- In the first five months of 2025, 63 primary-listed companies bought back shares by way of open market acquisitions with a combined consideration of S$930 million, up 84% from S$505 million in the first five months of 2024. This excludes buybacks from secondary-listed companies and S-REITs.
- May saw S$176 million in primary-listed company buybacks on the open market, with the consideration tally led by UOB (S$144 million @ S$35.329 average price), DBS (S$18 million @ S$44.070 average) and Olam Group (S$6 million @ S$0.926 average). UOB has bought back S$253 million of its shares over the past 5 months.
- Secondary-listed Hongkong Land has also bought back US$55 million of its shares at an average price of US$5.05 under the US$200 million programme announced on April 24 to run through until Dec 31. The managers of ESR REIT and Stoneweg European REIT have also continued to buy back units.
Companies often conduct share buybacks to support employee compensation plans or manage excess capital. On the latter, ACRA maintains that buybacks can enhance financial ratios like Earnings per Share (EPS) and Return on Equity (ROE), while taking advantage of the perceived undervaluation of shares and reducing the overall cost of capital.
Over the first five months of 2025, 63 primary-listed companies in Singapore have bought back S$930 million in their shares. This compares to S$505 million in buybacks for the first five months of 2024, and the highest buyback levels for the first five months of a year since 2020. This was largely attributed to the volatility in April which saw S$425 million in shares bought back by primary-listed shares. As detailed in the chart below, the month of April 2025 produced the fourth highest monthly tally in buyback consideration for the past 10 years.
Share buyback information can be found on the company disclosure page on the SGX website, using the Announcement category and sub-category of Share Buy Back-On Market (click here). Note the REITs were excluded from the data in the chart above from 2022 onwards.
The S$425 million consideration for primary-listed companies April was followed by S$176 million consideration in May, led by UOB buying back S$144 million of its shares between May 7 and May 30.
For the secondary-listed companies, Hongkong Land has also bought back US$54.9 million of its shares at an average price of US$5.048 under the buyback programme announced on April 24. In line with its corporate strategy, the share buyback programme of up to US$200 million—funded by recent transactions and capital recycling—with repurchased shares to be cancelled by December 31, 2025. In 2024, Hongkong Land launched a new strategy to shift capital from build-to-sell projects toward developing ultra-premium commercial properties in Asia's key cities for long-term growth.
Meanwhile both ESR REIT and Stoneweg European REIT have also conducted unit buybacks this year. ESR REIT bought back 838,700 units in May at an average price of S$2.208 apiece. This followed the REIT manager buying back 50.3 million units in the first four months of 2025 prior to the reverse stock split of 1 unit for every 10 units. The manager maintains its unit buyback mandate offers a flexible, cost-effective way to enhance return on equity and net asset value, while helping to manage short-term market volatility and support investor confidence. Meanwhile, Stoneweg European REIT bought back 37,000 units at EUR 1.47 apiece on May 15, following buybacks in April and March. The managers have highlighted that as part of its capital management the 1.5 million units bought back in its FY24 enabled the REIT to enhance ROE and Net Asset Value (NAV).
The S$176 million in filed buybacks for the primary-listed companies in May are detailed below.
