Buybacks, insider activity and capital moves

IN THE five trading sessions to the May 14 close, 16 primary-listed companies conducted buybacks with a total consideration of S$42 million.

Over the same period, more than 120 director interests and substantial shareholdings were filed for more than 50 primary-listed stocks.

Directors or CEOs reported 18 acquisitions and 14 disposals, while substantial shareholders recorded 15 acquisitions and seven disposals.

This included CEO or director acquisitions filed for A-Sonic Aerospace , Dezign Format Group , Far East Orchard , Huationg Global , Khong Guan , Leong Guan Holdings , Lincotrade & Associates Holdings , Nera Telecommunications , TrickleStar , Uni-Asia Group , Vin’s Holdings and XMH Holdings .

Aspial Lifestyle: equity fund raising to accelerate lending-led growth

On May 14, Aspial Lifestyle announced the launch of an equity fundraising to raise S$84.8 million through a private placement and a preferential offering, both priced at S$0.402 a share.

The fund raising follows a Q1 FY2026 business update, in which revenue grew 48 per cent and profit before tax soared 140 per cent from Q1 FY2025, supported by sustained demand across its portfolio and continued growth from its Malaysia operations.

Proceeds will be channelled towards business expansion, investments and scaling of its pawnbroking and secured-lending businesses, alongside working capital and debt repayment, while also increasing free float and supporting trading liquidity.

The fund-raising builds on a strong base. In FY2025, revenue increased 41.3 per cent to S$830.1 million, and profit before tax more than doubled to S$102.5 million.

The focus remains on pawnbroking and secured lending, which generate collateral-backed income and have grown steadily in Singapore and Malaysia, alongside expansion of its BigFundr platform.

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Buybacks, director transactions and stake realignments

The additional capital strengthens the group’s balance sheet and supports the execution of its growth initiatives in these segments.

Salt Investments: S$4.8 million placement supports platform expansion

On May 10, Salt Investments completed a private placement of 1,748,233,722 new shares at S$0.00275 a share, raising gross proceeds of about S$4.8 million; the net proceeds stood at about S$4.6 million after expenses.

The placement was executed at an 8.33 per cent discount to the last traded volume-weighted average price of S$0.003, and represented 7.2 per cent of existing share capital.

Evolve Capital Advisory acted as placement agent, with Maybank Securities as sub-placement agent. The placement drew participation from institutional investors such as Ginko-AGT Global Growth Fund, Lion Global Investors and Value Partners Hong Kong, and corporates and high-net-worth investors.

Proceeds will fund capital expenditure and expansion in fuel bunkering, oil waste recycling, and marine lubricants, while broadening the shareholder base and supporting trading liquidity as the group scales its integrated marine platform.

The group is building an integrated marine and offshore platform anchored in fuel supply, marine engineering and waste-management services. Its core operating businesses include Prosper Excel Engineering, which provides marine engineering and bunkering support, and TT Oil, which supplies marine fuels and lubricants, strengthening vertical integration across the fuel value chain.

In parallel, its collaboration with Mencast Holdings extends capabilities into oily waste collection, treatment, and recycling, completing the value chain from logistics through to resource recovery.

Collectively, these segments position the group to capture recurring service flows in the maritime ecosystem, with increasing control over key operating touchpoints supporting scale, execution visibility and earnings resilience over time. Salt is expected to report it FY2026 results at the end of May.

Recent accumulation extends institutional positioning in PC Partner Group

On May 7, LC Capital Management increased its deemed stake in PC Partner Group above the 7 per cent threshold to 7.18 per cent, following the acquisition of 800,000 shares through market transactions.

This builds on earlier transactions in April, through which the fund manager took its interest above the 5 per cent substantial shareholder threshold on Apr 1, and above the 6.0 per cent threshold on Apr 20. This accumulation comes alongside a strengthening operating backdrop.

