Shares in SIA Engineering recovered from a six-year low on Thursday after the aircraft maintenance company made its largest share buyback exercise in a year.
SIA Engineering purchased back 419,300 shares at a price of between S$3.15 and S$3.35 apiece on Wednesday.
Singapore-listed company, which provides airframe and component overhaul services and technical ground handling services, was hit by news reports suggesting nearly 38.9 million shares, representing a 3.5 percent stake, were offered by JP Morgan at a price range of S$3.11 to S$3.30 each.
The news hurt the stock prices, which fell as much as 9 percent to a six-year low of S$3.15 on Wednesday amidst heavy trading.
At 0405 GMT, the stock recovered to trade up 0.9 percent at S$3.24. Shares in the company have lost 2 percent so far this year, giving it a market value of S$3.6 billion.
