 550,800 | 0.19 |
TELECHOICE INTERNATIONAL | 27/04/2015 | 45,442,149 | 486,000 | 136,097.00 | 2,449,300 | 0.54 |
POH TIONG CHOON LOGISTICS | 4/30/2015 | 21,402,940 | 171,000 | 129,248.73 | 698,500 | 0.33 |
VIKING OFFSHORE AND MARINE | 4/28/2015 | 79,278,819 | 2,132,800 | 121,162.00 | 2,132,800 | 0.27 |
GLOBAL PALM RESOURCES HOLDINGS | 4/23/2015 | 40,807,440 | 765,300 | 119,250.56 | 815,300 | 0.20 |
CNMC GOLDMINE HOLDINGS | 28/04/2015 | 40,769,300 | 400,000 | 101,394.00 | 400,000 | 0.10 |
DEL MONTE PACIFIC | 8/28/2015 | 97,201,770 | 297,900 | 87,985.38 | 297,900 | 0.02 |
A-SONIC AEROSPACE | 4/30/2015 | 17,876,807 | 462,000 | 84,493.12 | 509,000 | 0.29 |
RYOBI KISO HOLDINGS | 20/10/2014 | 74,422,824 | 725,400 | 75,980.00 | 2,605,400 | 0.35 |
SUPER GROUP | 4/27/2015 | 27,879,949 | 100,000 | 75,176.55 | 100,000 | 0.01 |
BUND CENTER INVESTMENT | 4/24/2015 | 151,770,272 | 333,000 | 61,898.52 | 333,000 | 0.01 |
KOH BROTHERS GROUP | 29/04/2015 | 41,634,090 | 140,000 | 43,515.00 | 1,360,900 | 0.33 |
PLASTOFORM HOLDINGS | 4/29/2015 | 4,019,999 | 100,000 | 30,162.00 | 100,000 | 0.25 |
VIBROPOWER CORPORATION | 4/28/2015 | 33,550,912 | 1,000,000 | 26,373.33 | 1,000,000 | 0.30 |
TIONG SENG HOLDINGS | 4/24/2015 | 45,962,384 | 116,000 | 23,602.35 | 116,000 | 0.03 |
USP GROUP | 7/31/2015 | 65,620,223 | 216,200 | 12,021.07 | 15,009,200 | 2.29 |
AEM HOLDINGS | 4/28/2015 | 4,434,768 | 40,000 | 10,911.52 | 15,000 | 0.03 |
MENCAST HOLDINGS | 4/27/2015 | 35,939,330 | 50,000 | 10,047.88 | 50,000 | 0.01 |
CHASEN HOLDINGS | 7/29/2015 | 29,197,929 | 130,000 | 8,588.33 | 130,000 | 0.05 |
HOE LEONG CORPORATION | 4/30/2015 | 56,279,072 | 110,000 | 5,215.02 | 110,000 | 0.02 |
BAN LEONG TECHNOLOGIES | 7/24/2015 | 11,607,600 | 23,000 | 4,574.74 | 23,000 | 0.02 |
Global Logistic Properties
On 29 July 2015, a share buyback resolution was passed for Global Logistic Properties. In the third quarter, Global Logistic Properties repurchased a total number of 101,604,500 shares with a total consideration of S\\$224,002,608.
The maximum number of shares authorised for the buyback transaction was 484,420,322. As of 30 September, by way of acquisition, Global Logistic Properties had purchased a cumulative amount of 102,626,700 shares under the 29 July 2015 resolution. This represented 2.12% of the company's issued shares (excluding treasury shares) as at the date of the share buyback resolution.
As of 30 September 2015, the number of issued shares excluding treasury shares stood at 4,741,738,522 and the number of treasury shares held after purchase stood at 102,626,700.
Wilmar International
On 24 April 2015, a share buyback resolution was passed for Wilmar International. In the third quarter, Wilmar International repurchased a total number of 72,521,400 shares with a total consideration of S\\$202,465,433.
The maximum number of shares authorised for the buyback transaction was 639,529,860. As 30 September, by way of acquisition, Wilmar International had purchased a cumulative amount of 75,311,200 shares under the 24 April 2015 resolution. This represented 1.18% of the company's issued shares (excluding treasury shares) as at the date of the share buyback resolution.
As of 30 September, the number of issued shares excluding treasury shares stood at 6,319,987,406 and the number of treasury shares held after purchase stood at 83,413,700.
Sinarmas Land
On 24 April 2015, a share buyback resolution was passed for Sinarmas Land. In the third quarter, Sinarmas Land repurchased a total number of 151,886,900 shares with a total consideration of S\\$89,691,775.
The maximum number of shares authorised for the buyback transaction was 304,195,943. As of 30 September, by way of acquisition, Sinarmas Land had purchased a cumulative amount of 151,886,900 shares under the 24 April 2015 resolution. This represented 5.00% of the company's issued shares (excluding treasury shares) as at the date of the share buyback resolution.
As of 30 September 2015, the number of issued shares excluding treasury shares stood at 2,890,072,537 and the number of treasury shares held after purchase stood at 151,886,900.
DBS Group Holdings
On 23 April 2015, a share buyback resolution was passed for DBS Group Holdings. In the third quarter, DBS Group Holdings repurchased a total number of 7,399,800 shares with a total consideration of S\\$137,370,997.
The maximum number of shares authorised for the buyback transaction was 24,787,928. As of 30 September 2015, by way of acquisition, DBS Group Holdings had purchased a cumulative amount of 11,215,800 shares under the 23 April 2015 resolution. This represented 0.45% of the company's issued shares (excluding treasury shares) as at the date of the share buyback resolution.
As of 30 September, the number of issued shares excluding treasury shares stood at 2,502,880,749 and the number of treasury shares held after purchase stood at 11,900,000.
Singapore Airlines
On 30 July 2015, a share buyback resolution was passed for Singapore Airlines. In the third quarter, Singapore Airlines repurchased a total number of 7,905,000 shares with a total consideration of S\\$75,755,478.
The maximum number of shares authorised for the buyback transaction was 58,574,867. As of 30 September 2015, by way of acquisition, Singapore Airlines had purchased a cumulative amount of 8,312,200 shares under the 30 July 2015 resolution. This represented 0.71% of the company's issued shares (excluding treasury shares) as at the date of the share buyback resolution.
As of 30 September, the number of issued shares excluding treasury shares stood at 1,163,193,948 and the number of treasury shares held after purchase stood at 36,657,070.
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