Hot stock: Best World jumps 10% after share buybacks, director acquisitions

SHARES in Best World International surged on high volume traded in Wednesday’s early session, following a string of share buybacks and director acquisitions.

As at 12.18pm on Wednesday, Best World shares were up S$0.17 or 10.1 per cent at S$1.86, with 9.27 million shares having changed hands. The Singapore-headquartered group distributes skincare, nutritional and wellness products in Asia and the Middle East. Its five buybacks by way of market acquisition spanning April 4 to 15 totalled 380,000 shares for S$733,366.89.Best World’s latest share repurchase on April 15 brought the total number of shares bought back by Best World since the buyback resolution was approved on April 30, 2018 to 0.237 per cent of its issued shares .

The buybacks are also intended to “help mitigate short-term market volatility, offset the effects of short-term speculation and bolster the confidence of shareholders”, Best World directors said in the April 12, 2018 filing.Best World’s co-chairmen and presidents Doreen Tan and Dora Hoan each acquired 50,000 shares of the mainboard-listed companyThe latest jump in Best World's share price reverses the downtrend since last Wednesday. Its shares closed at S$2.

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