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INSIDE INSIGHTS

Director acquisition to disposal ratio at 5 to 1, GVT debuts on Catalist

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On Jan 22, boutique fund investor Albizia Capital acquired over 20 million shares of Koufu Group at the group’s initial public offering price of S$0.63 and a consideration of S$4.41 million.

FOR the 2019 year through to Jan 24, the Straits Times Index (STI) generated a 4 per cent gain, in line with the average gains of 4.4 per cent for the Hang Seng Index, Nikkei 225 Index and S&P/ASX 200 Index.

For the five trading sessions ended Jan 24, the STI declined 0.7 per cent while the Hang Seng Index, Nikkei 225 index and S&P/ASX 200 averaged a 0.6 per cent gain.

Grand Venture Technology

On Jan 23, Grand Venture Technology (GVT), a Singapore-based manufacturing and industrial service provider, made its debut on SGX Catalist. The group has two main business segments - semiconductors (79 per cent of H1FY18 revenue) and analytical life sciences, electronics & others (21 per cent of H1FY18 revenue).

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The group serves some of the largest original equipment manufacturers in the aforementioned industries with operations in Singapore, Penang and Suzhou.

GVT executive chairman and founder Ricky Lee Tiam Nam has a 57 per cent deemed interest in the listed company. Mr Lee was previously a founder and executive director of Norelco Centreline Holdings, which is now part of UMS Holdings following a merger in 2004.

In 2007, Mr Lee became an executive director and substantial shareholder of Eng Tic Lee Achieve Pte Ltd, that subsequently listed on the Main Board as ETLA. ETLA was delisted in 2009 following an acquisition by Electrotech Investments, now known as Frencken Group.

Substantial shareholders of GVT include ZG Innotech Pte Ltd (which is solely owned by Alan Lu Jinfeng) and Sunshine Power Pte Ltd, which is 100 per cent owned by CLSF LLP. These two substantial shareholders held respective GVT interests of 6.6 per cent and 8.3 per cent as at the close of trading on Jan 23.

Director and substantial shareholder transactions

The five sessions spanning Jan 18 to 24 saw 38 primary-listed stocks lodge close to 100 changes in director interests or substantial shareholdings.

There were 25 company director acquisitions and five disposals filed, with substantial shareholders filing 17 acquisitions and four disposals. Hong Leong Investment Holdings Pte Ltd (HLIH) increased its deemed substantial shareholding in GL above the 69.00 per cent threshold, from 68.01 per cent to 69.03 per cent.

This involved the acquisition of 1,369,400 shares for a consideration of S$1,022,449. HLIH is deemed to be interested in the shares of GL held by Hong Leong Company (Malaysia) Berhad (HLCM).

Koufu Group

On Jan 22, boutique fund investor Albizia Capital Pte Ltd acquired over 20 million shares of Koufu Group (Koufu) at the group's initial public offering price of S$0.63 and a consideration of S$4.41 million. This represented 3.6 per cent of Koufu's issued and paid up shares.

Of the 20 million shares, seven million shares were bought over directly from Jun Yuan Holdings Pte Ltd, Koufu's controlling shareholder, which is 50 per cent owned by Koufu executive chairman and CEO Pang Lim and 50 per cent owned by Koufu executive director Ng Hoon Tien.

The acquisition of the remaining majority of 13 million shares was from other shareholders.

Following the sale of Mr Lim's and Madam Ng's Koufu shares, the collective shareholdings of the two founders has been reduced to 428,048,800 shares, representing approximately 77.1 per cent of the issued share capital of Koufu.

Mewah

On Jan 22, TC Stone Ltd acquired 1.7 million shares of Mewah for a consideration of S$544,000 via a married deal. Mewah chairman and executive director Cheo Tong Choon, executive director and CEO Michelle Cheo Hui Ning, and executive director and COO Bianca Cheo Hui Hsin are all deemed interested in the shares of TC Stone Ltd as beneficiaries of SG Kleinwort Hambros Trust Company (Channel Islands) Ltd.

The acquisition by TC Stone Ltd on Jan 22, has taken the chairman's (Dr Cheo's) deemed interest in Mewah to 48.49 per cent.

Dr Cheo is responsible for the overall strategy and direction for the group. He has more than 20 years of experience in the edible oils and fats business and was responsible for establishing the Mewah Group of companies in Malaysia, which included Ngo Chew Hong Oils & Fats (M) Sdn Bhd, Mewaholeo Industries Sdn Bhd and Mewah-Oils Sdn Bhd.

Hwa Hong Corporation

Between Jan 8 and 17, Hwa Hong Corporation (Hwa Hong) non-executive director and non-independent director Ong Hian Eng sold two million shares of the listed company. This reduced his total interest in Hwa Hong from 4.636 per cent to 4.333 per cent.

Dr Ong is the CEO and executive director of AsiaPhos and was first appointed a director of Hwa Hong in February 1981.

