SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

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Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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Siic Environment Holdings Ltd / Equity Bottom-Up

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<ul>
<li>
In March 2021, 26 SGX primary-listed stocks bought back 58 million shares for a total consideration of S$71.8 million. This was up from 17 stocks conducting buybacks in February 2021 for a total consideration of S$49.7 million, and significantly less than the 65 stocks filing S$501.5 million amid the considerable market volatility in March 2020. 
	 </li>
	<li>
For 1Q21, there were 37 SGX primary-listed stocks that conducted buybacks over the quarter, with consideration totaling S$134 million. Over the quarter, the Straits Times Index (STI) gained 11.3%, and the buyback consideration represented 0.01 per cent of the S$943.8 billion in market capitalisation of all stocks listed on SGX as of 31 March. 
	 </li>
	<li>Wilmar International led the 1Q21 consideration tally, buying back 8,141,700 shares in the quarter at an average price of S$5.29. As of March 31, the leading agribusiness group had purchased 0.83 per cent of its issued shares (excluding treasury shares) on the current mandate.</li>
</ul>
 

Total share buyback consideration for month of March 2021 totaled S$71.8 million, up from S$49.7 million in February (click <a href="https://www.sgx.com/research-education/market-updates/20210301-wilmar-keppel-corp-st-eng-led-buyback-consideration">here</a> for more details), which in turn had also increased from from $12.4 million for January 2021 (click <a href="https://www.sgx.com/research-education/market-updates/20210201-yangzijiang-avarga-oue-led-buyback-consideration-tally">here</a> for more details). The March 2021 buyback consideration was much lower year-on-year, with S$501.5 million in consideration reported for March 2020 amidst broad marklet volatility (click <a href="https://www.sgx.com/research-education/market-updates/20200401-market-declines-saw-65-stocks-conduct-share-buybacks">here</a> for more details). During March 2021, the Straits Times Index (“STI”) gained 7.3%, moving to 3,165.34 from 2,949.04 at the end of February. This brought the STI’s 1Q21 price gain to 11.3%, with dividends boosting the total return to 11.8%. This was the STI's strongest first quarter of a calendar year since 2012, and among 18 of the biggest regional and global bechmarks, the STI was the second best performer, closely following the Taiwan Stock Exchange Weighted Index as discussed <a href="https://www.businesstimes.com.sg/companies-markets/sti-brings-home-the-silver-in-q1-2021">here</a>. 
The combined AUM of the SPDR® Straits Times Index ETF and the Nikko AM Singapore STI ETF ended March at S$2.28 billion compared to S$2.19 billion at the end of February 2021, and compared to S$1.11 billion at the end of March 2020, with the unit creations and redemptions generating S$691 million of net inflows into the two ETFs over the last 12 months.
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 <div class='content-caption'>Buyback Consideration</div>
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There were 26 primary-listed stocks that bought back shares in March. Like in February and January, of the stocks conducting buybacks in March, Global Investments has bought back the largest percentage of its issued shares on the current mandate. Global Investments’ current buyback mandate has seen it purchase 4.71% of its issued shares (excluding treasury shares) as of 31 March, with the preceding share buyback mandate seeing Global Investments buy back 8.52% of its issued shares (excluding treasury shares). 
Wilmar International led the 1Q21 buback consideration tally, buying back 8,141,700 shares in the quarter at an average price of S$5.29 as discussed <a href="https://www.businesstimes.com.sg/companies-markets/wilmar-leads-q1-2021-buyback-tally">here</a>. As of March 31, the leading agribusiness group had purchased 0.83 per cent of its issued shares (excluding treasury shares) on the current mandate. As Wilmar International noted in its FY20 (ended Dec 31) Annual Report, during the 2020 year the company re-purchased 44.7 million of its ordinary shares for a consideration of S$190 million, at an average price of S$4.25 per share. The company also lodged the second highest buyback consideration for Singapore's primary listed stocks in the 2020 year, after DBS Group Holdings. 
The table below summarises the buyback considerations in March 2021. The table is sorted by the value of the total consideration amount for the month, which combines the amount of shares or units purchased and the purchasing price of the transactions.