The FY2025 performance reflects strong demand for newly launched high-end NVIDIA GeForce RTX 50 Series graphics cards, which remained the key driver of both revenue and profit contribution.

The improved product mix, particularly in higher-end graphics processing units (GPUs), supported margin expansion, alongside the restoration of access to flagship NVIDIA GPUs following listing and operational alignment.

The group has also articulated a clear positioning within the artificial intelligence value chain. As an NVIDIA Partner Network integration partner, PC Partner is building out capabilities in AI servers, supported by ongoing investment in AI talent, product development and operational infrastructure. This reinforces AI as a long-term growth driver.

Balance sheet strength further supports strategic flexibility. Cash and bank balances stood at about HK$2.5 billion (S$408.6 million) at end-FY2025, reflecting disciplined capital management and providing capacity to support growth initiatives in new product cycles and AI-related opportunities.

Asia Vets – controlling shareholder stake transfer

On May 7, Asia Vets underwent a full transfer of control as executive chairman and CEO Tan Tong Guan and Tan Gee Beng Private Limited sold their combined 28.55 per cent stake to Pan Wei in a negotiated transaction, making Pan Wei the new controlling shareholder.

The stake was transferred in full through a share sale and purchase agreements between the parties and completed on the same day.

This follows a period in which the group has faced a more challenging operating environment, including intensified competition, higher labour costs and increased rental expenses, along with a goodwill impairment recognised in FY2025 reflecting a reassessment of business value.

Looking ahead, the group’s focus is on gradually rebuilding revenue through client base expansion, following the stabilisation of clinic operations after recent relocations.

Management intends to place greater emphasis on attracting new clients while strengthening engagement with existing customers at its clinics.

The group also maintains that it will continue to differentiate through its clinical capabilities and service standards, including maintaining consistent care quality to support client trust and repeat visits.

It also remains open to acquisition and collaboration opportunities in Singapore and overseas to expand its business scope and customer base.

ThumbDrive legacy and fresh institutional interest

Trek 2000 is best known as the inventor of the ThumbDrive, the pioneering USB flash storage device that defined portable digital storage and underpinned its early global profile.

The group has since evolved into an IP-led, asset-light model spanning secure storage, wireless memory and Artificial Intelligence of Things (AIoT) solutions, with its value proposition anchored by a global patent portfolio and a strong balance sheet.

On May 11, Azure Prime Fund VCC-Azure Singapore Equity Fund emerged as a substantial shareholder with a 7.3 per cent deemed interest, comprising 22,074,000 shares under a share-purchase agreement, with completion pending.

As a Singapore-based investment vehicle targeting small and mid-cap opportunities, Azure’s entry points to selective institutional positioning in a deep-value counter in which liquidity, balance sheet strength and potential corporate developments may support re-rating catalysts.

Trek’s improved profitability was most evident in its FY2025 performance. The group reported net profit of US$4.6 million, a significant improvement from US$300,000 in the preceding year, despite revenue easing 1.1 per cent year on year to US$19.6 million.

The uplift was driven less by top-line growth and more by disciplined execution, including tighter project selection, improved margins and a more prudent cost base. Earnings were also supported by a US$6.1 million gain from the disposal of an investment.

The recovery builds on an earlier inflection in FY2023, when the group returned to profitability with a net profit of US$2.7 million, reversing a net loss of US$13.3 million in FY2022.

This progression from stabilisation to improved execution signals a more disciplined operating profile, with a strong balance sheet supported by a high level of liquid assets and no borrowings, and the AIoT segment continuing to underpin the bulk of revenue.

From a value perspective, capital recycling represents a clear value unlock, with the disposal of the investment.

Beyond this, the group’s AIoT platform, which accounts for most of the revenue, reflects an ongoing pathway for value creation as it extends into higher-value applications. The expansion into renewable energy-related solutions introduces additional optionality, albeit at an early stage.

The writer is the market strategist at Singapore Exchange (SGX). To read SGX’s market research reports, visit sgx.com/research.