Keppel’s most recent share buybacks were done around the same time its associate company, upstream oil and gas firm KrisEnergy, filed an application for a debt moratorium to seek court protection from creditors’ actions as the company works on restructuring its debt amounting to some US$477 million ($660 million).
(Aug 26): Keppel Corp made a series of share buybacks in the past week, at prices ranging between $5.90 and $5.96. According to a Singapore Exchange filing dated Aug 15, Keppel spent $2.3 million to buy 390,000 shares, at an average price of $5.90. One day later, the company bought an additional 270,000 shares for a total price of $1.6 million, or an average price of $5.93. On Aug 19, another 110,000 shares were purchased, at a higher average price of $5.96.
According to SGX filings, Keppel’s last share buyback was on July 24 last year, when it bought 189,000 shares at $6.88 each. With the Aug 19 purchase, Keppel has bought back a total of 770,000 shares allowed under the current mandate for share buybacks. It now holds nearly 2.04 million treasury shares, and has a total share base of nearly 1.82 billion shares.
