The buybacks will be executed on the open market, with the repurchased shares to be cancelled.

Singapore Telecommunications Limited (Singtel) has unveiled a share buyback programme valued at up to $2b, to be carried out over three years as part of its ongoing capital management strategy.

The initiative, which marks the company’s first large-scale share repurchase effort, will be funded through excess capital generated from its asset recycling activities.

Singtel raised its mid-term asset recycling target from $6b to $9b, aligning with its broader Singtel28 growth plan.

The buybacks will be executed on the open market, with the repurchased shares to be cancelled. The programme is subject to Singtel’s Share Purchase Mandate, which authorises the company to repurchase up to 5% of its issued shares, excluding treasury and subsidiary-held shares.

Shareholder approval is required annually at the company’s general meetings.

The share buyback plan is distinct from share purchases related to employee incentive schemes and will be conducted at management’s discretion, subject to prevailing market conditions.