Over the first seven months of 2026 (7M26), more than 70 primary-listed companies in Singapore have collectively repurchased S$1.9 billion worth of shares on the open market, up from around S$1.3 billion during 7M25, and S$772 million in 7M24. Buyback activity remained concentrated among the largest issuers, with $Singtel(Z74.SI)$ accounting for almost half of the aggregate 7M26 buyback consideration.
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Companies repurchase shares to support employee compensation plans or to deploy surplus capital more effectively. ACRA maintains that buybacks can enhance key financial metrics such as Earnings per Share (EPS) and Return on Equity (ROE), take advantage of perceived undervaluation, and reduce the overall cost of capital.
The table below details the 20 companies that conducted the highest buyback considerations in July, and for the first seven months of 2026.
|
Highest Buyback Considerations for Primary-listed Companies in July |
Total Number of Shares Purchased |
Total Buyback Consideration |
Average Price S$ |
Highest Buyback Considerations for Primary-listed Companies in first 7 Months of 2026 (7M26) |
Total Number of Shares Purchased |
Total Buyback Consideration |
Average Price S$ |
|
SINGAPORE TELECOMMUNICATIONS |
23,551,400 |
$103,611,511 |
$4.40 |
SINGAPORE TELECOMMUNICATIONS |
195,279,205 |
$892,994,315 |
$4.57 |
|
UNITED OVERSEAS BANK |
935,200 |
$39,534,935 |
$42.27 |
KEPPEL |
21,623,400 |
$246,714,575 |
$11.41 |
|
KEPPEL |
600,000 |
$6,926,668 |
$11.54 |
OVERSEA-CHINESE BANKING CORP |
10,047,300 |
$220,104,613 |
$21.91 |
|
GEO ENERGY RESOURCES |
5,837,500 |
$3,151,349 |
$0.54 |
UNITED OVERSEAS BANK |
5,643,600 |
$216,404,867 |
$38.35 |
|
THE HOUR GLASS |
755,100 |
$2,071,788 |
$2.74 |
SINGAPORE TECHNOLOGIES ENG |
7,750,000 |
$80,998,057 |
$10.45 |
|
RAFFLES MEDICAL GROUP |
2,000,000 |
$1,776,721 |
$0.89 |
SINGAPORE EXCHANGE |
2,063,000 |
$42,015,072 |
$20.37 |
|
ADDVALUE TECHNOLOGIES |
10,300,000 |
$1,491,520 |
$0.14 |
SATS |
9,554,200 |
$34,968,032 |
$3.66 |
|
VENTURE CORPORATION |
86,000 |
$1,472,892 |
$17.13 |
SEATRIUM |
14,110,000 |
$31,707,232 |
$2.25 |
|
VALUETRONICS HOLDINGS |
1,047,700 |
$1,122,040 |
$1.07 |
SINGAPORE AIRLINES |
3,000,000 |
$20,240,960 |
$6.75 |
|
FRASER AND NEAVE |
658,900 |
$943,954 |
$1.43 |
GENTING SINGAPORE |
29,830,200 |
$18,507,938 |
$0.62 |
|
CHUAN HUP HOLDINGS |
3,616,700 |
$934,650 |
$0.26 |
THE HOUR GLASS |
6,526,400 |
$15,819,453 |
$2.42 |
|
RECLAIMS GLOBAL |
3,553,200 |
$739,465 |
$0.21 |
HONG FOK CORPORATION |
16,553,200 |
$15,560,515 |
$0.94 |
|
FOOD EMPIRE HOLDINGS |
255,400 |
$619,387 |
$2.43 |
VENTURE CORPORATION |
461,500 |
$7,526,730 |
$16.31 |
|
STAMFORD LAND CORPORATION |
1,132,500 |
$556,543 |
$0.49 |
FOOD EMPIRE HOLDINGS |
2,725,100 |
$7,205,393 |
$2.64 |
|
NANOFILM TECHNOLOGIES INT |
425,600 |
$503,724 |
$1.18 |
CHUAN HUP HOLDINGS |
21,547,600 |
$5,191,714 |
$0.24 |
|
OXLEY HOLDINGS |
6,540,000 |
$490,350 |
$0.07 |
MDR |
80,011,000 |
$3,703,818 |
$0.05 |
|
HONG FOK CORPORATION |
365,000 |
$344,185 |
$0.94 |
FRASER AND NEAVE |
2,504,500 |
$3,606,355 |
$1.44 |
|
LINCOTRADE & ASSOCIATES |
864,400 |
$276,473 |
$0.32 |
CSE GLOBAL |
2,000,000 |
$3,157,097 |
$1.58 |
|
KARIN TECHNOLOGY HLDGS |
954,600 |
$251,342 |
$0.26 |
GEO ENERGY RESOURCES |
5,837,500 |
$3,151,349 |
$0.54 |
|
EVER GLORY UNITED HOLDINGS |
238,600 |
$185,226 |
$0.78 |
HONG LAI HUAT GROUP |
33,283,600 |
$2,848,223 |
$0.09 |
1. $Singtel(Z74.SI)$
Singtel led both the July and 7M26 buyback consideration tallies, repurchasing 23.6 million shares for S$103.6 million at an average price of S$4.40 per share in July, bringing its 7M26 repurchases to 195.3 million shares for S$893.0 million at an average price of S$4.57 per share.
