(Sept 2): Yangzijiang Shipbuilding has been on a share buyback spree over the past two weeks. On Aug 29, the company bought one million shares at 91 cents each, bringing its total treasury shares to 46,311,800. This follows the two million shares it bought on Aug 28 — one million at 91 cents each and another million bought later in the day at 90 cents each.
Earlier, the company had bought two million shares at 92 cents each on Aug 27 and one million shares at 95 cents each on Aug 26. It had bought a total of 10 million shares between Aug 15 and 22, at prices ranging from 87 cents to 95 cents.
Year to date, the company’s share price has dropped 27.2% to close at 91 cents on Aug 29. This values the company at $3,575.2 million and implies a price-to-earnings ratio of 4.89 times.