Keppel Corp was the largest buyer of its own shares on the Singapore Exchange in 2022, according to data from the city state’s bourse.

It bought back SGD 500m ($380m) worth of its shares last year at an average price of SGD 6.59 per share as it looked to create currency for potential merger and acquisition (M&A) transactions.

This compares with less than SGD 15m spent by the shipbuilding group on its shares in 2021 at an average price of SGD 5.10