On Jan 17, substantial shareholder David Ong Eng Hui increased his direct stake in Hwa Hong from 5.422 per cent to 5.435 per cent. Dr Ong acquired 80,700 shares for a consideration of S$22,193.

This also increased the deemed and hence total interest of Dr Ong's father, Steven Ong Kay Eng, in Hwa Hong to 14.934 per cent. Mr Steven Ong has gradually grown his stake in the company from 10.8 per cent on Nov 28, 2016 and 7.38 per cent at the end of 2014.

UOL Group

UOL Group CEO Gwee Lian Kheng will step down from his CEO role on Jan 31 while remaining a director on the board. On Jan 18, Mr Gwee reduced his direct interest in UOL Group from 0.099 per cent to 0.094 per cent with the disposal of 40,000 shares for a consideration of S$267,800.

Mr Gwee joined the group in 1973 and was first appointed to its board in May 1987.

Lum Chang Holdings

Lum Chang Holdings (LCH) managing director David Lum Kok Seng has continued to build his interest in the construction and property development stock, boosting his total interest in the listed company from 20.954 per cent to 21.142 per cent.

Mr Lum, who has more than 40 years of industry experience, has led the expansion of the group's property development activities in Singapore and Malaysia.

He is also actively spearheading the group in property investment projects in the United Kingdom.

Between Jan 17 and 23, Beverian Holdings Pte Ltd acquired 716,000 shares of LCH for a consideration of S$257,556.

Mr Lum is deemed interested in the LCH shares held by Beverian Holdings Pte Ltd.

Hong Lai Huat Group

Between Jan 16 and 23, Hong Lai Huat Group deputy chairman and CEO Ong Bee Huat acquired 870,700 shares of the stock for a consideration of S$192,947.

This increased his direct interest in the stock to 16.544 per cent.

Dr Ong is the founder of the group and is responsible for the group's overall strategic direction and planning as well as business development. He has gradually increased his direct interest in Hong Lai Huat Group from 15.02 per cent in early May 2018.

TEE International

Between Jan 18 and 21, TEE International managing director and CEO Phua Chian Kin acquired one million shares of the listed company for a consideration of S$163,000.

This followed Mr Phua's acquisition of 2.5 million shares between Jan 14 and 15. The acquisitions have taken Mr Phua's total interest in TEE International to 61.68 per cent.

Medinex

On Jan 24, Medinex non-executive chairman John Tan Lee Meng acquired 380,000 shares of the listed company for a consideration of S$102,600.

This increased his direct interest in Medinex from 8.59 per cent to 8.88 per cent.

Shinvest Holding

Between Jan 18 and 22, Shinvest Holding managing director Teo Teck Leong acquired 114,700 shares of the specialist manufacturer for a consideration of S$84,232. This took his deemed stake in the listed company to 9.072 per cent.

Mr Teo is the CEO of the company's wholly owned subsidiary, Sin Hong, and has been a director of GD Tech since March 28, 2011.

He also sits on the boards of all of Sin Hong's subsidiaries and one of the subsidiaries of GD Tech, and oversees the businesses of Sin Hong and its subsidiaries and GD Tech and its subsidiaries. Mr Teo has gradually increased his total interest in Shinvest from 8.283 per cent on Jan 26, 2017.

Sasseur Reit

On Jan 16, Sasseur Asset Management Pte Ltd CEO Anthony Ang Meng Huat acquired 100,000 units of Sasseur Reit for a consideration of S$69,000. This took Mr Ang's stake in the Reit to 0.0254 per cent.

UOB-Kay Hian Holdings

Between Jan 17 and 23, UOB-Kay Hian Holdings (UOBKH) chairman and managing director Wee Ee Chao increased his total stake in UOBKH, which stands at 28.01 per cent as at Jan 23.

Mr Wee acquired 49,800 UOBKH shares for a consideration of S$68,520.

The UOBKH chairman has gradually increased his total stake in UOBKH from 26.51 per cent at the end of 2017.

Miyoshi

On Jan 23, Miyoshi CEO Andrew Sin Kwong Wah acquired 782,500 shares of the Catalist-listed manufacturer for a consideration of S$35,213. This took his total interest in Miyoshi to 26.4 per cent.

Mr Sin was first appointed to the Miyoshi board of directors in 1991.

HC Surgical

On Jan 18, HC Surgical non-executive chairman and independent director Chong Weng Hoe acquired 17,600 shares of the listed company for a consideration of S$10,472.

This was the second filed acquisition by Mr Chong that followed his acquisition of 150,000 shares back in October 2017.

Mr Chong maintains a 0.1 per cent stake in HC Surgical, while HC Surgical executive director and CEO Heah Sieu Min, and executive director Chia Kok Hoong, maintained respective interests of 42.9 per cent and 23.3 per cent as at Aug 23.

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