SG buybacks Wednesday: Keppel buys 1M shares; OCBC, OUE, HK Land, Sarine Tech, Hong Fok

An oil rig near Cape Town harbour in 2018. Photo by Clyde Thomas on UnsplashAn oil rig near Cape Town harbour in 2018. Photo by Clyde Thomas on Unsplash

Singapore companies announcing share buybacks on Wednesday, 11 May 2022: Hongkong Land, OCBC, Keppel Corp., OUE Ltd., Sarine Technologies, G.K. Goh Holdings, Pan-United Corp., Global Investments Ltd., and Hong Fok Corp.

Keppel Corp.

Keppel Corp. bought back 1 million shares at S$6.53 to S$6.66 each for a total consideration, including other costs, of around S$6.61 million, the property-to-energy-to-infrastructure conglomerate said in a filing to SGX after the market close.

OCBC

OCBC bought back 300,000 shares in the market at S$11.78 each for a total consideration, including other costs, of around S$3.54 million, the bank said in a filing to SGX after the market close.

Hongkong Land

Hongkong Land bought back 501,000 shares in the market at US$4.66 to US$4.74 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$2.33 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.

Hong Fok Corp.

Hong Fok Corp. bought back 336,900 shares in the market at S$0.845 to S$0.85 each for a total consideration, including other costs, of around S$286,139, the property development and investment company said in a filing to SGX after the market close.

OUE

OUE bought back 35,000 shares in the market at S$1.32 each for a total consideration, including other costs, of around S$46,269, the property developer said in a filing to SGX after the market close.

Sarine Technologies

Sarine Technologies bought back 100,000 shares in the market at S$0.44 to S$0.45 each for a total consideration, including other costs, of around S$44,728, the company said in a filing to SGX after the market close. The company develops and sells technologies for the diamond industry, including for grading rough and polished diamonds.

G.K. Goh Holdings

G.K. Goh Holdings bought back 24,000 shares in the market at S$0.92 each for a total consideration, including other costs, of around S$22,137, 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.

Pan-United Corp.

Pan-United Corp. bought back 50,000 shares in the market at S$0.391 each for a total consideration, including other costs, of around S$19,663, the concrete maker said in a filing to SGX after the market close.

Global Investments

Global Investments Ltd. bought back 100,000 shares in the market at S$0.152 each for a total consideration, including other costs, of around S$15,212, 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.