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Fewer insider filings in earnings season; Q & M founder continues adding stake
FOR the five trading sessions spanning Oct 11 to 17, the Straits Times Index (STI) gained 1.2 per cent with the Nikkei 225 Index, Hang Seng Index and S&P/ASX 200 Index averaging a 2.9 per cent gain.
This has brought the STI's 2019 total return through to Oct 17, to 5.3 per cent.
Of the STI's current constituents, Mapletree Commercial Trust has been the strongest constituent in the 2019 year through to Oct 17.
Last week, the Reit launched a S$900 million fund raising to partially fund the Acquisition of Mapletree Business City Phase 2.
The private placement was approximately seven times covered and saw strong participation from new and existing institutional, accredited and other investors.
There were eight primary-listed stocks conducting share buybacks over the five sessions ended Oct 17, with a total consideration of S$594,983, considerably less than the S$3.6 million consideration for the preceding five sessions.
Duty Free International, Cheung Woh Technologies and GRP led the buyback consideration tally.
As at Oct 17, Duty Free International had acquired 4,602,600 shares on the current buyback mandate, representing 0.3818 per cent of its issued shares on June 20 when the mandate was approved.
Director and substantial shareholder transactions
The five sessions spanning Oct 11 to 17 saw 90 changes in director interests and substantial shareholdings filed for 38 primary-listed stocks.
There were 10 company director acquisitions and three disposals filed, with substantial shareholders filing 13 acquisitions and seven disposals.
The current seasonal decline in filings precedes and coincides with earnings announcements.
AIMS Apac Reit
On Oct 16, AIMS Financial Group, as the sponsor of AIMS Apac Reit (AA Reit) announced that it had exercised the call option relating to approximately 70.3 million units of AA Reit (sale units), previously held by AMP Capital Investors Ltd and its affiliates, and undertaken a secondary placement of the sale units.
The placement exercise also occurred on Oct 16 via a book-building process, at a sale price of S$1.35 per sale unit.
The sale units were placed out to predominantly new investors including high quality institutional, sovereign wealth, family office and high net worth investors across Asia-Pacific and Europe.
The sponsor also noted that the call option and subsequent secondary placement was undertaken with the intention of helping AA Reit to diversify the investor base, enhance the investor profile, and to improve the trading liquidity of the units of AA Reit.
Q & M Dental
Quan Min Holdings Pte Ltd resumed buying Q & M Dental Group (Singapore) (Q & M) shares.
Quan Min Holdings Pte Ltd is an investment holding company incorporated in Singapore and Q & M's ultimate parent company.
Q & M founder and group CEO, Ng Chin Siau, maintains a 43.91 per cent direct shareholding in Quan Min Holdings Pte Ltd (as at Dec 31).
Between Oct 14 and 16, Quan Min Holdings Pte Ltd acquired 3,545,200 shares of Q & M for a consideration of S$1,786,976 at an average price of S$0.5041 per share.
This increased Dr Ng's total interest in Q & M from 56.04 per cent to 56.49 per cent.
Prior to this, between Aug 22 and 26, Quan Min Holdings Pte Ltd acquired 4,230,200 shares of Q & M at an average price of S$0.500 per share.
Dr Ng's total interest in Q & M has gradually increased from 53.59 per cent at the end of 2018, and 49.88 per cent at the beginning of 2018.
Fuji Offset Plates Manufacturing
Between Oct 11 and 16, Fuji Offset Plates Manufacturing (FOP) executive director and chairman David Teo Kee Bock, acquired 1,525,100 shares of the Catalist-listed company for a consideration of S$683,516.
This increased his total interest in FOP from 24.16 per cent to 27.22 per cent.
Mr Teo has been involved in the printing industry for more than 30 years and his areas of responsibilities include business development, strategic planning and marketing.
On Oct 15, Kian Lam Investment Pte Ltd acquired 1,350,000 shares of Roxy-Pacific Holdings for a consideration of S$506,250.
The married deal was transacted at S$0.375 per share and followed similar-sized married deals between the same parties on Sept 30 at S$0.37 per share and Aug 27 at S$0.38 per share.
This took the total interest of executive chairman and CEO Teo Hong Lim in the property and hospitality group from 62.54 per cent to 62.64 per cent.
Mr Teo has been a director of Roxy-Pacific Holdings since May 1993 and currently sets out the group's strategies and leads overall management.
On the other side of the married deal, Roxy-Pacific Holdings' independent director Winston Tan Tien Hin reduced his total interest in the listed company from 1.110 per cent to 1.006 per cent.
UOB-Kay Hian Holdings
Between Oct 10 and 11, UOB-Kay Hian Holdings (UOBKH) chairman and managing director, Wee Ee Chao increased his total stake in UOBKH, which is now at 29.41 per cent.
Mr Wee acquired 37,900 shares for a consideration of S$45,480 at S$1.20 per share.
The UOBKH chairman has gradually increased his total stake in UOBKH from 26.51 per cent at the end of 2017.
Yoma Strategic Holdings
On Oct 10, Standard Life Aberdeen Plc increased its deemed interest in Yoma Strategic Holdings (Yoma) above the 9 per cent threshold.
An acquisition of 127,700 shares saw the parent company of Aberdeen Asset Management Plc increase its interest in Yoma from 8.9984 per cent to 9.0051 per cent.
The consideration of the market transaction was S$41,630 at S$0.0326 per share.
Hwa Hong Corporation
Between Oct 9 and 14, Hwa Hong Corporation (Hwa Hong) substantial shareholder David Ong Eng Hui increased his direct stake in Hwa Hong from 5.868 per cent to 5.892 per cent.
Dr Ong acquired 150,800 shares of the property rental investor and developer for a consideration of S$47,360 at an average price of S$0.3141 per share.
His preceding acquisition was on Oct 2, involving 64,000 shares at S$0.312 per share.
Dr Ong has gradually increased his total interest in Hwa Hong from 5.316 per cent at the end of 2018.
This also increased the deemed and hence total interest of Dr Ong's father, Steven Ong Kay Eng, in Hwa Hong to 15.544 per cent.
Ho Bee Land
On Oct 10, Ho Bee Holdings Pte Ltd acquired 16,500 shares of Ho Bee Land for a consideration of S$37,969 at an average price of S$2.301 per share.
This took its direct stake in the company, in addition to the deemed interest of Chua Thian Poh, the founder of Ho Bee Group, to 75.0637 per cent.
This followed the acquisition of 100,700 shares at S$2.295 per share on Oct 7.
Mr Chua was appointed the chairman and CEO of the group in 1999 and is responsible for its strategic planning and direction, as well as its financial and investment decisions.
On Oct 11, LHT Holdings chairman, managing director and CEO Yap Mui Kee acquired 46,100 shares of the listed company for a consideration of S$24,004 at S$0.5207 per share.
This took Ms Yap's total interest in the manufacturer of wooden pallets, boxes and crates to 13.3963 per cent.
Her preceding acquisition was on May 15, with 58,500 shares acquired at S$0.656 per share.
Ms Yap has been an executive director of the company since 1988 and is in charge of all sales and marketing functions.
She is also actively involved in the group's efficient consumer response (ECR) pallet rental business in Singapore and Malaysia, and spearheads the group's radio frequency identification ECR pallet tracking system.
- The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit sgx.com/research.