Keppel Corporation Limited (SGX:BN4) commences share repurchases on January 28, 2022, under the program mandated by the shareholders in the Annual General Meeting held on April 23, 2021. As per the mandate, the company is authorized to repurchase up to 36,400,461 shares, representing 2% of its issued share capital. In case of on market repurchases and an off-market repurchases, the maximum price that will be paid by the company for repurchases will be 105% of the average closing price over the period of five market days on which transactions in the shares on the SGX-ST were recorded before the day on which such purchase is made. The company intends to use internal resources and/or external borrowings to finance the purchase of shares. The repurchased shares will be cancelled or kept as treasury shares. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is carried out to the full extent, unless varied or revoked in a General Meeting.

On January 27, 2022, the company announced a share repurchase program. Under the program, the company will repurchase SGD 500 million worth of shares. Shares repurchased under the program will be held as treasury shares which will be used in part for the annual vesting of employee share plans, and also as possible currency for future merger and acquisition (M&A) activities under Vision 2030. The purpose of the program is to repurchase shares that may be undervalued due to market conditions.