<table class="table table-striped"><tbody>
<tr>
<td>
			Primary Listed Stocks that Conducted Buybacks in March 2021
			</td>
			<td>
			Number of Shares/units Authorised for Purchase in Current Mandate
			</td>
			<td>
			Total Number of Shares/units Purchased in March 2021
			</td>
			<td>
			Total Buyback Consideration  (including stamp duties, clearing changes etc.) paid or payable for the shares
			</td>
			<td>
			Average Price Paid S$ 
			</td>
			<td>
			Cumulative Number of Shares/units purchased in Mandate to date
			</td>
			<td>
			Percent of Outstanding Shares (Excl. Treasury) purchased in Mandate to 31 March 2021
			</td>
		</tr>
<tr>
<td>
			OVERSEA-CHINESE BANKING CORPORATION
			</td>
			<td>
			220,250,626
			</td>
			<td>
			3,000,000
			</td>
			<td>
			$35,133,870
			</td>
			<td>
			$11.711
			</td>
			<td>
			3,000,000
			</td>
			<td>
			0.068
			</td>
		</tr>
<tr>
<td>
			WILMAR INTERNATIONAL
			</td>
			<td>
			635,459,880
			</td>
			<td>
			2,426,700
			</td>
			<td>
			$12,856,325
			</td>
			<td>
			$5.298
			</td>
			<td>
			52,858,100
			</td>
			<td>
			0.830
			</td>
		</tr>
<tr>
<td>
			SIIC ENVIRONMENT HOLDINGS
			</td>
			<td>
			260,281,772
			</td>
			<td>
			11,524,000
			</td>
			<td>
			$4,534,927
			</td>
			<td>
			$0.394
			</td>
			<td>
			23,303,000
			</td>
			<td>
			0.895
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			107,164,240
			</td>
			<td>
			427,400
			</td>
			<td>
			$4,245,705
			</td>
			<td>
			$9.934
			</td>
			<td>
			544,800
			</td>
			<td>
			0.050
			</td>
		</tr>
<tr>
<td>
			MEDTECS INTERNATIONAL CORP
			</td>
			<td>
			54,941,124
			</td>
			<td>
			3,000,000
			</td>
			<td>
			$2,850,142
			</td>
			<td>
			$0.950
			</td>
			<td>
			3,000,000
			</td>
			<td>
			0.550
			</td>
		</tr>
<tr>
<td>
			OUE
			</td>
			<td>
			90,061,166
			</td>
			<td>
			2,103,100
			</td>
			<td>
			$2,445,414
			</td>
			<td>
			$1.163
			</td>
			<td>
			21,812,000
			</td>
			<td>
			2.422
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TECHNOLOGIES ENGINEERING
			</td>
			<td>
			62,429,441
			</td>
			<td>
			545,000
			</td>
			<td>
			$2,115,460
			</td>
			<td>
			$3.882
			</td>
			<td>
			7,950,000
			</td>
			<td>
			0.255
			</td>
		</tr>
<tr>
<td>
			GLOBAL INVESTMENTS
			</td>
			<td>
			161,476,125
			</td>
			<td>
			13,036,000
			</td>
			<td>
			$1,905,182
			</td>
			<td>
			$0.146
			</td>
			<td>
			76,014,600
			</td>
			<td>
			4.708
			</td>
		</tr>
<tr>
<td>
			SILVERLAKE AXIS
			</td>
			<td>
			257,790,683
			</td>
			<td>
			7,651,800
			</td>
			<td>
			$1,901,416
			</td>
			<td>
			$0.248
			</td>
			<td>
			12,424,300
			</td>
			<td>
			0.480
			</td>
		</tr>
<tr>
<td>
			CSE GLOBAL
			</td>
			<td>
			25,557,371
			</td>
			<td>
			2,653,900
			</td>
			<td>
			$1,371,122
			</td>
			<td>
			$0.517
			</td>
			<td>
			2,653,900
			</td>
			<td>
			0.520
			</td>
		</tr>
<tr>
<td>
			AVARGA
			</td>
			<td>
			94,704,634
			</td>
			<td>
			3,032,000
			</td>
			<td>
			$967,417
			</td>
			<td>
			$0.319
			</td>
			<td>
			19,271,800
			</td>
			<td>
			2.035
			</td>
		</tr>
<tr>
<td>
			STAMFORD LAND CORPORATION
			</td>
			<td>
			78,296,238
			</td>
			<td>
			905,900
			</td>
			<td>
			$320,937
			</td>
			<td>
