Celine Tang ups Suntec Reit stake, Digital Core Reit continues buybacks

FOR the five trading sessions that spanned Dec 9 to 15, the Straits Times Index (STI) gained 1.2 per cent, with the Hang Seng Index and FTSE Bursa MalaysiaKLCI both gaining 0.3 per cent.

Overall, institutions were net sellers of Singapore stocks for the five sessions ending Dec 15. Singtel : Z74 0%,DBS : D05 0%, Mapletree Pan Asia Commercial Trust : N2IU 0%, and UOB : U11 0% led the net institutional outflow for the five sessions.

Share buybacks

There were 19 primary-listed companies conducting share buybacks over the five sessions ending Dec 15, with a total consideration of S$5.6 million, half the average weekly consideration for the preceding three weeks.

Digital Core Reit Management : DCRU 0% also continued to buy back units of Digital Core Reit on each of the five sessions, bringing the total amount of units bought back from Dec 1 to Dec 15 to 5,630,000 units, which represents 0.50 per cent of total issued units.

Director and substantial shareholder transactions

The five trading sessions saw over 60 changes to director interests and substantial shareholdings filed for more than 30 primary-listed stocks. This included 16 company director acquisitions with three disposals filed, while substantial shareholders filed nine acquisitions and nine disposals.

Suntec Reit

On Dec 13, Suntec Reit : T82U 0% substantial shareholder Celine Tang acquired 1,780,000 units at S$1.40 per unit. With a consideration of S$2,492,000, this increased her direct interest in the diversified Reit from 7.98 per cent to 8.05 per cent. This followed on from Tang increasing her direct interest above the 7 per cent threshold on Nov 7, and above the 6 per cent threshold on Aug 19.

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As of Sep 30, Suntec Reit maintained S$12.0 billion of assets under management across high quality office assets, complemented by retail and convention components. These properties are in Singapore, and key cities in Australia and in London, United Kingdom. In Singapore, Suntec Reit holds Suntec City, a 66.3 per cent interest in Suntec Singapore Convention & Exhibition Centre, a one-third interest in One Raffles Quay and a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall.

Wilmar International

On Dec 14, Wilmar International : F34 0%independent directors Tay Kah Chye and Kwah Thiam Hock disposed of 300,000 shares for a consideration of S$1,249,680 at an average price of S$4.17 per share. This reduced their respective total interests in the company to 600,000 shares and 700,000 shares. Tay and Kwah were both initially appointed to the board of Wilmar in July 2006.

Trans-China Automotive Holdings

Between Dec 7 and 14, Trans-China Automotive Holdings : VI2 0% (TCA) executive chairman and chief executive officer (CEO) Francis Tjia acquired 4,050,900 shares at an average price of 18.0 Singapore cents per share. The acquisitions were conducted through Octo Holdings, which Tjia wholly owns, with the consideration for the acquisitions totaling S$730,742. Tjia maintains a 73.90 per cent total interest in TCA.

Baker Technology

Between Dec 9 and 14, Baker Technology : BTP 0% executive director Benety Chang acquired 654,100 shares at an average price of 60.0 cents per share. With a consideration of S$398,342, this increased his total interest in the company from 53.32 per cent to 53.64 per cent. This followed his acquisition of 165,700 shares at 53.2 Singapore cents per share between Nov 28 and 30, and 21,000 shares at 47.0 Singapore cents per share on Nov 8. Dr Chang has extensive experience in the offshore oil and gas industry.

Asian Pay Television Trust

Between Dec 7 and 13, the non-executive director of the trustee-manager of Asian Pay Television Trust : S7OU 0%(APTT), Dai Yung Huei, increased his deemed interest from 18.84 per cent to 18.98 per cent. This saw 2,599,300 units of APTT acquired by Araedis Investment for a consideration of S$294,053 at an average price of 11.3 Singapore cents per unit. This followed the acquisition of saw 1,705,000 units at 11.1 Singapore cents per unit between Dec 1 and 6 and 2,825,500 units at 10.8 Singapore cents per unit between Nov 23 and 28.

