(July 22): Singapore Press Holdings (SPH), which now earns more money from properties than from its previous core media business, reported sharply lower earnings on July 12. The news sent its share price to a 52-week low. Analysts lowered their price targets and investors sold its shares, but SPH started buying back its own shares.

According to a filing after market close on July 16, SPH spent $681,510.44 to buy back 300,000 shares at an average price of $2.27 each. The purchase brings its total treasury shares to 2,869,941. The company has a total share base of nearly 1.6 billion.

Many Singapore companies, such as the banks, have been buying back their own shares. However, it is rare for SPH to do so. The last time it did so was on Oct 30, 2018, when it bought 500,000 shares at $2.59 each. 

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