Jardine Matheson launches US$250 million share buyback programme

London-listed conglomerate Jardine Matheson (J36 +1.33%) announced on Monday (Nov 3) that it plans to repurchase up to US$250 million worth of its shares under a proposed buyback programme.

The group, which also has a secondary listing on the Singapore Exchange and owns Hongkong Land (H78 -1.45%) and DFI Retail Group (D01 +2.35%), said it will repurchase its ordinary shares, all of which will be cancelled upon completion.

The buyback is expected to be completed during 2026 and aligns with Jardine Matheson’s capital allocation policy. Details of the repurchases will be released through regulatory announcements and published on the company’s website.

This move follows Jardine Matheson’s recent privatisation of hotel group Mandarin Oriental, where it offered US$3.35 per share to acquire the remaining 11.96 per cent stake it did not already own via its investment holding company Jardine Strategic.

In September, Hongkong Land announced the S$738.7 million sale of its Singapore and Malaysian property arm MCL Land to Malaysia’s Sunway Group. The deal brings total capital recycled by the real estate unit since 2024 to US$2 billion — half of its US$4 billion capital recycling target by end-2027.

Meanwhile, DFI Retail Group continues to streamline its portfolio. In March, it agreed to sell its Singapore food business to Malaysia-based Macrovalue, a regional retail conglomerate, for an initial S$125 million. The transaction, expected to complete in H2 2025, will see Macrovalue acquire Cold Storage Singapore, including 48 Cold Storage outlets (under the Cold Storage, CS Fresh and Jason’s Deli brands), 41 Giant stores, and two distribution centres.

In corporate developments, Jardine Matheson named Lincoln Pan as chief executive-designate in May, ahead of group managing director John Witt’s retirement in late November. Pan will also become chairman of DFI’s board and of its remuneration and nomination committees.

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