Stock News: OCBC set aside 500 mln on share buy back program!

OCBC Bank said it is setting aside another 500 mln sgd to buy back shares, in line with its share purchase program. In a media release, OCBC said this will be the third time it is buying back 500 mln sgd worth of shares. Its second buyback program, which started last July, is nearly completed with 491 mln sgd utilized and 76 mln shares purchased as of May 30, it said. The new buyback program will start when the second program is completed. The shares will be bought from the normal trading and odd lots counters depending on market conditions. OCBC, which intends to hold the shares in its treasury, plans to use the shares for various purposes such as funding employee share incentive schemes.