Cohen & Steers crosses CAReit threshold, LC Capital adds to PC Partner stake

OVER the five sessions, more than 90 director interests and substantial shareholdings were filed for close to 40 primary-listed stocks.

Directors or CEOs reported 14 acquisitions and 11 disposals, while substantial shareholders recorded eight acquisitions and four disposals.

This included CEO or director acquisitions filed for CNMC Goldmine , Eneco Energy , Ever Glory United , Goodwill Entertainment Holding (GEHL), HealthBank , Nam Cheong , Nera Telecommunications , Singapore Shipping , Stamford Land and YHI International .

Share buybacks

In addition, the five sessions saw 23 primary-listed companies conduct buybacks with a total consideration of S$39 million, a similar pace to the previous week.

Geo Energy Resources commenced a new share buyback programme on Jul 7, making an initial open-market purchase of 637,500 shares at an average price of S$0.519 per share. The purchase represented about 6.7 per cent of the 9.4 million shares traded that day.

The company said the purchase marks the start of a series of share buybacks it intends to undertake in the near term under the share buyback mandate approved by shareholders in April 2026.

Geo Energy maintains that its buybacks reflects management’s view that the current share price does not fully reflect the group’s value, particularly as it prepares to commence operations at its Marga Bara Jaya (MBJ) integrated infrastructure project.

The group is also continuing discussions with Resource Invest regarding a potential investment in MBJ based on a previously announced US$1.5 billion valuation.

Executive chairman and CEO Charles Antonny Melati said completion of the MBJ infrastructure is expected to increase coal production capacity to 25 million tonnes per annum, deliver logistics cost savings of more than US$10 per tonne, and create additional third-party infrastructure revenue streams.

SEE ALSO

A week of insider buying and company buybacks

CNMC CEO ups stake as gold miner pursues SGX mainboard listing

CNMC Goldmine CEO Chris Lim’s deemed interest in the company increased from 26.405 per cent to 26.535 per cent following on-market purchases of 536,400 shares by executive chairman Professor Lin Xiang Xiong on Jun 11 and 12 at S$1.1277 and S$1.15 per share, respectively.

Lim’s deemed interest stems from his family’s controlling stake in the gold producer, with his parents, Professor Lin and Tan Swee Ngin, owning Innovation (China) Ltd, which holds 107 million CNMC shares.

CNMC is a Malaysia-focused gold producer operating the Sokor Gold Field in Kelantan.

On May 14, CNMC announced its intention to transfer its listing from the Catalist board to the Singapore Exchange (SGX) mainboard, submitting an application to SGX.

The board said a mainboard listing would enhance the company’s visibility, broaden access to institutional investors, improve liquidity and better reflect the group’s growth in production scale, profitability and resource base.

Over the past three financial years, CNMC’s net profit attributable to shareholders increased from US$4.1 million in FY2023, to US$9.8 million in FY2024 and US$42 million in FY2025.

GEHL: Vice-chairman increases stake as group advances FY2026 expansion pipeline

GEHL vice-chairman and non-executive director Thang Teck Jong increased his direct interest in the company from 0.29 per cent to 0.54 per cent.

He acquired an aggregate one million shares across two on-market transactions on Jul 6 and 8 at an average price of S$0.154 per share, for a total consideration of S$154,667.

His total interest in the company increased from 19.29 per cent to 19.54 per cent. His deemed interest arises through his 90 per cent stake in Mengkim, which holds 75.1 million GEHL shares, while his spouse, Kong Ling Ting, holds the remaining 10 per cent.

GEHL is a Singapore-based multi-entertainment operator with businesses spanning karaoke, live performances, nightlife concepts, food-and-beverage outlets and food manufacturing.

The group operates 11 HaveFun Family Karaoke outlets, the HaveFun Live Show entertainment venue, FATE by HaveFun dance club, Yakitori ONE restaurant and the Cookease central kitchen.

The group, which listed on Catalist in November 2024, generated FY2025 revenue of S$50.8 million. Profit attributable to shareholders declined to S$1.7 million from S$4.4 million in FY2024.

