Chip Eng Seng, Ho Bee Land chairs up stakes

FOR the four trading sessions that spanned May 21 to 27, the Straits Times Index (STI) gained 1.7 per cent bringing its total return for the 2021 year to May 20 to 13.0 per cent.

Within the STI, OCBC, DBS, Singapore Telecommunications, Singapore Airlines, and Genting Singapore received the highest net institutional inflows from May 21 to 27.

Outside the STI, Nanofilm Technologies International, Haw Par Corporation, Riverstone Holdings, iFAST Corporation and Olam International received the highest net institutional inflows over the four sessions.

Share buybacks

There were nine primary-listed stocks conducting share buybacks over the four sessions with a total consideration of S$22,402,063. OCBC, Singapore Exchange and Singapore Telecommunications led the consideration tally.

Director and substantial shareholder transactions

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The four trading sessions saw less than 80 changes in director interests and substantial shareholdings filed for 40 primary-listed stocks.

This included 13 company director acquisitions with four disposals, while substantial shareholders filed seven acquisitions and five disposals.

Chip Eng Seng Corporation

On May 24, Chip Eng Seng Corporation non-executive chairman Celine Tang acquired 6.23 million shares of the company for a consideration of S$2,678,900.

At 43.0 cents per share, the married deal increased her direct interest in the homegrown construction and property development group from 36.3 per cent to 37.1 per cent.

Mrs Tang is also the group managing director of SingHaiyi Group and holds the position of non-executive chairman at OKH Global.

She is also the spouse of Gordon Tang, an entrepreneur who invests in real estate and investments, and a philanthropist who drives sports-related charity activities.

Chip Eng Seng Corporation's FY20 (ended Dec 31) revenue fell 36.1 per cent to S$674.6 million, compared to S$1.06 billion in FY19.

FY20 was the first time in the operating history of the group since its listing that it had recorded a net loss.

CEL Development (CEL) is the holding company for Chip Eng Seng Corporation's property development business.

On May 7, the company announced that CEL, together with its joint tenderers, SingHaiyi Investments and Chuan Investments, had successfully tendered for the enbloc acquisition of the Maxwell House development.

The development is within minutes' walk from Tanjong Pagar MRT station along the East-West Line and the upcoming Maxwell MRT station along the Thomson-East Coast Line.

The joint tenderers are seeking approval from the Urban Redevelopment Authority to redevelop the site into a commercial and residential mixed-use development, with a gross plot ratio of at least 5.6, and a gross floor area of at least 21,746.48 square metres, for which the commercial component will be up to 20 per cent of the total gross floor area.

Through CEL, Chip Eng Seng Corporation has assembled a diversified portfolio mix that encompasses residential, commercial and industrial properties.

Since listing on the SGX Mainboard in November 1999, Chip Eng Seng Corporation has generated 8 per cent annualised total returns for shareholders through to May 2021.

Ho Bee Land

On May 24, Ho Bee Holdings acquired 133,700 shares of Ho Bee Land for a consideration of S$339,598 at an average price of S$2.54 per share.

Ho Bee Land chairman and chief executive officer, Chua Thian Poh owns 82.5 per cent shares of Ho Bee Holdings.

This means the acquisition increased the deemed interest of Mr Chua in Ho Bee Land from 75.47 per cent to 75.49 per cent.

Ho Bee Holdings' preceding acquisition of Ho Bee Land shares was on March 23, with 15,000 shares acquired at S$2.42 per share.

Mr Chua is the founder of Ho Bee Group, and was appointed as the group's chairman and CEO in 1999.

The company also listed on the SGX Mainboard in December 1999.

Since listing, Ho Bee Land generated 12 per cent annualised total returns for shareholders through to May 2021.

In FY20 (ended Dec 31), Ho Bee Holdings profit declined 59 per cent to S$137.1 million.

Excluding the net fair value loss on the investment properties of S$32.8 million in FY20, the fair value gain on investment properties of S$243.7 million and the related tax impact in FY19, profit for FY20 would have been S$169.9 million compared to S$99.6 million in FY19.

The group's portfolio of properties in Singapore generated total rental income of S$100.9 million in FY20, contributing to 47 per cent of group revenue, up from 45 per cent in 2019.

On April 29, Ho Bee Land Limited appointed Pauline Goh as an independent director. (see amendment note)

ABR Holdings

Between May 20 and 25, ABR Holdings managing director Ang Yee Lim acquired 607,000 shares of the company for a consideration of S$295,968 at an average price of 48.8 cents per share.

This took Mr Ang's interest in the restaurant operator from 51.20 per cent to 51.40 per cent.

His preceding acquisitions of 1,063,600 shares at 53.1 cents per share were between May 12 and 18.

Mr Ang has over 10 years of 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.

The Hour Glass

On May 24, The Hour Glass executive chairman Henry Tay Yun Chwan acquired 120,000 shares of the company for a consideration of S$127,000.

At an average price of S$1.06 per share, this increased his total stake in the company from 62.94 per cent to 62.95 per cent.

He has been the executive chairman of the specialist retailer of luxury watches since October 1987 and has served as an executive director since August 1979.

Uni-Asia Group

On May 21, Uni-Asia Group executive chairman Michio Tanamoto acquired 50,000 shares of the company for a consideration of S$33,250.

At 66.5 cents per share, this increased his total interest in Uni-Asia Group from 3.08 per cent to 3.14 per cent.

His preceding acquisitions were on April 23, with 50,000 shares acquired ay 61.5 cents per share and back on Sept 18, 2020, with 400,000 shares acquired at 43.5 cents per share.

Mr Tanamoto is one of the founders who established the company in 1997 and has been a director since then.

He has over 38 years of experience in financial sector, based in Japan, Hong Kong and Singapore.

Second Chance Properties

On May 21, Second Chance Properties founder and CEO Mohamed Salleh Marican acquired 100,000 shares of the company for a consideration of S$27,500.

At 27.5 cents per share, this increased his total interest in the properties and securities investor, apparel and gold retailer, from 68.85 per cent to 68.86 per cent.

Mr Salleh has gradually increased his total interest in Second Chance Properties from 68.08 per cent at the end of 2020.

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

Amendment note: A previous version of the article stated that Pauline Goh was appointed as an independent director of Ho Bee Holdings. It was in fact Ho Bee Land Limited, not Ho Bee Holdings.