Jardine Matheson, having spent nearly US$250 million to buy back shares over the last two months, plans to allocate another US$250 million to do the same by next June.
The company’s current share buy back programme first commenced on Sept 30. According to Jardine Matheson in its Dec 8 announcement, it has already spent nearly US$250 million to buy back and cancel those shares.
The most recent buying was earlier on Dec 8, with 33,000 shares bought back at prices ranging between US$54.01 and US$54.5.
Jardine Matheson’s net asset value per share as at June 30 was US$94.17.
The effect of share buy backs is to reduce the number of shares and help support earnings per share.
“The group remains committed to return gearing nearer to historic levels over the medium term,” states Jardine Matheson.
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Besides Jardine Matheson, its separately listed property subsidiary Hong Kong Land has an on-going share buy back programme too. On Sept 6, the company announced plans to buy back up to US$500 million worth of shares by end of the year.
The most recent buying was also on Dec 8, with 448,000 shares bought at between US$5.51 and US$5.61. Hongkong Land’s net asset value per share, as at June 30, was US$14.75.
Jardine Matheson closed Dec 8 at US$54.14, down 0.88% for the day and down 3.32% year to date.
See also: Sakae Holdings clarifies share buy-back purchase price on Oct 27 was CFO's mistake
Hongkong Land closed at US$5.51, down 0.9% for the day but up 34.06% year to date.
Photo: Red John / Unsplash