According to the company, the lower profit reflected softer consumer spending, higher manpower costs, investments in newer business segments and pre-opening expenses associated with upcoming outlet launches.

Looking ahead, management has identified the group’s Kuala Lumpur flagship project as a key FY2026 growth catalyst. GEHL entered a joint venture for the project in February 2025, with the Malaysian outlet expected to commence operations in 2026.

The planned development comprises a two-storey integrated entertainment venue combining a live performance stage with premium KTV facilities, supporting the group’s regional expansion strategy.

GEHL has also expanded its lifestyle and F&B portfolio with the opening of Bloom & Boom and Sticks & Stones in February 2026, alongside a new HaveFun Family Karaoke outlet at Seletar Mall.

These additions form part of the group’s strategy of broadening its multi-concept entertainment ecosystem and diversifying revenue streams beyond its core karaoke business.

Cohen & Steers becomes substantial unitholder of CAReit

Global real estate investment manager Cohen & Steers has become a substantial unitholder of Centurion Accommodation Reit (CAReit) after increasing its deemed interest from 4.995 per cent to 5.004 per cent through an on-market acquisition of 154,000 units on Jul 2.

The purchase lifted its deemed holding to 86.3 million units, crossing Singapore’s 5 per cent substantial unitholder disclosure threshold.

The disclosure comes as CAReit continues to operate a specialist accommodation portfolio spanning purpose-built worker accommodation (PBWA) in Singapore and purpose-built student accommodation (PBSA) in the United Kingdom and Australia.

As at Mar 31 2026, the Reit comprised 15 operational properties with 28,266 beds across seven cities and three countries, with a portfolio valuation of S$2.2 billion.

In Q1 FY2026, PBWA occupancy was 94 per cent and PBSA occupancy was 98.6 per cent. Revenue was S$52.5 million and net property income was S$37.5 million, both above prospectus forecasts.

CAReit is also increasing capacity through developments at Westlite Toh Guan and Westlite Mandai in Singapore. In Australia, the acquisition of Epiisod Macquarie Park was completed in January 2026.

In May, CGS International highlighted CAReit’s growth runway, noting that 3,112 additional beds had been added through Westlite Toh Guan, Westlite Mandai and the acquisition of Epiisod Macquarie Park in Sydney.

The research house also said CAReit could further increase its operational PBWA bed count through the Westlite Mandai expanded capacity project, which was pending the Foreign Employee Dormitories Act approval.

According to CAReit’s investor presentation, work permit holders in Singapore’s construction, marine shipyard and process sectors increased 5.6 per cent year on year to 482,600 as at December 2025, while Singapore construction demand is projected at S$47 billion to S$53 billion in 2026.

The transaction adds Cohen & Steers to CAReit’s substantial unitholder register as the Reit continues to expand its accommodation portfolio across Singapore, the UK and Australia.

PC Partner: LC Capital extends stake as AI infrastructure growth gains momentum

LC Capital Management increased its deemed interest in PC Partner Group from 8.98 per cent to 9.02 per cent following the acquisition of 141,500 shares on Jul 6 at an average price of S$2.765 per share.

The latest purchase extends a series of acquisitions that saw the fund manager become a substantial shareholder on Apr 1, before subsequently increasing its interest above the 6 per cent, 7 per cent and 8 per cent thresholds on Apr 20, May 7 and Jun 10, respectively.

LC Capital’s flagship fund is a global long-bias fundamental equity fund benchmarked to the MSCI World Equity Index. Its portfolio managers have invested more than 20 per cent of the fund’s assets under management alongside clients, demonstrating significant alignment with investors over the long term.

At its April annual general meeting, PC Partner’s management said FY2025 gross margin expansion was driven by the launch of new GPU products, including the Blackwell GPU series, and the lifting of US trade restrictions after the company was no longer classified as a Hong Kong company.

Management said this enabled the manufacture and export of higher-end products that had previously been restricted, contributing to higher revenue and profitability.

Management also maintained that the current strategic focus is directed towards long-term growth opportunities in artificial intelligence-related applications.

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