In its 2026 Responses to substantial and relevant questions before its 2026 AGM last week, Singtel said shares repurchased under its S$2 billion Value Realisation Share Buyback programme are cancelled, reducing the total number of shares outstanding and increasing each remaining shareholder's ownership interest in the company.
The group added that full execution of its S$2 billion Value Realisation Share Buyback programme would, on a pro-forma FY26 basis, deliver a permanent c.3% uplift in underlying EPS and support a higher EPS and Dividend Per Share (DPS) trajectory.
2. $JMH USD(J36.SI)$
Secondary-listed companies were also active on buybacks over the past seven months. Jardine Matheson Holdings repurchased more than 3.7 million shares for ~US$270 million at an average price of US$71.41 per share.
This aligns with management’s broader capital allocation framework, where buybacks form part of value creation alongside accelerated capital recycling and a strengthened net cash position. $HongkongLand USD(H78.SI)$ also repurchased more than 27 million shares for ~US$210 million at an average price of US$7.63 per share.
The 10 primary-listed companies that recorded their first buyback activity of 2026 in July were $Geo Energy Res(RE4.SI)$ , $Raffles Medical(BSL.SI)$ , $Addvalue Tech(A31.SI)$ , $Reclaims Global(NEX.SI)$ , $Stamford Land(H07.SI)$ , $Ever Glory(ZKX.SI)$ , $SingShipping(S19.SI)$ , $Huationg Global(41B.SI)$ , $Fuxing China(AWK.SI)$ and $Goodland(5PC.SI)$ .
3. $Geo Energy Res(RE4.SI)$
Among these 10 companies, Geo Energy Resources led the buyback consideration tally in July, repurchasing 5.8 million shares for S$3.15 million at an average price of S$0.54 per share.
On July 7, Geo Energy Resources relayed its buyback programme reflected management's view that the company's share price was undervalued, particularly as it approached the commencement of operations at its MBJ Integrated Infrastructure project, while also highlighting strengthening coal prices and long-term demand growth from China, India and Japan. Its preceding buybacks were in December 2024.
4. $Raffles Medical(BSL.SI)$
Raffles Medical Group recorded S$1.78 million of buyback consideration in July, repurchasing 2.0 million shares.
Ahead of its AGM, the company said its share buybacks improve earnings per share and support long-term shareholder value creation, complementing a final dividend that represented approximately 84% of FY25 sustainable profit after tax and minority interests. Its preceding buybacks were in December 2025.
5. $Addvalue Tech(A31.SI)$
$Addvalue Tech(A31.SI)$ recorded S$1.49 million of buyback consideration in July, repurchasing 10.3 million shares at an average price of approximately S$0.145 per share.
In a 16 July report, Maybank said the company's first share buyback since 2010 signalled management's confidence in its outlook, while reiterating its buy recommendation and S$0.34 target price on expectations of further Advanced Digital Radio System (ADRS) orders, capacity expansion and growth opportunities in the drones, space and AI segments.
Beyond supporting employee share plans, buybacks remain a key capital returns lever, complementing dividends while providing companies with flexibility in capital allocation and shareholder value creation.
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