			$0.354
			</td>
			<td>
			1,033,600
			</td>
			<td>
			0.132
			</td>
		</tr>
<tr>
<td>
			BOUSTEAD PROJECTS
			</td>
			<td>
			31,131,934
			</td>
			<td>
			291,600
			</td>
			<td>
			$291,849
			</td>
			<td>
			$1.001
			</td>
			<td>
			291,600
			</td>
			<td>
			0.090
			</td>
		</tr>
<tr>
<td>
			FOOD EMPIRE HOLDINGS
			</td>
			<td>
			53,597,249
			</td>
			<td>
			279,200
			</td>
			<td>
			$255,183
			</td>
			<td>
			$0.914
			</td>
			<td>
			3,762,800
			</td>
			<td>
			0.702
			</td>
		</tr>
<tr>
<td>
			MDR
			</td>
			<td>
			89,039,757
			</td>
			<td>
			2,570,100
			</td>
			<td>
			$201,219
			</td>
			<td>
			$0.078
			</td>
			<td>
			5,947,100
			</td>
			<td>
			0.668
			</td>
		</tr>
<tr>
<td>
			HC SURGICAL SPECIALISTS
			</td>
			<td>
			15,104,573
			</td>
			<td>
			176,900
			</td>
			<td>
			$76,146
			</td>
			<td>
			$0.430
			</td>
			<td>
			2,010,700
			</td>
			<td>
			1.330
			</td>
		</tr>
<tr>
<td>
			TREK 2000 INTERNATIONAL
			</td>
			<td>
			31,945,342
			</td>
			<td>
			673,800
			</td>
			<td>
			$72,462
			</td>
			<td>
			$0.108
			</td>
			<td>
			4,610,400
			</td>
			<td>
			1.440
			</td>
		</tr>
<tr>
<td>
			ECOWISE HOLDINGS
			</td>
			<td>
			95,034,572
			</td>
			<td>
			1,500,000
			</td>
			<td>
			$52,223
			</td>
			<td>
			$0.035
			</td>
			<td>
			1,500,000
			</td>
			<td>
			0.158
			</td>
		</tr>
<tr>
<td>
			MIYOSHI
			</td>
			<td>
			59,996,089
			</td>
			<td>
			1,300,000
			</td>
			<td>
			$45,983
			</td>
			<td>
			$0.035
			</td>
			<td>
			3,650,000
			</td>
			<td>
			0.608
			</td>
		</tr>
<tr>
<td>
			NORDIC GROUP
			</td>
			<td>
			39,019,100
			</td>
			<td>
			171,100
			</td>
			<td>
			$42,378
			</td>
			<td>
			$0.248
			</td>
			<td>
			1,905,100
			</td>
			<td>
			0.490
			</td>
		</tr>
<tr>
<td>
			GRP
			</td>
			<td>
			18,045,801
			</td>
			<td>
			241,000
			</td>
			<td>
			$36,255
			</td>
			<td>
			$0.150
			</td>
			<td>
			241,000
			</td>
			<td>
			0.134
			</td>
		</tr>
<tr>
<td>
			GLOBAL PALM RESOURCES HOLDINGS
			</td>
			<td>
			19,589,830
			</td>
			<td>
			224,700
			</td>
			<td>
			$32,509
			</td>
			<td>
			$0.145
			</td>
			<td>
			264,000
			</td>
			<td>
			0.135
			</td>
		</tr>
<tr>
<td>
			TUAN SING HOLDINGS
			</td>
			<td>
			118,414,021
			</td>
			<td>
			60,000
			</td>
			<td>
			$19,588
			</td>
			<td>
			$0.326
			</td>
			<td>
			1,488,400
			</td>
			<td>
			0.126
			</td>
		</tr>
<tr>
<td>
			CHOO CHIANG HOLDINGS
			</td>
			<td>
			20,800,000
			</td>
			<td>
			70,000
			</td>
			<td>
			$16,869
			</td>
			<td>
			$0.241
			</td>
			<td>
			197,600
			</td>
			<td>
			0.095
			</td>
		</tr>
<tr>
<td>
			LY CORPORATION
			</td>
			<td>
			48,914,420
			</td>
			<td>
			65,400
			</td>
			<td>
			$12,330
			</td>
			<td>
			$0.189
			</td>
			<td>
			310,400
			</td>
			<td>
			0.063
			</td>
		</tr>
<tr>
<td>
			SHOPPER360
			</td>
			<td>
			11,166,880
			</td>
			<td>
			89,000
			</td>
			<td>
			$9,933
			</td>
			<td>
			$0.112
			</td>
			<td>
			2,865,200
			</td>
			<td>
			2.570
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			58,018,600
			</td>
			<td>
			$71,812,844
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Source: SGX (Data as of 31 March 2021)

