SINGAPORE (Oct 22): Investors looking for companies with the ability to pay higher dividends need look no further than Stamford Land Corp, the company that was the subject of shareholder activism over the past 2½ months, which included shareholder Mano Sabnani questioning a low dividend payout. 

During the market’s bloodbath last week (Oct 9 to 11), Stamford Land’s share price remained remarkably stable because of its share buyback programme. On July 27, during an extraordinary general meeting, shareholders of Stamford Land voted overwhelmingly in favour of the share buyback programme, which enables the company to buy up to 10% of Stamford Land shares between July 27 and the date of its next annual general meeting. 

If fully implemented, the share buyback programme will cost the company $42.91 million. According to the share buyback circular, the company will not buy back shares during the one month immediately preceding the announcement of its full-year financial statements, and two weeks preceding the results of the first three quarters. 

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