SG buybacks Friday: Keppel buys 1.22M shares, OCBC, Valuetronics, Raffles Medical, Global Palm

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Singapore companies announcing share buybacks on Friday, 4 March 2022: OCBC, Keppel Corp., Hongkong Land, Jardine Matheson Holdings, Tuan Sing Holdings, Valuetronics Holdings, G.K. Goh Holdings, OUE Ltd., G.H.Y Culture & Media Holding, Raffles Medical Group, Global Palm Resources and Global Investments Ltd. 

OCBC

OCBC bought back 100,000 shares in the market at S$11.65 each for a total consideration, including other costs, of around S$1.17 million, the bank said in a filing to SGX after the market close.

Hongkong Land

Hongkong Land bought back 346,000 shares in the market at US$5.35 to US$5.44 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$1.85 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.

Keppel Corp.

Keppel Corp. bought back 1.22 million shares at S$5.93 to S$6.01 each for a total consideration, including other costs, of around S$7.32 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 57,800 shares in the market at US$57.85 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$3.34 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.

OUE

OUE bought back 20,000 shares in the market at S$1.285 each for a total consideration, including other costs, of around S$25,739, the property developer said in a filing to SGX after the market close.

Raffles Medical Group

Raffles Medical Group bought back 300,000 shares in the market at S$1.15 each for a total consideration, including other costs, of around S$345,517, the hospital operator said in a filing to SGX after the market close.

Valuetronics

Valuetronics Holdings bought back 300,000 shares in the market at S$0.53 each for a total consideration, including other costs, of around S$159,382, the electronics manufacturing services company said in a filing to SGX after the market close.

Tuan Sing Holdings

Tuan Sing Holdings bought back 20,000 shares in the market at S$0.395 each for a total consideration, including other costs, of around S$7,947, the company said in a filing to SGX after the market close.

The company is involved in property development and real estate and hotel investments, with operations across Singapore, China, Indonesia and Australia. Tuan Sing Holdings also has an around 80 percent stake in Singapore-listed subsidiary SP Corp. and a 44.5 percent interest in printed circuit board maker Gul Technologies Singapore, according to the company website.

Global Palm Resources

Global Palm Resources Holdings bought back 100,000 shares in the market at S$0.225 each for a total consideration, including other costs, of around S$22,570, the palm oil producer said in a filing to SGX after the market close.

G.K. Goh Holdings

G.K. Goh Holdings bought back 23,700 shares in the market at S$1.13 each for a total consideration, including other costs, of around S$26,850, the company said in a filing to SGX after the market close. The repurchased shares will be canceled, the filing said.

G.K. Goh Holdings is an investment company owning operating businesses and a portfolio of investments, including listed and unlisted equities, third-party managed funds and some non-controlling minority stakes. The company also acts as a co-investor for private-equity firms, family offices and insurance companies. It has invested in fiber optic networks in Europe, aged-care in Australia and a Japan REIT.

Global Investments

Global Investments Ltd. bought back 500,000 shares in the market at S$0.1548 each for a total consideration, including other costs, of around S$77,458, the company said in a filing to SGX after the market close.

GIL invests in a cross-sector portfolio of assets which will generate steady income and potential appreciation; its investments include direct asset ownership, swaps, credit default swaps, debt, warrants, options, equity and loan agreements, according to its website. GIL is managed by Singapore Consortium Investment Management.

G.H.Y Culture & Media Holding

G.H.Y Culture & Media Holding bought back 60,000 shares in the market at S$0.42167 each for a total consideration, including other costs, of around S$25,354, the company said in a filing to SGX after the market close.