Share Buybacks by Primary-listed Companies by way of Market Acquisition (May 2025) | Number of Shares/Units Purchased | Buyback Consideration (incl stamp duties & clearing charges) S$ | Avg price paid per share S$ |
| UNITED OVERSEAS BANK | 4,079,100 | $144,112,020 | $35.329 |
| DBS GROUP HOLDINGS | 400,000 | $17,627,913 | $44.070 |
| OLAM GROUP | 6,957,100 | $6,443,342 | $0.926 |
| SINGAPORE EXCHANGE | 232,400 | $3,229,006 | $13.894 |
| APAC REALTY | 2,399,100 | $1,030,480 | $0.430 |
| GLOBAL INVESTMENTS | 5,400,000 | $685,069 | $0.127 |
| VENTURE CORPORATION | 55,000 | $604,249 | $10.986 |
| 17LIVE GROUP | 433,700 | $378,105 | $0.872 |
| ZHENENG JINJIANG ENVIRONMENT HOLDING COMPANY | 822,900 | $370,296 | $0.450 |
| OUE | 278,200 | $268,728 | $0.966 |
| IFAST CORPORATION | 38,400 | $239,905 | $6.248 |
| Q & M DENTAL GROUP (SINGAPORE) | 683,400 | $226,548 | $0.332 |
| INNOTEK | 400,000 | $144,157 | $0.360 |
| MTQ CORPORATION | 465,000 | $122,253 | $0.263 |
| OXLEY HOLDINGS | 1,735,000 | $118,869 | $0.069 |
| ASPIAL CORPORATION | 1,518,000 | $92,818 | $0.061 |
| A-SONIC AEROSPACE | 218,000 | $67,899 | $0.311 |
| INTRACO | 167,900 | $57,621 | $0.343 |
| SANLI ENVIRONMENTAL | 399,800 | $35,990 | $0.090 |
| CHUAN HUP HOLDINGS | 170,300 | $27,244 | $0.160 |
| SARINE TECHNOLOGIES | 125,000 | $26,565 | $0.213 |
| ST GROUP FOOD INDUSTRIES HOLDINGS | 187,000 | $25,872 | $0.138 |
| CREDIT BUREAU ASIA | 13,900 | $18,286 | $1.316 |
| GHY CULTURE & MEDIA HOLDING CO | 79,900 | $12,957 | $0.162 |
| TREK 2000 INTERNATIONAL | 25,200 | $2,821 | $0.112 |
| EUROSPORTS GLOBAL | 4,800 | $652 | $0.136 |
| Total | $175,969,669 |
STI Banks Account for Majority of 2025 Share Buybacks to Date
For the first five months of 2025, the STI Banks have accounted for 77% or S$712 million of the total S$930 million in the filed buybacks for the primary-listed companies. The trio are actively returning surplus capital through share buybacks over the next two to three years. DBS Group Holdings launched its first-ever S$3 billion buyback programme (where shares will be cancelled) in 2024, while United Overseas Bank and Oversea-Chinese Banking Corporation each announced buybacks programs in February 2025, as part of broader capital return plans.
The filed buybacks for the primary-listed companies over the first five months of 2025 are detailed below.
| Share Buybacks by Primary-listed Companies by way of Market Acquisition (First 5 months of 2025) | Number of Shares/Units Purchased | Buyback Consideration (incl stamp duties & clearing charges) S$ | Avg price paid per share S$ |
| DBS GROUP HOLDINGS | 6,580,000 | $277,207,397 | 42.129 |
| UNITED OVERSEAS BANK | 7,259,100 | $252,957,900 | 34.847 |
| OVERSEA-CHINESE BANKING CORPORATION | 10,896,600 | $181,839,685 | 16.688 |
| SEMBCORP INDUSTRIES | 8,080,300 | $48,772,144 | 6.036 |
| YANGZIJIANG SHIPBUILDING (HOLDINGS) | 15,000,000 | $29,516,828 | 1.968 |
| SINGAPORE TECHNOLOGIES ENGINEERING | 3,500,000 | $19,448,355 | 5.557 |
| VENTURE CORPORATION | 1,462,100 | $17,968,285 | 12.289 |
| SINGAPORE EXCHANGE | 1,252,400 | $15,941,299 | 12.729 |
| SEATRIUM | 7,960,000 | $14,746,241 | 1.853 |
