Olam International (O32-OLAM.SP) buying on the way up since Aug, trades account for 39% of volume
Buybacks by agricultural products and food ingredients supplier Olam International Limited (O32-OLAM.SP) [MKT CAP 5.6B] since August totaling 11.36 million shares accounted for 39% of the stock's trading volume. The acquisitions were made from August 15 to September 30 at $1.87 to $2.10 each or an average of $2.02 each. The Company bought shares on 20 out of the 34 trading days during that period. The Group last bought 1.476 million shares from September 26 to 30 at an average of $2.05 each [3MTH +13%(100%)/6MTH -6%(31%) 34 FILINGS-JUN 2012]. The trades since August were made after the stock rebounded by as much as 17% from $1.79 on August 8. The Company embarked on this buyback spree after it announced on August 12 a 21.4% gain in 2Q profit to $111.493 million for the 3 months to 30 June 2016. Earnings in 1H rose by 77.5% to $220.91 million. Aside from the buybacks since August, the Group acquired 28.56 million shares from May 16 to July 28 at $1.60 to $1.96 each or an average of $1.85 each. Prior to the repurchases this year, the Company acquired 52.2 million shares in June 2012 at $1.62 to $1.91 each or an average of $1.84 each. The stock closed at $2.06 on September 30 (Asia Insider News Oct 1, 2016).
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