Global Alpha Capital Management has increased its deemed stake in Raffles Medical Group. On May 5, the Montreal-based fund manager paid $1.21 each for 761,300 shares on the open market, raising its total holdings to just over 148.9 million shares, equivalent to 8.017%, up from 7.976% previously.
Global Alpha Capital Management holds the Raffles Medical shares via various funds it manages on behalf of clients. Raffles Medical has been buying back its own shares too, most recently on May 10 when it paid $1.14 each for 700,000 shares.
This was the company’s first buyback following the renewal of its mandate by shareholders at the AGM on April 25. Before April 25, the company had bought back one million shares on April 19; 160,000 shares on April 14; 140,000 shares on April 12; and 183,500 shares on April 4. For the better part, Raffles Medical bought these shares back at $1.16 each, although some were at as high as $1.20. The company was steadily buying back shares in March too.