SG buybacks Friday: ST Engineering, Keppel, OCBC, SGX, Hour Glass, HK Land, Ban Leong

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Singapore companies announcing share buybacks on Friday, 25 February 2022: Hongkong Land, Jardine Matheson Holdings, Singapore Exchange (SGX), OCBC, The Hour Glass, ST Group Food Industries Holdings, Keppel Corp., Ban Leong Technologies, Pan-United Corp., Kim Heng Ltd., and ST Engineering.

ST Engineering

ST Engineering bought back 500,000 shares in the market at S$3.78 each for a total consideration, including other costs, of around S$1.89 million, the aerospace and defense company said in a filing to SGX after the market close.

OCBC

OCBC bought back 100,000 shares in the market at S$11.96 each for a total consideration, including other costs, of around S$1.20 million, the bank said in a filing to SGX after the market close.

Singapore Exchange

Singapore Exchange (SGX) bought back 70,900 shares in the market at S$9.43 to S$9.46 each for a total consideration, including other costs, of around S$671,005, the exchange operator said in a filing to SGX after the market close.

Keppel Corp.

Keppel Corp. bought back 1,202,000 shares at S$5.94 to S$6.00 each for a total consideration, including other costs, of around S$7.20 million, the property-to-energy-to-infrastructure conglomerate said in a filing to SGX after the market close.

Hongkong Land

Hongkong Land bought back 439,700 shares in the market at US$5.52 to US$5.63 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 least at US$2.43 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.

Jardine Matheson Holdings

Jardine Matheson Holdings bought back 52,200 shares in the market at US$58.32 to 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 least at US$3.04 million.

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.

The Hour Glass

The Hour Glass bought back 92,200 shares in the market at S$2.00 each for a total consideration, including other costs, of around S$184,874, the watch retailer said in a filing to SGX after the market close.

ST Group Food Industries Holdings

ST Group Food Industries Holdings bought back 120,000 shares in the market at S$0.115 to S$0.117 each for a total consideration, including other costs, of around S$13,887, the company said in a filing to SGX after the market close.

The Australia-based company holds franchise and license rights to nine brands, including PappaRich, NeNe Chicken, Gong Cha, Pafu, Kurimu Japanese Cream Choux, Hokkaido Baked Cheese Tart, IPPUDO and iDarts Australia. The group operates around 133 outlets across Australia, Malaysia, New Zealand and the United Kingdom.

Kim Heng Ltd.

Kim Heng Ltd. bought back 162,000 shares in the market at S$0.078 to S$0.079 each for a total consideration, including other costs, of around S$12,771, the company said in a filing to SGX after the market close.

Pan-United Corp.

Pan-United Corp. bought back 165,000 shares in the market at S$0.349 each for a total consideration, including other costs, of around S$57,770, the concrete maker said in a filing to SGX after the market close.

Ban Leong Technologies 

Ban Leong Technologies bought back 50,000 shares in the market at S$0.37 each for a total consideration, including other costs, of around S$18,563, the consumer electronics distributor said in a filing to SGX after the market close.

The company is the authorised distributor for more than 45 brand names, including Samsung, Razer, LG and Logitech, across Singapore, Malaysia and Thailand.

Correction: On Monday, 28 February 2022, Ban Leong Technologies said the figure provided for total consideration was incorrect, and the correct figure was around S$18,563.