Firms break buyback record 3 months early with $2.38b

Singtel led September's individual repurchases with $103.1m in that month alone.

A total of 80 primary-listed companies have collectively repurchased $2.38b of shares on the open market in the first nine months of 2026 (9M 2026), surpassing 2025’s record of $2.23b, according to SGX’s market updates.

SGX said that the 2025 figure was itself the highest recorded in the 10-year period covered by the report series.

Singtel and Keppel led the consideration tally, accounting for $1.05b and $365m respectively, or 59% of the aggregate on-market buyback consideration.

Singtel's buyback targeted earnings accretion, whilst Keppel's buyback intended to acquire shares for employee share plans and future mergers and acquisitions in place of issuing new shares, the report showed.

In September, around 40 primary-listed companies repurchased a combined $295.4m of shares on the open market, led by Singtel with $103.1m in buyback consideration. Keppel followed with $63.8m, ahead of UOB with $60.9m. Together, the three companies accounted for 77% of September's aggregate buyback value.

Over the first nine months of 2026, Keppel accounted for $364.9m and UOB for $304.3m, with Singtel, Keppel and UOB together representing 72% of total 9M 2026 buyback consideration.

Seatrium also expanded its capital return programme in September, launching a new $200m share buyback programme, double the size of the $100m programme it had fully utilised earlier in the month.

The enlarged programme follows improved margins, higher underlying earnings, and a $13.3b order book across 24 projects extending to 2033.

The capital return followed a stronger first half of 2026, with revenue rising 4.7% to $5.6b and net profit increasing 158% to $373m. Net profit excluding divestment gains rose 54% to $212m.

In October, Cortina Holdings completed an off-market equal access share buyback, repurchasing 13.25 million shares for $54.97m at S$4.15 per share, which represented 8% of its issued share capital and were retained as treasury shares.

Cortina said the buyback gave shareholders an opportunity to realise part of their investment at a premium to market prices without transaction costs.

The capital return followed a 13.5% increase in the financial year 2026 revenue to $979m and a 3.3% rise in net profit to $72.4m.

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