SGH: S$81 million in Share Buybacks in January 2016
OREANDA-NEWS. February 18, 2016. 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 (click here).
Recent Buy-backsIn the month of January 2016, there were a total of 85,323,600 shares repurchased by 44 stocks, with a total consideration of S\\$80.9 million. This compared to S\\$97.2 million in January 2015 and S\\$63.1 million in December 2015, which are 16.7% YoY decline and 28.2% MoM increase respectively.
The five stocks with the largest considerations in buybacks in the month of January 2016 were DBS Group Holdings, Oversea-Chinese Banking Corporation, Q & M Dental Group (Singapore), Silverlake Axis and Wing Tai Holdings.
The table below is sorted by the total consideration amount in buybacks in the month of January, 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: January | Total Consideration: January S\\$ | Cum no of shares purchased to date | Percent* |
DBS GROUP HOLDINGS | 23/04/2015 | 24,787,928 | 1,900,000 | 28,468,293.49 | 14,215,800 | 0.57 |
OVERSEA-CHINESE BANKING CORPORATION | 28/04/2015 | 199,084,946 | 1,580,000 | 13,271,930.60 | 8,150,000 | 0.21 |
Q & M DENTAL GROUP (SINGAPORE) | 28/04/2015 | 77,862,349 | 7,285,600 | 5,085,241.48 | 8,323,800 | 1.07 |
SILVERLAKE AXIS | 26/10/2015 | 267,892,880 | 8,050,000 | 4,969,436.87 | 97,860,700 | 3.65 |
WING TAI HOLDINGS | 28/10/2015 | 78,160,806 | 2,590,100 | 4,194,316.72 | 3,502,600 | 0.45 |
CHINA EVERBRIGHT WATER | 15/12/2015 | 260,801,426 | 7,793,400 | 3,838,465.40 | 7,793,400 | 0.30 |
SINGAPORE TECHNOLOGIES ENGINEERING | 23/04/2015 | 62,188,890 | 988,900 | 2,837,502.83 | 11,739,800 | 0.38 |
SATS | 21/07/2015 | 22,202,522 | 567,600 | 2,150,107.08 | 567,600 | 0.05 |
PACIFIC RADIANCE | 28/04/2015 | 72,575,501 | 6,236,400 | 1,844,721.58 | 9,917,400 | 1.37 |
SINGAPORE PRESS HOLDINGS | 01/12/2015 | 159,734,295 | 500,000 | 1,759,472.87 | 500,000 | 0.03 |
ISOTEAM | 27/10/2015 | 14,293,329 | 2,600,000 | 1,632,546.12 | 2,600,000 | 1.82 |
RAFFLES EDUCATION CORPORATION | 19/10/2015 | 97,412,093 | 6,176,800 | 1,532,963.59 | 6,676,900 | 0.69 |
GOODLAND GROUP | 29/01/2015 | 33,645,984 | 4,435,800 | 1,185,263.14 | 28,664,800 | 8.52 |
SIA ENGINEERING COMPANY | 24/07/2015 | 22,465,323 | 314,800 | 1,136,956.94 | 1,514,300 | 0.13 |
PACIFIC CENTURY REGIONAL DEVELOPMENTS | 24/04/2015 | 273,887,290 | 2,815,500 | 1,129,733.81 | 89,132,600 | 3.25 |
KOYO INTERNATIONAL | 29/04/2015 | 19,105,849 | 6,300,000 | 630,438.20 | 6,300,000 | 3.30 |
GCCP RESOURCES | 30/09/2015 | 119,343,293 | 5,200,000 | 580,938.04 | 38,600,000 | 3.23 |
LUM CHANG HOLDINGS | 30/10/2015 | 38,403,390 | 1,597,800 | 575,270.52 | 3,910,800 | 1.02 |
CENTURION CORPORATION | 28/04/2015 | 75,687,333 | 1,376,100 | 513,256.96 | 6,447,500 | 0.85 |
SUPER GROUP | 27/04/2015 | 27,879,949 | 600,000 | 432,968.80 | 700,000 | 0.06 |
PEC | 13/11/2015 | 25,425,700 | 1,009,200 | 402,941.29 | 1,131,400 | 0.44 |
HG METAL MANUFACTURING | 23/04/2015 | 38,485,618 | 8,139,200 | 309,800.10 | 31,936,300 | 2.49 |
GP BATTERIES INTERNATIONAL | 30/07/2015 | 16,360,725 | 264,400 | 238,885.71 | 5,384,800 | 3.29 |
POH TIONG CHOON LOGISTICS | 30/04/2015 | 21,402,940 | 333,100 | 234,863.17 | 1,111,500 | 0.52 |
LH GROUP | 02/11/2015 | 1,578,292 | 349,500 | 215,383.42 | 558,200 | 3.54 |
PACC OFFSHORE SERVICES HOLDINGS | 27/04/2015 | 182,000,000 | 610,500 | 180,571.18 | 7,905,100 | 0.43 |
COURTS ASIA | 31/07/2015 | 53,734,662 | 474,000 | 178,010.47 | 13,166,900 | 2.45 |
SEMBCORP MARINE | 17/04/2015 | 208,873,772 | 100,000 | 152,032.78 | 859,200 | 0.04 |
GKE CORPORATION | 30/10/2015 | 64,112,529 | 1,944,200 | 149,980.63 | 1,944,200 | 0.30 |
POWERMATIC DATA SYSTEMS | 24/07/2014 | 3,480,262 | 158,300 | 147,243.49 | 517,860 | 1.49 |
GLOBAL PALM RESOURCES HOLDINGS | 23/04/2015 | 20,403,720 | 554,200 | 138,436.96 | 1,021,900 | 0.50 |
KINGSMEN CREATIVES | 30/04/2015 | 19,455,326 | 175,000 | 113,161.20 | 1,000,000 | 0.51 |
HEALTH MANAGEMENT INTERNATIONAL | 22/10/2015 | 57,707,128 | 350,000 | 110,132.69 | 350,000 | 0.06 |
NORDIC GROUP | 29/04/2015 | 40,000,000 | 479,000 | 82,196.33 | 5,148,200 | 1.29 |
AEM HOLDINGS | 28/04/2015 | 4,434,768 | 284,500 | 81,005.44 | 584,000 | 1.33 |
VALUETRONICS HOLDINGS | 24/07/2015 | 37,472,625 | 200,000 | 77,184.80 | 500,000 | 0.13 |
ENGRO CORPORATION | 28/04/2015 | 11,868,350 | 70,000 | 71,203.19 | 126,000 | 0.11 |
TIONG SENG HOLDINGS | 24/04/2015 | 45,962,384 | 265,000 | 63,708.87 | 1,353,500 | 0.29 |
TRAVELITE HOLDINGS | 24/07/2015 | 6,157,140 | 306,000 | 63,517.05 | 306,000 | 0.50 |
A-SONIC AEROSPACE | 30/04/2015 | 17,876,807 | 207,500 | 57,975.87 | 3,324,200 | 1.86 |
