First Resources leads the week's share buybacks

FOR the five local trading sessions that spanned Oct 16 to 22, the Straits Times Index (STI) gained 0.2 per cent, with the Nikkei 225 Index, Hang Seng Index and S&P/ASX 200 Index averaging a 0.6 per cent gain.

This has brought the STI's decline in total return for the 2020 year to Oct 22 to 18.6 per cent.

Over the five sessions, the iEdge S-Reit Leaders Index declined 1.7 per cent, bringing its decline in total return for the 2020 year to Oct 22 to 5.3 per cent.

Share buybacks

There were 14 primary-listed stocks conducting share buybacks over the five sessions with a total consideration of S$3.6 million, less than half the S$8.6 million in consideration for the preceding week.

First Resources led the consideration tally, buying back 900,000 shares at an average price of S$1.23 per share.

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Back on Aug 14, First Resources reported that its H1FY20 (ended June 30) net profit grew 48 per cent year-on-year to US$43.2 million on stronger palm oil prices.

While the share price of the crude palm oil producer has declined 36 per cent in the 2020 year to Oct 22, at S$1.21, the stock price is more than 20 per cent above the S$1.00 low formed amid broad market volatility on March 23.

In its corporate outlook on Aug 14, First Resources chief executive officer, Ciliandra Fangiono, maintained that the supply-demand dynamics of the palm oil industry would be supported by limited industry supply growth, and Indonesia's steady realisation of its B30 biodiesel mandate.

The CEO also noted that macro developments in the US-China trade relations and the crude oil market will continue to influence agricultural commodity prices.

As of Oct 22, First Resources has bought back 0.27 per cent of its issued shares (excluding treasury shares) as of the June 1 buyback resolution.

In the preceding year, First Resources bought back 0.09 per cent of its shares.

Director and substantial shareholder transactions

The five trading sessions saw close to 90 changes in director interests and substantial shareholdings, filed for 37 primary-listed stocks.

This included 21 company director acquisitions, with three disposals filed, and substantial shareholders filing nine acquisitions and eight disposals.

EC World Reit

On Oct 19, BOCOM International Global Investment Ltd (BIGI) disposed of its 5.41 per cent substantial shareholding of EC World Reit.

BIGI disposed of 43,546,300 units in the counter at 67.50 cents per unit.

The married deal saw Dazhong Capital (Hong Kong) Co Ltd acquire the 43,546,300 units.

On Oct 14, EC World Asset Management Pte Ltd announced the renewal of a major lease amounting to 159,752 square metres in the Hengde Logistics property, with China Tobacco Zhejiang Industrial Co Ltd.

The manager also separately announced that it had successfully leased 22,545 square metres of warehouse and dormitory space at the Wuhan Meiluote property, to a reputable e-commerce company.

EC World Reit maintains a portfolio of eight properties located predominantly in one of the largest e-commerce clusters in the Yangtze River Delta and provides unique investor exposure to the logistics and e-commerce sectors in Hangzhou and Wuhan.

Dasin Retail Trust

On Oct 15, Dasin Retail Trust Management Pte Ltd chairman and non-executive director Zhang Zhencheng increased his deemed interest in Dasin Retail Trust by 6 million units.

With the units acquired by Aqua Wealth Holdings Ltd, the married deal increased his total deemed interest in the business trust from 52.52 per cent to 53.30 per cent. Mr Zhang had noted earlier on Aug 13 that the valuation of the Dasin Retail Trust portfolio had expanded by nearly three times to about 11.7 billion yuan (S$2.4 billion) from 4.6 billion yuan within three years from the firm's listing.

VibroPower Corporation

Between Oct 15 and 21, VibroPower Corporation substantial shareholder Chng Beng Hock increased his total interest in the listed company from 13.91 per cent to 15.56 per cent.

Acquired at an average price of 12.90 cents per share, the consideration of the 1,422,600 shares was S$183,577.

Mr Chng has gradually increased his substantial shareholding in VibroPower Corporation from 5.24 per cent on June 15.

Among the multiple resolutions tabled for the VibroPower Corporation extraordinary general meeting (EGM) by electronic means scheduled for Nov 9, is a resolution for the appointment of Mr Chng as an executive director with effect from the date of the EGM.

