Seatrium allocates S$200 million for new share buyback programme
It will allow the company to repurchase up to a maximum of 2% of its total issued shares.
Seatrium has announced a new S$200 million share buyback programme, nearly double the size of its previous S$100 million buyback. The company's CEO, Chris Ong, stated that this move reflects Seatrium's confidence in its long-term outlook. The new programme is double the size of the previous one and is funded by existing cash resources.
It will allow the company to repurchase up to 2% of its total issued shares, subject to shareholder approval at each annual general meeting. The buyback will be executed progressively, considering share price levels, market conditions, and capital management priorities. Seatrium's net profit surged 158.3% to S$372.9 million in H1 2024, driven by a S$172 million gain from the sale of non-core assets.
Excluding the one-off divestment gain, H1 net profit rose 54% year on year to S$212 million, attributed to higher-margin projects and productivity improvements.
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