Olam International (O32-OLAM.SP) buying on the way up since Aug, trades account for 40% of volume
Buybacks by agricultural products and food ingredients supplier Olam International Limited (O32-OLAM.SP) [MKT CAP 5.55B] since August totaling 12.36 million shares accounted for 40% of the stock's trading volume. The acquisitions were made from August 15 to October 4 at $1.87 to $2.10 each or an average of $2.02 each. The Company bought shares on 22 out of the 36 trading days during that period. The Group last bought one million shares from October 3 to 4 at $2.04 each [3MTH +12%(100%)/6MTH -18%(0%) 48 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 was trading at $2.03 on October 6 (Asia Insider News Oct 4, 2016).
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