Over the first nine months of 2026 (9M26), 80 primary-listed companies in Singapore collectively repurchased S$2.38 billion of shares on the open market, surpassing the S$2.23 billion recorded for the whole of 2025, which itself was a record high across the 10 years covered by this report series.
Companies repurchase shares to support employee compensation plans or deploy surplus capital more effectively. ACRA notes that buybacks can enhance key financial metrics such as Earnings per Share (EPS) and Return on Equity (ROE), take advantage of perceived undervaluation and support efficient capital management.
MU 05102026
In September, around 40 primary-listed companies repurchased a combined S$295.4 million of shares on the open market. $Singtel(Z74.SI)$ led buyback consideration with S$103.1 million, followed by $Keppel(BN4.SI)$ at S$63.8 million and UOB at S$60.9 million, with the three companies accounting for 77% of the month's aggregate buyback value.
The $TheHourGlass(AGS.SI)$ and $SGX(S68.SI)$ followed with S$9.9 million and S$9.0 million, respectively. During the month, secondary-listed stock $JMH USD(J36.SI)$ also bought back 950,900 shares for an aggregate consideration of US$54.0 million at an average price of US$56.77 per share, and $HongkongLand USD(H78.SI)$ bought back 705,000 shares for an aggregate consideration of S$5.7 million at an average price of S$8.04 per share.
1. $Cortina(C41.SI)$ Completes S$55 Million Equal Access Buyback
On 2 October, Cortina Holdings completed an off-market equal access share buyback, repurchasing 13.25 million shares for S$54.97 million at S$4.15 per share. The shares represented 8% of its issued share capital and were retained as treasury shares, reducing issued shares excluding treasury shares to 152.3 million.
Announced on 1 September, the offer allowed shareholders to tender up to 8% of their holdings and was fully subscribed. The company said the buyback was intended to reward shareholders by providing an opportunity to realise part of their investment at a premium to market prices without transaction costs. The capital return follows FY26 revenue growth of 13.5% to S$979.0 million, net profit growth of 3.3% to S$72.4 million and net operating cash flow of S$124.7 million.
2. $Seatrium Ltd(5E2.SI)$ Launches New S$200 Million Share Buyback Programme
On 22 September, Seatrium established a new S$200 million share buyback programme, doubling the size of the S$100 million programme that was fully utilised on 1 September. Funded from existing cash resources, the new programme reflects management's confidence in the group's strengthened fundamentals, improved margins and long-term prospects.
The capital return follows stronger 1HFY26 operating performance, with revenue increasing 4.7% to S$5.6 billion, net profit rising 158% to S$373 million, and net profit excluding divestment gains growing 54% to S$212 million. As at 30 June, Seatrium's net order book stood at S$13.3 billion across 24 projects extending to 2033, with more than 95% comprising Series Build projects.
3.Primary-listed Companies that Conducted On-market Buybacks in 9M26
As noted above, over 9M26, 80 primary-listed companies in Singapore repurchased a combined S$2.38 billion of shares on the open market, exceeding the full-year 2025 total of S$2.23 billion. Buyback activity was concentrated among a handful of large-cap companies, with $Singtel(Z74.SI)$ accounting for S$1.05 billion of consideration, followed by $Keppel(BN4.SI)$ at S$364.9 million and $UOB(U11.SI)$ at S$304.3 million. Together, the three companies represented 72% of total buyback consideration in 9M26.
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Comments
Singapore companies are returning capital to shareholders at an accelerating pace. In 9M26, 80 primary-listed firms spent S$2.38 billion on buybacks, already exceeding the entire 2025 record.
But the deeper signal is concentration: Singtel, Keppel and UOB contributed 72% of the total. This suggests large companies increasingly view buybacks as an efficient way to enhance EPS and deploy excess capital.
Seatrium is particularly interesting: after fully using a S$100 million programme, it launched another S$200 million programme alongside stronger earnings and a S$13.3 billion order book.
The key question isn't simply “Who is buying back?” — it's whether management is buying undervalued shares or merely supporting the stock. That distinction matters.
@SGX_Stars [胜利]