BREADTALK GROUP | 22/04/2015 | 28,183,724 | 50,200 | 55,361.81 | 531,700 | 0.19 |
TREK 2000 INTERNATIONAL | 24/04/2015 | 29,711,692 | 74,500 | 21,596.39 | 1,229,000 | 0.41 |
BRC ASIA | 23/01/2015 | 18,772,168 | 16,400 | 10,721.59 | 1,337,400 | 0.71 |
GP INDUSTRIES | 30/07/2015 | 48,588,788 | 100 | 104.32 | 1,123,300 | 0.23 |
Source: SGX (data is for the time period of 1 January 2016 to 31 January 2016)
*percentage of company’s issued shares excluding treasury shares as at the date of the share buyback resolution
DBS Group Holdings
On 23 April 2015, a share buyback resolution was passed for DBS Group Holdings Ltd. In the month of January 2016, DBS Group Holdings Ltd repurchased a total number of 1,900,000 shares with a total consideration of S\\$28,468,293.49.
The maximum number of shares authorised for the buyback transaction was 24,787,928. As of 31 January 2016, by way of acquisition, DBS Group Holdings Ltd had purchased a cumulative amount of 14,215,800 shares under the 23 April 2015 resolution. This represented 0.57% of the company's issued shares (excluding treasury shares) as at the date of the share buyback resolution.
As of 31 January 2016, the number of issued shares excluding treasury shares stood at 2,499,880,749 and the number of treasury shares held after purchase stood at 14,900,000.
Oversea-Chinese Banking Corporation
On 28 April 2015, a share buyback resolution was passed for Oversea-Chinese Banking Corporation. In the month of January 2016, Oversea-Chinese Banking Corporation repurchased a total number of 1,580,000 shares with a total consideration of S\\$13,271,930.60.
The maximum number of shares authorised for the buyback transaction was 199,084,946. As of 31 January 2016, by way of acquisition, Oversea-Chinese Banking Corporation had purchased a cumulative amount of 8,150,000 shares under the 28 April 2015 resolution. This represented 0.21% of the company's issued shares (excluding treasury shares) as at the date of the share buyback resolution.
As of 31 January 2016, the number of issued shares excluding treasury shares stood at 4,113,971,678 and the number of treasury shares held after purchase stood at 7,589,689.
Q & M Dental Group (Singapore)
On 28 April 2015, a share buyback resolution was passed for Q & M Dental Group (Singapore). In the month of January 2016, Q & M Dental Group (Singapore) repurchased a total number of 7,285,600 shares with a total consideration of S\\$5,085,241.48.
The maximum number of shares authorised for the buyback transaction was 77,862,349. As of 31 January 2016, by way of acquisition, Q & M Dental Group (Singapore) had purchased a cumulative amount of 8,323,800 shares under the 28 April 2015 resolution. This represented 1.07% of the company's issued shares (excluding treasury shares) as at the date of the share buyback resolution.
As of 31 January 2016, the number of issued shares excluding treasury shares stood at 786,987,174 and the number of treasury shares held after purchase stood at 8,323,800.
Silverlake Axis
On 26 October 2015, a share buyback resolution was passed for Silverlake Axis. In the month of January 2016, Silverlake Axis repurchased a total number of 8,050,000 shares with a total consideration of S\\$4,969,436.87.
The maximum number of shares authorised for the buyback transaction was 267,892,880. As of 31 January 2016, by way of acquisition, Silverlake Axis had purchased a cumulative amount of 97,860,700 shares under the 26 October 2015 resolution. This represented 3.65% of the company's issued shares (excluding treasury shares) as at the date of the share buyback resolution.
As of 31 January 2016, the number of issued shares excluding treasury shares stood at 2,660,262,100 and the number of treasury shares held after purchase stood at 36,210,700.
Wing Tai Holdings
On 28 October 2015, a share buyback resolution was passed for Wing Tai Holdings. In the month of January 2016, Wing Tai Holdings repurchased a total number of 2,590,100 shares with a total consideration of S\\$4,194,316.72.
The maximum number of shares authorised for the buyback transaction was 78,160,806. As of 31 January 2016, by way of acquisition, Wing Tai Holdings had purchased a cumulative amount of 3,502,600 shares under the 28 October 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 31 January 2016, the number of issued shares excluding treasury shares stood at 778,105,460 and the number of treasury shares held after purchase stood at 15,821,800.
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