| SINGAPORE AIRLINES | 2,040,000 | $12,471,884 | 6.114 |
| OLAM GROUP | 10,457,100 | $9,768,430 | 0.934 |
| RAFFLES MEDICAL GROUP | 7,700,000 | $7,523,846 | 0.977 |
| CAPITALAND INVESTMENT | 3,012,000 | $7,357,813 | 2.443 |
| SATS | 1,200,000 | $3,694,190 | 3.078 |
| ZHENENG JINJIANG ENVIRONMENT HOLDING COMPANY | 6,647,900 | $2,948,364 | 0.444 |
| GLOBAL INVESTMENTS | 23,100,000 | $2,873,109 | 0.124 |
| IFAST CORPORATION | 438,400 | $2,811,439 | 6.413 |
| SIA ENGINEERING COMPANY | 1,173,000 | $2,792,939 | 2.381 |
| VALUETRONICS HOLDINGS | 4,050,000 | $2,494,778 | 0.616 |
| CSE GLOBAL | 5,000,000 | $2,281,673 | 0.456 |
| GP INDUSTRIES | 3,343,700 | $1,622,599 | 0.485 |
| 17LIVE GROUP | 2,016,900 | $1,558,234 | 0.773 |
| APAC REALTY | 2,503,300 | $1,073,344 | 0.429 |
| HRNETGROUP | 1,257,400 | $878,773 | 0.699 |
| KSH HOLDINGS | 3,864,700 | $858,755 | 0.222 |
| PAN-UNITED CORPORATION | 1,284,500 | $774,534 | 0.603 |
| MTQ CORPORATION | 2,643,600 | $682,972 | 0.258 |
| GHY CULTURE & MEDIA HOLDING CO | 3,761,100 | $627,703 | 0.167 |
| INNOTEK | 1,525,800 | $563,347 | 0.369 |
| INTRACO | 1,395,500 | $532,899 | 0.382 |
| OXLEY HOLDINGS | 7,378,000 | $501,513 | 0.068 |
| TREK 2000 INTERNATIONAL | 5,039,100 | $478,714 | 0.095 |
| THE HOUR GLASS | 274,400 | $427,681 | 1.559 |
| EVER GLORY UNITED HOLDINGS | 979,700 | $387,491 | 0.396 |
| GLOBAL TESTING CORPORATION | 351,700 | $366,013 | 1.041 |
| A-SONIC AEROSPACE | 1,030,300 | $327,719 | 0.318 |
| JUMBO GROUP | 1,172,900 | $306,975 | 0.262 |
| OUE | 278,200 | $268,728 | 0.966 |
| EUROSPORTS GLOBAL | 1,640,000 | $228,195 | 0.139 |
| Q & M DENTAL GROUP (SINGAPORE) | 683,400 | $226,548 | 0.332 |
| HOCK LIAN SENG HOLDINGS | 508,500 | $192,947 | 0.379 |
| NORDIC GROUP | 516,500 | $179,886 | 0.348 |
| CHUAN HUP HOLDINGS | 1,029,600 | $162,748 | 0.158 |
| PACIFIC CENTURY REGIONAL DEVELOPMENTS | 412,100 | $160,010 | 0.388 |
| COMFORTDELGRO CORPORATION | 115,200 | $158,030 | 1.372 |
| SARINE TECHNOLOGIES | 661,000 | $145,342 | 0.220 |
| CREDIT BUREAU ASIA | 105,200 | $136,188 | 1.295 |
| HC SURGICAL SPECIALISTS | 431,000 | $123,487 | 0.287 |
| INTERRA RESOURCES | 2,876,100 | $110,677 | 0.038 |
| FOOD EMPIRE HOLDINGS | 100,000 | $98,651 | 0.987 |
| VIBRANT GROUP | 1,403,200 | $96,360 | 0.069 |
| KIMLY | 304,000 | $93,144 | 0.306 |
| ASPIAL CORPORATION | 1,518,000 | $92,818 | 0.061 |
| CHASEN HOLDINGS | 1,170,900 | $82,219 | 0.070 |
| FRASER AND NEAVE | 53,500 | $69,819 | 1.305 |
| CSC HOLDINGS | 6,000,000 | $61,290 | 0.010 |
| HEETON HOLDINGS | 250,000 | $57,638 | 0.231 |
| BANYAN TREE HOLDINGS | 161,100 | $55,098 | 0.342 |
| SANLI ENVIRONMENTAL | 399,800 | $35,990 | 0.090 |
| ST GROUP FOOD INDUSTRIES HOLDINGS | 187,000 | $25,872 | 0.138 |
| ELLIPSIZ | 80,300 | $16,091 | 0.200 |
| IWOW TECHNOLOGY | 81,000 | $15,368 | 0.190 |
| SHS HOLDINGS | 50,000 | $6,097 | 0.122 |
| Total | $930,285,107 |
Enjoying this read?
- Subscribe now to our SGX My Gateway newsletter for a compilation of latest market news, sector performances, new product release updates, and research reports on SGX-listed companies.
- Stay up-to-date with our SGX Invest Telegram and WhatsApp channel.