 

Share buyback transactions involve share issuers repurchasing some of their outstanding shares from shareholders through the open market. Once the shares are bought back, they can be converted into treasury shares, which means they are no longer categorised as shares outstanding. Motivations for share buybacks can include employee compensation plans (such as share option schemes or employee share purchase plans) or long term capital management. Buybacks can pick up amidst market declines that are driven by broader moves on international macroeconomic developments. 
Share buyback information can be found on the company disclosure page on the SGX website, using the Announcement category and sub-category of Share Buy Back-On Market (click <a href="https://www.sgx.com/securities/company-announcements?ANNC=ANNC13">here</a>). As best practice, companies should refrain from buying back their shares during the two weeks immediately before semi-annual financial statements and one month immediately before the full-year financial statements.
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In March 2021, 26 SGX primary-listed stocks bought back 58 million shares for a total consideration of S$71.8 million. This was up from 17 stocks conducting buybacks in February 2021 for a total consideration of S$49.7 million, and significantly less than the 65 stocks filing S$501.5 million amid the considerable market volatility in March 2020.  
	 
	
For 1Q21, there were 37 SGX primary-listed stocks that conducted buybacks over the quarter, with consideration totaling S$134 million. Over the quarter, the Straits Times Index (STI) gained 11.3%, and the buyback consideration represented 0.01 per cent of the S$943.8 billion in market capitalisation of all stocks listed on SGX as of 31 March.  
	 
	Wilmar International led the 1Q21 consideration tally, buying back 8,141,700 shares in the quarter at an average price of S$5.29. As of March 31, the leading agribusiness group had purchased 0.83 per cent of its issued shares (excluding treasury shares) on the current mandate.

 

Total share buyback consideration for month of March 2021 totaled S$71.8 million, up from S$49.7 million in February (click here for more details), which in turn had also increased from from $12.4 million for January 2021 (click here for more details). The March 2021 buyback consideration was much lower year-on-year, with S$501.5 million in consideration reported for March 2020 amidst broad marklet volatility (click here for more details).  During March 2021, the Straits Times Index (“STI”) gained 7.3%, moving to 3,165.34 from 2,949.04 at the end of February. This brought the STI’s 1Q21 price gain to 11.3%, with dividends boosting the total return to 11.8%. This was the STI's strongest first quarter of a calendar year since 2012, and among 18 of the biggest regional and global bechmarks, the STI was the second best performer, closely following the Taiwan Stock Exchange Weighted Index as discussed here.  
The combined AUM of the SPDR® Straits Times Index ETF and the Nikko AM Singapore STI ETF ended March at S$2.28 billion compared to S$2.19 billion at the end of February 2021, and compared to S$1.11 billion at the end of March 2020, with the unit creations and redemptions generating S$691 million of net inflows into the two ETFs over the last 12 months.