ABR Holdings

Between Dec 14 and 15, ABR Holdings : 533 0% managing director Ang Yee Lim acquired 319,900 shares for a consideration of S$143,656 at an average price of 44.9 Singapore cents per share. This took Ang’s interest in the restaurant operator from 51.85 per cent to 52.02 per cent. Ang has been the managing director of ABR Holdings since July 2004, aside from his experience in the food and beverage business and more than 30 years of experience in property development and investment in Singapore, Malaysia, Indonesia, and Thailand.

TrickleStar

On Dec 13, TrickleStar : CYW 0%executive director and CEO Bernard Emby acquired 342,713 shares in a married deal with a consideration of S$68,543, at 20.0 Singapore cents per share. He has tendered his resignation as the CEO of the Company with effect from April 28, 2023. Emby maintains a 42.10 per cent interest in the Catalist-listed company. He is a highly experienced entrepreneur and electrical industry expert with over 20 years of experience in the utility and consumer industries.

Accrelist

Between Dec 9 and 12, Accrelist : QZG 0%executive chairman and managing director Terence Tea Yeok Kian acquired 447,000 shares at an average price of 4.96 Singapore cents per share. With a consideration of S$22,187 this increased his total interest in the Catalist-listed investment holding company from 22.37 per cent to 22.51 per cent. This followed his acquisition of 266,900 shares at 4.7 Singapore cents per share between Dec 1 and 7 and 132,700 shares at 4.8 Singapore cents per share on Nov 30. Dr Tea is responsible for the overall growth of the Group and his main role is to determine the strategic direction of the Group, including acquiring and nurturing new businesses.

A-Sonic Aerospace

Between Dec 8 and 14, A-Sonic Aerospace : BTJ 0% CEO Janet LC Tan acquired 34,000 shares for a consideration of S$21,368 at an average price of 62.8 Singapore cents per share. This took her direct interest in the company from 60.83 per cent to 60.87 per cent. This followed her acquisition of 26,000 shares at 61.7 cents per share between Dec 1 and 5. Tan has gradually increased her total interest in A-Sonic Aerospace from 53.35 per cent at the end of 2018. With over 20 years of extensive experience in the aviation industry, Tan is also the promoter founder of A-Sonic Aerospace.

Sing Investments & Finance

On Dec 14, Sing Investments & Finance : S35 0% (SIF) managing director Lee Sze Leong acquired 15,000 shares at S$1.49 per share. With a consideration of S$22,350, this increased his total interest in the homegrown financing company from 30.49 per cent to 30.50 per cent. Lee has served as a director of SIF since February 1989 and was appointed as managing director in January 1997. Lee is also a non-executive chairman of Sing Holdings. The principal activities of SIF are the acceptance of deposits from the public and the provision of loans and credit facilities to individuals and corporations particularly the small and medium-sized enterprises in Singapore. SIF also has a retail mobile app with biometric secure access, offering a suite of online services.

Grand Venture Technology

On Dec 9, Grand Venture Technology : JLB 0% executive director and CEO Julian Ng Wai Yuen acquired 20,000 shares at an average price of 49.9 Singapore cents per share. Ng maintains a 3.55 per cent direct interest in the company, with his preceding acquisition of 10,000 shares at Singapore 76.5 cents per share on Jun 15. Ng has more than 20 years of experience in the manufacturing and precision engineering industries. On Nov 8, Grand Venture Technology reported that its 9M22 revenue for the semiconductor segment fell 6.5 per cent from 9M21, to S$58.4 million.

This was attributed to lower demand for the Group’s back-end semiconductor services, in tandem with the general industry slowdown, particularly in the memory chips market. As part of its strategy to ensure sustainability of its business with semiconductor customers, the Group relayed it is expanding its value chain participation by offering higher-value front-end semiconductor services. Nonetheless, with the growth in life sciences, electronics, aerospace, medical and other segments, overall Group revenue for 9M22 recorded a 17 per cent improvement from 9M21, to S$100.0 million.

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