In fact, Hap Seng yielded RM528.2 million in profit from selling the 237 million shares it bought back between November 2011 and July 2016 — that is excluding the 60 million treasury shares it cancelled in March 2014. Hap Seng sold the last of its treasury shares on July 19. Interestingly, MyEG resumed its share buybacks in August, although its share price has largely stayed above RM2 apiece. On the days the company bought back shares, buybacks constituted 1.5% to 10.9% of the day’s volume. But it would be too extreme to say that a company should never do share buybacks,” he says.

Source: The Edge Markets September 12, 2016 09:56 UTC