Jardine Matheson has commenced its share US$250 million share buy back programme announced less than a week ago.
On Oct 5, the Hong Kong based conglomerate bought back 254,489 shares at US$51.79 each, which works out to a total of nearly US$13.2 million.
The buy back programme was announced on Sept 30.
The company will cancel the shares and thereby improve earnings per share for shareholders.
As at June 30, Jardine Matheson’s net asset value per share was US$94.17 per share, up from US$81.32 per share as at June 30 2020.
Separately, Hongkong Land, the developer that’s part of the Jardine group, has bought back more shares.
It announced its own US$500 million programme on Sept 6.
On Oct 5, it bought back 386,700 shares at between US$4.81 and US$4.86.
On Sept 27, Pang Yiu Kai, who was Hongkong Land’s CEO between 2007 and 2016, acquired 100,000 shares at US$4.77 each. Pang has been a director of Hongkong Land since 2007.
Similar to its parent company, Hongkong Land is trading at a discount to its book value. As at June 30, its NAV was US$14.75.
Jardine Matheson shares closed Oct 5 at US$51.90, down 0.36% for the day and down 7.32% year to date.
Hongkong Land shares, meanwhile, closed Oct 5 at US$4.85, down 0.21% for the day and up 18% year to date.
Photo: Jardine House in Hong Kong's Central / Bloomberg
