Director buying continues while Singtel, Keppel lead buybacks

[SINGAPORE] Over the five sessions from Sep 11 to Sep 17, 75 director interests and substantial shareholdings were filed for close to 40 primary-listed stocks. 

Directors or CEOs reported 18 acquisitions and six disposals, while substantial shareholders recorded nine acquisitions and eight disposals.

This included CEO or director acquisitions filed for All-Link Air & Sea , A-Sonic Aerospace , Bukit Sembawang Estates , Duty Free International , Foundation Healthcare Holdings , Frencken Group , GuocoLand , Ho Bee Land , Lincotrade & Associates Holdings , Luminor Financial Holdings , Metrocon Holdings , Nera Telecommunications , Skylink Holdings and TrickleStar .

Share buybacks 

In addition, the five sessions saw 28 primary-listed companies conduct buybacks with a total consideration of S$101 million, led by Singtel and Keppel .

All-Link executive director increases stake following H1 FY2026 results

On Sep 14, Tang Ying, executive director of All-Link, acquired 2.3 million shares on-market for S$1.2 million, or about S$0.53 per share. The purchase increased her direct interest to 57.94 per cent from 56.42 per cent previously.

Tang was appointed a director in June 2022 and redesignated as executive director in June 2026. Listed on the Singapore Exchange (SGX) mainboard on Aug 5, All-Link is a locally headquartered regional logistics solutions provider focused on freight forwarding and cross-border logistics services across Asean, with operations in Singapore, Malaysia and the Philippines. 

On Sep 11, All-Link reported that revenue for the first half of its 2026 financial year increased 38.2 per cent year on year to US$40.1 million, driven by organic volume growth and the initial full six-month contribution from its Malaysia operations following the acquisition of MF Logistics’ freight forwarding business in August 2025.

Gross profit increased 28 per cent to US$4.6 million, while profit after tax declined 21.4 per cent to US$2.4 million due primarily to US$1 million of non-recurring initial public offering expenses. Excluding these expenses, adjusted profit after tax increased 11.6 per cent to US$3.4 million. The Malaysia operations contributed US$2.8 million in external revenue during the half year.

Amova crosses 8% Frencken stake

On Sep 14, Amova Asset Management increased its deemed interest in Frencken from 7.99 per cent to 8.09 per cent following the acquisition of 500,000 shares for about S$1.2 million. Sumitomo Mitsui Trust Group, which has a controlling interest in Amova Asset Management, reported the same deemed interest.

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The increase continued a series of stake increases by entities associated with Amova Asset Management, which first became a substantial shareholder in March when its interest exceeded 5 per cent, and subsequently crossed the 6 per cent threshold in June and the 7 per cent threshold in August. 

Separately, on Sep 15, Frencken non-executive and non-independent chairman Gooi Soon Chai acquired 100,000 shares on-market for S$235,000, or S$2.35 per share. The purchase increased his direct interest to 1.71 per cent from 1.69 per cent previously, while his total interest increased to 21.5 per cent from 21.48 per cent. 

On Sep 3, Frencken completed a S$100 million private placement comprising 44.08 million new shares at S$2.2687 per share. Among the institutional investors that subscribed for the placement was Amova Asset Management Asia.

Frencken said the proceeds will be used primarily for business expansion, strategic investments, mergers and acquisitions, joint ventures and strategic alliances as it seeks to extend growth beyond the S$1 billion annual revenue milestone. 

Ho Bee Land chairman continues to accumulate

On Sep 11 and 16, chairman Chua Thian Poh’s deemed interest in Ho Bee Land increased through on-market purchases by Ho Bee Holdings. On Sep 11, Ho Bee Holdings acquired 220,600 shares for S$447,818, implying an average price of about S$2.03 per share. On Sep 16, it acquired a further 150,000 shares for S$303,000, or S$2.02 per share.

The purchases increased Chua’s deemed interest from 76.1 per cent to 76.15 per cent.

A-Sonic chairman and CEO increases stake following progressive dividend policy

On Sep 11, Janet Tan, chairman and CEO of A-Sonic Aerospace, acquired 333,400 shares on-market for S$186,291, or S$0.55876 per share. The purchase increased her direct interest to 67.4 per cent from 67.07 per cent previously.

On Aug 11, A-Sonic Aerospace announced a progressive dividend policy to distribute not less than 20 per cent of consolidated profit after tax attributable to equity holders of the company, excluding non-controlling interests, subject to unforeseen circumstances. The policy takes effect from FY2026, and is intended to balance sustainable shareholder returns with financial flexibility for future growth opportunities. 

