Chip Eng Seng scooped up 3.74m of shares last week at $0.97/share

Since stellar financials last month.

Niche developer Chip Eng Seng has embarked on an active share buyback programme since announcing a record set of results a month ago.

According to a report by RHB Group, it scooped up 3.74 million of shares last week at an average price of SGD0.97, following a 1.06 million share purchase at SGD0.98/share on March 4.

Chip Eng Seng’s record profit for FY14 was boosted by a number of project completions, including industrial project 100 Pasir Panjang, My Manhattan Belysa (EC project), Belvia (DBSS project) and Alexandra Central retail mall. FY15’s results will be underpinned by the completion of the group’s mixed development project Junction Nine/Nine Residences, its Alexandra Road hotel and Fulcrum, a mid-market residential project. Chip Eng Seng boosted its dividend payout by 50% in its latest financial year, from SGD0.04/share to SGD0.06/share, continuing with its generous dividend track record.