      
    
    Buyback Consideration


There were 26 primary-listed stocks that bought back shares in March. Like in February and January, of the stocks conducting buybacks in March, Global Investments has bought back the largest percentage of its issued shares on the current mandate. Global Investments’ current buyback mandate has seen it purchase 4.71% of its issued shares (excluding treasury shares) as of 31 March, with the preceding share buyback mandate seeing Global Investments buy back 8.52% of its issued shares (excluding treasury shares).  
Wilmar International led the 1Q21 buback consideration tally, buying back 8,141,700 shares in the quarter at an average price of S$5.29 as discussed here. As of March 31, the leading agribusiness group had purchased 0.83 per cent of its issued shares (excluding treasury shares) on the current mandate. As Wilmar International noted in its FY20 (ended Dec 31) Annual Report, during the 2020 year the company re-purchased 44.7 million of its ordinary shares for a consideration of S$190 million, at an average price of S$4.25 per share. The company also lodged the second highest buyback consideration for Singapore's primary listed stocks in the 2020 year, after DBS Group Holdings.  
The table below summarises the buyback considerations in March 2021. The table is sorted by the value of the total consideration amount for the month, which combines the amount of shares or units purchased and the purchasing price of the transactions.




			Primary Listed Stocks that Conducted Buybacks in March 2021
			
			
			Number of Shares/units Authorised for Purchase in Current Mandate
			
			
			Total Number of Shares/units Purchased in March 2021
			
			
			Total Buyback Consideration  (including stamp duties, clearing changes etc.) paid or payable for the shares
			
			
			Average Price Paid S$ 
			
			
			Cumulative Number of Shares/units purchased in Mandate to date
			
			
			Percent of Outstanding Shares (Excl. Treasury) purchased in Mandate to 31 March 2021
			
		


			OVERSEA-CHINESE BANKING CORPORATION
			
			
			220,250,626
			
			
			3,000,000
			
			
			$35,133,870
			
			
			$11.711
			
			
			3,000,000
			
			
			0.068
			
		


			WILMAR INTERNATIONAL
			
			
			635,459,880
			
			
			2,426,700
			
			
			$12,856,325
			
			
			$5.298
			
			
			52,858,100
			
			
			0.830
			
		


			SIIC ENVIRONMENT HOLDINGS
			
			
			260,281,772
			
			
			11,524,000
			
			
			$4,534,927
			
			
			$0.394
			
			
			23,303,000
			
			
			0.895
			
		


			SINGAPORE EXCHANGE
			
			
			107,164,240
			
			
			427,400
			
			
			$4,245,705
			
			
			$9.934
			
			
			544,800
			
			
			0.050
			
		


			MEDTECS INTERNATIONAL CORP
			
			
			54,941,124
			
			
			3,000,000
			
			
			$2,850,142
			
			
			$0.950
			
			
			3,000,000
			
			
			0.550
			
		


			OUE
			
			
			90,061,166
			
			
			2,103,100
			
			
			$2,445,414
			
			
			$1.163
			
			
			21,812,000
			
			
			2.422
			
		


			SINGAPORE TECHNOLOGIES ENGINEERING
			
			
			62,429,441
			
			
			545,000
			
			
			$2,115,460
			
			
			$3.882
			
			
			7,950,000
			
			
			0.255
			
		


			GLOBAL INVESTMENTS
			
			
			161,476,125
			
			
			13,036,000
			
			
			$1,905,182
			
			
			$0.146
			
			
			76,014,600
			
			
			4.708
			
		


			SILVERLAKE AXIS
			
			
			257,790,683
			
			
			7,651,800
			
			
			$1,901,416
			
			
			$0.248
			
			
			12,424,300
			
			
			0.480
			
		


			CSE GLOBAL
			
			
			25,557,371
			
			
			2,653,900
			
			
			$1,371,122
			
			
			$0.517
			
			
			2,653,900
			
			
			0.520
			
		


			AVARGA
			
			
			94,704,634
			
			
			3,032,000
			
			
			$967,417
			
			
			$0.319
			
			
			19,271,800
			
			
			2.035
			
		


			STAMFORD LAND CORPORATION
			
			
			78,296,238
			
			
			905,900
			
			
			$320,937
			
			
			$0.354
			
			
			1,033,600
			
			
			0.132
			
		


			BOUSTEAD PROJECTS
			
			
			31,131,934
			
			
			291,600
			
			
			$291,849
			
			
			$1.001
			
			
			291,600
			
			
			0.090
			
		


