Jardine Matheson Holdings plans to buy back up to US$250 million worth of shares by June 30 2022 – less than a month after Hongkong Land, part of the same group, announced its own US$500 million share buyback programme.
Similar to Hongkong Land’s, the shares bought back by Jardine Matheson will be cancelled.
See: Jardine deal goes through; dissenting votes largely from new shareholders, company claims
“The buyback is in line with Jardine Matheson Group’s previously announced capital allocation policy,” says Jardine Matheson on Sept 30.
“The group remains committed to return gearing nearer to historic levels over the medium term, following the simplification of the Group’s holding structure earlier in the year,” adds the company, referring to the acquisition of previously separately listed Jardine Strategic.
As at June 30, Jardine Matheson’s net asset value was US$94.17 per share, up from US$81.32 per share as at June 30 2020.
For 1HF2021 ended June 30, Jardine Matheson reported a loss of US$0.35 million, versus US$2.09 million in the red in the year earlier period.
Revenue was US$17.5 billion, up 10% y-o-y. If total revenue from its various associates, joint ventures and so on were added, was US$52.5 billion, up 17% y-o-y.
Meanwhile, as of Sept 29, Hongkong Land has bought back around 3.5 million shares at prices ranging between US$4.31 and US$4.83.
Jardine Matheson shares, as at 10.10am, was up 4.59% to US$53.37.
Photo of Jardine House in Hong Kong / Bloomberg