Bukit Sembawang director raises stake as group sharpens value creation narrative

Between Sep 9 and 10, Lee Chien Shih, non-executive director of Bukit Sembawang, acquired an aggregate 26,400 shares on-market for S$116,061. The purchases comprised 13,100 shares on Sep 9 and 13,300 shares on Sep 10, increasing his direct interest from 558,500 shares to 584,900 shares, representing 0.226 per cent of the company’s issued share capital from 0.216 per cent previously.

Lee was appointed to the board in October 1999 and serves as a member of the nominating committee, remuneration committee and project development committee.

He is also a director of Lee Rubber Company, Lee Latex, Lee Foundation Singapore and Lee Foundation States of Malaya. Bukit Sembawang is a Singapore property developer with a portfolio spanning landed housing, private residential developments and serviced apartments. 

The purchases came after Bukit Sembawang reported a 13 per cent increase in FY2026 profit after tax to S$128.6 million, while earnings per share rose 14 per cent to S$0.50 and net return on total equity improved to 7.7 per cent from 7.18 per cent.

Shareholders approved a final dividend of S$0.04 per share and a special dividend of S$0.18 per share, compared with a final dividend of S$0.04 and special dividend of S$0.16 for FY2025. 

The FY2026 annual general meeting (AGM) materials provide more detail on the group’s value creation levers.

Management expects the existing land bank to be progressively developed over the next four to five years, with the main building contracts already awarded. It is applying a phased project-release strategy that seeks to optimise both sales momentum and pricing over the development cycle, rather than accelerate sales through aggressive pricing. Future land acquisitions will remain disciplined and selective, with a preference for well-located sites supported by owner-occupier demand and opportunities offering attractive risk-adjusted returns. 

Compared with the FY2025 AGM materials, which set out the group’s approach to project launches, pricing and financial stability, the FY2026 disclosures more clearly connect land conversion, development timing, pricing discipline, liquidity and shareholder returns. 

Management explained that land betterment payments have unlocked the development potential of its remaining landed land bank, while cash, progressive sales collections and project borrowings will fund development.

It also set out why financial flexibility currently takes priority over share buybacks, while retaining scope for higher dividends as the land bank is developed and profits are generated. This provides investors with a clearer view of how asset optimisation, financial optimisation, value unlock and capital returns fit within the group’s development mode. 

Metrocon director acquires shares following SGX Catalist debut

On Sep 15, Charlotte Tay, non-executive and non-independent director of Metrocon, acquired 400,000 shares on-market for S$93,000, or about S$0.233 per share. The purchase established a direct interest of 0.23 per cent in the company. 

The purchase came on the day Metrocon commenced trading on the Catalist board following the completion of the reverse takeover of the former Hatten Land. At an extraordinary general meeting held on Jul 22, shareholders approved the proposed acquisition of Metrocon, the issuance of consideration shares, the change of core business into construction, the appointment of the new board, and the change of the company’s name to Metrocon. 

On its trading debut, Metrocon opened at S$0.23 per share, reached an intraday high of S$0.295 and closed at S$0.235, 17.5 per cent above its S$0.20 placement price, with about 8.5 million shares traded. As at Jun 30, the group had an order book of about S$85.3 million and had completed more than 40 projects in Singapore. 

Lincotrade CEO and executive chairman acquire shares after Opto-Pharm agreement

Between Sep 16 and 17, Jackie Soh, CEO of Lincotrade & Associates, and Tan Kok Heng, executive chairman, acquired an aggregate 122,800 shares on-market for S$32,992.

On Sep 16, Soh acquired 97,800 shares for S$26,117, or S$0.26705 per share, increasing his direct interest to 25.23 per cent from 25.17 per cent previously. On Sep 17, Dr Tan acquired 25,000 shares for S$6,875, or S$0.275 per share, increasing his direct interest from 245,800 shares to 270,800 shares, equivalent to 0.15 per cent of the company’s issued share capital from 0.14 per cent previously. No deemed interests were disclosed.

The share purchases came after Lincotrade & Associates announced on Sep 15 that its indirect 60 per cent-owned subsidiary, Linc-A, had entered into an agreement to acquire 100 per cent of Opto-Pharm for S$14.3 million, subject to approvals.

Opto-Pharm manufactures and distributes pharmaceutical ophthalmic and other solutions, and holds JTC leasehold properties at 11 and 13 Tuas Avenue 12, adjacent to the group’s existing facility at 5 Tuas Avenue 12.

The consideration represents a 7.52 per cent discount to the target group’s net tangible assets of S$15.5 million as at Jun 30. The group, established in 1991, provides interior fitting-out services, additions and alterations works, and other building construction services across commercial, residential and show-flat projects.

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