Share buybacks plummeted 69.23% to $36m in April

OCBC bought back $25.56m worth of shares.

Share buybacks by SGX-listed firms crashed 69.23% YoY to $36m in April from $117m a year ago, according to the local bourse. The transactions in April were one-third lower compared to the $53.5m buyback considerations in March.

OCBC led the monthly buyback spree, re-purchasing $25.56m worth of shares. This was followed by Keppel REIT ($2.67m), Hong Fok Corporation ($2.18m), Global Investments ($1.97m), and Stamford Land ($1.11m) that rounded up the top five in April

Also read: Singapore's big banks are on a buying spree as share buybacks hit $116.5m

SGX noted that some six firms commenced new mandates in the month. On 25 April, both Keppel REIT and Global Investments began a new mandate to buy back shares as both firms have completed their buyback mandates. Also in the list of firms which commenced fresh buyback mandates in April are Tuan Sing Holdings, Ecowise Holdings, Kim Heng Offshore & Marine Holdings, and Axcelasia Inc.

“As best practice, companies should refrain from buying back their shares during the two weeks immediately before its quarterly financial statements and one month immediately before the full-year financial statements,” SGX said.