Singapore share buybacks reach S$40.9 million over five sessions
UOB and Singtel accounted for the largest repurchases, while purchases by Quan Min Holdings increased its stake in Q & M Dental Group.
Share repurchases by 29 Singapore primary-listed companies amounted to S$40.9 million across the five trading sessions ending Oct 15, The Business Times reported. UOB spent S$14 million, the largest amount, with Singtel next at S$11.8 million.
The period also brought close to 90 disclosures concerning director interests and substantial holdings across 40 primary-listed stocks. Directors and chief executives disclosed 26 purchases and five sales; substantial shareholders reported 15 purchases and three sales.
Repurchases by Raffles Medical Group, Hong Fok Corporation and Seatrium each exceeded S$1.9 million. Chuan Hup Holdings bought back 6.14 million shares at a cost of S$1.67 million. Raffles Medical said buybacks formed part of its capital management framework, with repurchased stock potentially held in treasury for uses including employee incentive schemes.
Among shareholder transactions, Quan Min Holdings spent S$5.8 million buying 10.53 million Q & M Dental Group (Singapore) shares between Oct 9 and 15. Its direct holding rose from 54.54 per cent to 55.65 per cent. Consequently, Q & M non-independent executive director and group CEO Dr Ng Chin Siau’s deemed interest increased from 54.55 per cent to 55.66 per cent.
GuocoLand chairman and non-independent non-executive director Quek Leng Chan’s deemed holding also increased, reaching 71.94 per cent from 71.87 per cent. GuoLine Group Management Company purchased 737,600 shares on the open market between Oct 7 and 12 for S$1.64 million, or S$2.23 per share.
