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Oxley Holdings, listed on the Singapore Exchange under the ticker 5UX, has repurchased 100,000 of its own shares, according to a filing made with the exchange on Friday. The shares were bought at a price of SG$0.079 per share, amounting to a total expenditure of SG$7,947.42.
This recent repurchase is part of the company’s ongoing share buyback program. To date, Oxley Holdings has acquired a total of 18,764,000 shares out of the 212,473,205 shares it is authorized to repurchase. The share buyback strategy is often employed by companies to bolster their stock price, return value to shareholders, and demonstrate confidence in their own financial health.
Oxley Holdings’ shares saw a positive movement, closing over 1% higher on Monday. This uptick in share price reflects a positive market reaction to the company’s buyback activity, which is perceived as a signal of financial stability and commitment to shareholder value.
Share buybacks can serve multiple purposes, including reducing the number of shares in circulation, which can lead to increased earnings per share (EPS) and potentially higher stock prices. For investors, buybacks can be an indicator of a company’s robust financial performance and strategic foresight.