SG buybacks Monday: Keppel buys 1.3M shares; Jardine Matheson, Hongkong Land

Singapore two-dollar bills

Singapore companies announcing share buybacks on Monday, 7 February 2022: Keppel Corp., Jardine Matheson Holdings and Hongkong Land.

Keppel Corp.

Keppel Corp. bought back 1,296,000 shares at S$5.84 to S$5.92 each for a total consideration, including other costs, of around S$7.64 million, the property-to-energy-to-infrastructure conglomerate said in a filing to SGX after the market close.

 Jardine Matheson Holdings

Jardine Matheson Holdings bought back 3,100 shares in the market at US$60 each, the company said in a filing to SGX after the market close. The repurchased shares will be cancelled, the filing said.

A back-of-the-envelope calculation suggests the buyback was valued at as much as US$186,000.

Jardine Matheson is a holding company operating mainly in China and Southeast Asia, with businesses including motor vehicles, property investment and development, luxury hotels, food retailing, heavy equipment and agribusiness.

Jardine Strategic owned around 59.31 percent of Jardine Matheson as of 11 March 2021. Jardine Matheson is the controlling shareholder of Jardine Strategic. In addition, Jardine Matheson’s group businesses include: Jardine Pacific, Jardine International Motors (JIM), Hongkong Land, Dairy Farm, Mandarin Oriental, Jardine Cycle & Carriage (Jardine C&C) and Astra.

Hongkong Land

Hongkong Land bought back 463,000 shares in the market at US$5.55 to US$5.67 each, Jardine Matheson said in a notification filed to the U.K.’s Financial Conduct Authority and SGX on behalf of the company. The repurchased shares will be cancelled, the filing said.

A back-of-the-envelope calculation suggests the buyback was valued at as much as around US$2.63 million.

The company, which is listed on the London Stock Exchange, with secondary listings in Singapore and Bermuda, is a landlord and property developer in China, Hong Kong, Jakarta and Singapore. Jardine Strategic held around 50.4 percent of Hongkong Land as of 16 April 2021, and around 59.1 percent of Jardine Matheson as of 5 March 2020.