Singapore’s Buyback Boom Just Hit S$2B In 8M26

Over the first eight months of 2026 (8M26), more than 70 primary-listed companies in Singapore collectively repurchased S$2.09 billion worth of shares on the open market, up from S$1.57 billion in 8M25 and S$855 million in 8M24. 

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 reduce the overall cost of capital. 

1. $Singtel(Z74.SI)$

Buyback activity in 2026 remained concentrated among the largest issuers, with $Singtel(Z74.SI)$ accounting for S$948.6 million, or around 45% of the aggregate 8M26 buyback consideration.

At the 29 July AGM, Singtel management reiterated that the Value Realisation Share Buyback (VRSB) programme will see Singtel return up to S$2 billion to shareholders over three years. Upon full execution and cancellation of the repurchased shares, the programme is expected to deliver a permanent 3% uplift in Earnings Per Share (EPS), supporting a higher EPS and Dividends Per Share (DPS) trajectory.

Singtel also led the buyback consideration tally in August. The table below detail the primary-listed companies that conducted on market buybacks in August. Secondary-listed stocks Jardine Matheson also bought back 368,300 stocks for an aggregate consideration of US$22,671,335 at an average price of US$61.557 per share. 

2. $Seatrium Ltd(5E2.SI)$

In August, Seatrium repurchased 3.67 million shares for approximately S$8.0 million under its S$100 million Share Buyback Programme, which was launched in April 2024 as part of the group's proactive capital management strategy to enhance shareholder returns. The programme complements Seatrium's dividend policy and reflects its capital allocation priorities of investing for future growth, optimising capital structure, supporting long-term value creation and maintaining disciplined returns to shareholders through dividends and share buybacks.

As at 31 December 2025, the group had repurchased nearly 33 million shares for approximately S$58 million. The programme has remained active in 2026, with 17.78 million shares repurchased for S$39.7 million year-to-date through August, bringing cumulative buybacks under the programme to about S$97.7 million since launch. Repurchased shares may be held as treasury shares for employee share plans and the share component of directors' fees or cancelled to reduce share capital and boost shareholder returns. Subsequent to August, Seatrium repurchased a further 920,000 shares on 1 September for S$2.0 million, taking cumulative buybacks under the programme to approximately S$99.7 million.

3. $SHS(566.SI)$

SHS Holdings also announced that shareholders tendered 27.04 million shares under its off-market equal access share buyback offer, with the company paying approximately S$4.60 million for the repurchased shares. All shares acquired through the offer will be cancelled, reducing the company's issued share capital. The results were announced on 21 August following the close of the offer on 14 August, with payments to accepting shareholders to be made in accordance with the settlement procedures set out in the offer documentation. 

SHS Holdings operates across engineering and construction, corrosion prevention, solar energy and commodities trading. In 1H26, revenue surged 259% year-on-year to S$174.0 million, reflecting a significant increase in business activity. However, the group reported a net loss of S$3.3 million as cost of sales rose faster than revenue, resulting in gross margin contracting to 1.4% from 11.5% a year earlier, while finance costs also increased. Management said it remains cautiously optimistic, citing a healthy pipeline of infrastructure and maintenance projects, continued opportunities in renewable energy, and initiatives to improve operational efficiency, increase capacity utilisation and maintain disciplined cost and capital management.