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Singtel jumps 2.6% on S$0.10 per share dividend, S$2 billion share buyback plan

Singtel jumps 2.6% on S$0.10 per share dividend, S$2 billion share buyback plan

By Swedan Margen

Fashion

Company’s shares hit highest price in more than 5 years as telco returned to the black with S$2.8 billion H2 net profit

Shares of Singtel rose on Thursday (May 22) morning after the telco giant announced a final dividend of S$0.10 per share and initiated its first share buyback programme of up to S$2 billion.

As at 9.12 am, the counter climbed to S$3.95, 2.6 per cent or S$0.10 higher than its Wednesday closing price of S$3.85, with 11.4 million shares changing hands. This is the highest price Singtel shares have risen to in more than five years. The last time it reached such levels was in 2017.

By 9.57 am, it eased back down to S$3.93, still up by 2.1 per cent or S$0.08, with 17.3 million shares transacted.

On Thursday, Singtel returned to the black with S$2.8 billion net profit for its second half ended March and proposed a final dividend of S$0.10 per share.

It also announced its maiden share buyback programme whereby it plans to repurchase as much as S$2 billion worth of shares in the open market as part of its capital management strategy. The repurchased shares will be cancelled.

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Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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