Interesting to see that Hyflux had bought back 2.7 m shares just 6 months ago. I am amazed to see today's announcement that it has cumulatively bought back 27.5 million shares already!
At over $1 a share, Hyflux has paid something like S$30 million in hard cash to buy its own shares. Anyone can understand the rationale?
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[abb 17-12-2011]:
Half price! Hyflux closed at $1.07 --- about 50% lower compared to the start of 2011. Would have been worse if not for their share buyback, totalling 2.7 m shares. It's not small change, as it amounts to nearly S$3 million. Will it continue to support the stock price?
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