GuocoLand

Between Oct 15 and 21, GuocoLand non-independent non-executive director Quek Leng Chan increased his total interest in the listed company to 71.95 per cent.

GuocoLand Assets Pte Ltd acquired 95,000 shares for a consideration of S$148,120 at an average price of S$1.56 per share.

Mr Quek is also the chairman and chief executive officer of Hong Leong Company (Malaysia) Berhad and has extensive business experience in various business sectors, including financial services, manufacturing and real estate.

Ho Bee Land

On Oct 16, Ho Bee Holdings (Pte) Ltd acquired 53,700 shares of Ho Bee Land for a consideration of S$121,899 at an average price of S$2.27 per share.

This took the total interest of Chua Thian Poh, the founder of Ho Bee Group, from 75.40 per cent to 75.41 per cent, and followed the acquisition of 97,800 shares at the same price on Oct 14.

Appointed the chairman and chief executive officer of the group in 1999, Mr Chua is responsible for the strategic planning and direction of Ho Bee Land, as well as its financial and investment decisions.

UOB-Kay Hian Holdings

Between Oct 15 and 16, UOB-Kay Hian Holdings (UOBKH) chairman and managing director Wee Ee-chao acquired 86,000 shares for a consideration of S$111,500 at an average price of S$1.30 per share.

This increased his total interest in UOBKH from 30.69 per cent to 30.70 per cent and followed the acquisition of 284,000 shares at S$1.25 per share, between Oct 8 and 14.

Mr Wee's total interest in UOBKH has gradually increased from 29.49 per cent at the end of 2019, and increased from 27.98 per cent at the end of 2018.

Riverstone Holdings

On Oct 20, Riverstone Holdings executive chairman and chief executive officer Wong Teek Son acquired 28,000 shares of the listed company for a consideration of S$108,520.

At an average price of S$3.88 per share, this increased his total interest in Riverstone Holdings from 51.09 per cent to 51.10 per cent.

This followed his acquisitions of 103,000 shares in October at S$3.83 per share between Oct 12 and 15, and 283,000 shares at S$3.51 per share between Sept 24 and 30.

Mr Wong's executive responsibilities at Riverstone Holdings include developing business strategies and overseeing the group's operations.

Roxy-Pacific Holdings

On Oct 15, Kian Lam Investment Pte Ltd acquired 129,250 shares of Roxy-Pacific Holdings for a consideration of S$42,006.

At an average price of 32.50 cents per share, this took the total interest of executive chairman and chief executive officer, Teo Hong Lim, in Roxy-Pacific Holdings from 63.05 per cent to 63.06 per cent.

Kian Lam Investment Pte Ltd also acquired 530,000 shares at 32.34 cents per share between Oct 7 and 13, and 500,000 shares between Sept 30 and Oct 6 at 32.28 cents per share.

Federal International (2000)

On Oct 21, Federal International (2000) (Federal) executive chairman and chief executive officer Koh Kian Kiong acquired 250,000 shares of the listed company for a consideration of S$39,000.

At an average price of 15.60 cents per share, this took Mr Koh's total interest in Federal from 20.19 per cent to 20.37 per cent.

This followed his acquisition of 207,200 shares at 15.80 cents per share on Oct 7.

His total interest in Federal has gradually increased from 15.77 per cent at the beginning of 2016.

Mr Koh is one of the founders of the group and has more than 45 years of experience in the oil and gas industry, and oversees the formulation of the group's corporate strategies and expansion plans.

Koh Brothers Group

Between Oct 21 and 22, Koh Brothers Group managing director and group chief executive officer Koh Keng Siang acquired 45,400 shares for a consideration of S$7,398.

At an average price of 16.30 cents per share, this increased his total interest in the listed company from 21.81 per cent to 21.83 per cent.

His preceding acquisition of 139,100 shares at 15.50 cents per share was between Sept 7 and 9.

Mr Koh has been with the group since 1987 and has held various positions in administration, finance and project management.

He was the main driving force behind the expansion of the group's business into real estate and leisure & hospitality.