			FOOD EMPIRE HOLDINGS
			
			
			53,597,249
			
			
			279,200
			
			
			$255,183
			
			
			$0.914
			
			
			3,762,800
			
			
			0.702
			
		


			MDR
			
			
			89,039,757
			
			
			2,570,100
			
			
			$201,219
			
			
			$0.078
			
			
			5,947,100
			
			
			0.668
			
		


			HC SURGICAL SPECIALISTS
			
			
			15,104,573
			
			
			176,900
			
			
			$76,146
			
			
			$0.430
			
			
			2,010,700
			
			
			1.330
			
		


			TREK 2000 INTERNATIONAL
			
			
			31,945,342
			
			
			673,800
			
			
			$72,462
			
			
			$0.108
			
			
			4,610,400
			
			
			1.440
			
		


			ECOWISE HOLDINGS
			
			
			95,034,572
			
			
			1,500,000
			
			
			$52,223
			
			
			$0.035
			
			
			1,500,000
			
			
			0.158
			
		


			MIYOSHI
			
			
			59,996,089
			
			
			1,300,000
			
			
			$45,983
			
			
			$0.035
			
			
			3,650,000
			
			
			0.608
			
		


			NORDIC GROUP
			
			
			39,019,100
			
			
			171,100
			
			
			$42,378
			
			
			$0.248
			
			
			1,905,100
			
			
			0.490
			
		


			GRP
			
			
			18,045,801
			
			
			241,000
			
			
			$36,255
			
			
			$0.150
			
			
			241,000
			
			
			0.134
			
		


			GLOBAL PALM RESOURCES HOLDINGS
			
			
			19,589,830
			
			
			224,700
			
			
			$32,509
			
			
			$0.145
			
			
			264,000
			
			
			0.135
			
		


			TUAN SING HOLDINGS
			
			
			118,414,021
			
			
			60,000
			
			
			$19,588
			
			
			$0.326
			
			
			1,488,400
			
			
			0.126
			
		


			CHOO CHIANG HOLDINGS
			
			
			20,800,000
			
			
			70,000
			
			
			$16,869
			
			
			$0.241
			
			
			197,600
			
			
			0.095
			
		


			LY CORPORATION
			
			
			48,914,420
			
			
			65,400
			
			
			$12,330
			
			
			$0.189
			
			
			310,400
			
			
			0.063
			
		


			SHOPPER360
			
			
			11,166,880
			
			
			89,000
			
			
			$9,933
			
			
			$0.112
			
			
			2,865,200
			
			
			2.570
			
		


			Total
			
			
			 
			
			
			58,018,600
			
			
			$71,812,844
			
			
			 
			
			
			 
			
			
			 
			
		

 Source: SGX (Data as of 31 March 2021)

 

Share buyback transactions involve share issuers repurchasing some of their outstanding shares from shareholders through the open market. Once the shares are bought back, they can be converted into treasury shares, which means they are no longer categorised as shares outstanding. Motivations for share buybacks can include employee compensation plans (such as share option schemes or employee share purchase plans) or long term capital management. Buybacks can pick up amidst market declines that are driven by broader moves on international macroeconomic developments.  
Share buyback information can be found on the company disclosure page on the SGX website, using the Announcement category and sub-category of Share Buy Back-On Market (click here). As best practice, companies should refrain from buying back their shares during the two weeks immediately before semi-annual financial statements and one month immediately before the full-year financial statements.



26 Primary Listed Stocks Conducted Buybacks in March

Hong Kong

Shanghai Industrial Holdings Limited is an investment holding company that focuses on three core businesses: infrastructure facilities, real estate and consumer products. SIHL invests in toll road projects, water-related business, property development, investment, hotel operation, the manufacturing and sale of cigarettes, packaging materials and printed products.

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Shanghai Industrial Holdings (363 HK)

26 Primary Listed Stocks Conducted Buybacks in March

In March 2021, 26 SGX primary-listed stocks bought back 58 million shares for a total consideration of S$71.8 million. This was up from 17...

Singapore Exchange Ltd (SGX)

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