Ho Bee chair ups stake; M&G becomes substantial unitholder in NetLink NBN Trust

OVER the four sessions through to the Jun 4, 22 primary-listed companies conducted buybacks with a total consideration of S$97 million.

Singtel again led the buyback tally, with 13.3 million shares at an average price of S$4.33, purchased under the S$2 billion value realisation share buy-back programme.

Over the four sessions, more than 80 director interests and substantial shareholdings were filed for over 40 primary-listed stocks.

Directors or CEOs reported 17 acquisitions and four disposals, while substantial shareholders recorded seven acquisitions and three disposals.

These included CEO or director acquisitions filed for Anchun International Holdings , Aspial Lifestyle , First Resources , Ho Bee Land , Hosen Group , Hyphens Pharma International , JustCo Holdings , King Wan Corporation , Leong Guan Holdings , Nam Cheong , Prospera Global , and UltraGreen.ai .

As highlighted in The Business Times on Jun 4, Ginko-AGT Global Growth Fund also became a substantial shareholder in Marco Polo Marine following an increase in its stake to 5.006 per cent on Jun 2.

Ho Bee Land: Deemed interest edges higher amid continued market accumulation

Across May 28 and 29, Ho Bee Holdings acquired a combined 334,700 shares for a total consideration of S$702,358, implying an average price of about S$2.10 per share. These on-market purchases increased executive chairman Chua Thian Poh’s deemed interest from 75.737 per cent to 75.788 per cent. 

The accumulation was executed via the controlling shareholder vehicle, which continues to account for the bulk of the deemed interest, alongside smaller holdings attributed to related entities and spouse.

At the FY25 annual general meeting on Apr 29, 2026, Ho Bee Land said it is focused on strengthening its portfolio to improve returns over the medium to long term.

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This may involve asset enhancement initiatives that can impact short-term income but create long-term value, including plans to allow occupancy at 1 St Martin’s Le Grand to run down ahead of redevelopment and enhancement works at 67 Lombard Street. 

Management also indicated that the group continually evaluates asset monetisation strategies for capital recycling, while seeking to balance shareholder returns with capital retention for growth and debt reduction, with a stated dividend payout range of 20 to 50 per cent of profit, excluding non-cash items. 

On the balance sheet, the group reported that total debt had reduced to S$2.5 billion, with net debt declining by about S$98 million over the year and net gearing improving to 0.61 times.

Aspial Lifestyle: Chairman adds to stake alongside note position reduction

On Jun 2, non-executive chairman Koh Wee Seng acquired 500,000 shares via a market transaction for S$200,349, lifting his direct interest from 9.47 per cent to 9.50 per cent, with his total interest increasing from 74.99 per cent to 75.02 per cent. 

Separately, on May 29, he disposed of S$500,000 in aggregate principal amount of 6.25 per cent notes due 2027 for S$504,500, reducing his direct debenture holdings from S$13 million to S$12.5 million. 

As part of Aspial Lifestyle’s S$84.8 million equity fund raising, a non-renounceable preferential offering of 61,709,489 new shares opened on May 28, 2026, and remains ongoing, with eligible shareholders entitled to subscribe or apply for excess shares during the acceptance period, which closes on Jun 8, 2026.

Anchun International: Chairman’s deemed interest rises while executive trims stake

On Jun 2, chairman Xie Ming saw her deemed interest increase after the acquisition of 245,200 shares at an average price of about S$0.483 apiece, taking her deemed holdings from 11,247,300 shares (24.265 per cent) to 11,492,500 shares (24.795 per cent). 

On the same day, executive director Dai Fengyu disposed of 27,000 shares at S$0.49 apiece, reducing his deemed interest from 3,719,500 shares (8.02 per cent) to 3,692,500 shares (7.97 per cent). 

Both changes were via market transactions through their respective investment vehicles, with Xie Ming deemed interested via Ace Sense Holdings and Dai Fengyu via Dawn Vitality International. 

Anchun operates an integrated engineering model, spanning system design, equipment manufacturing and project management across ammonia and methanol applications.

Its FY25 annual report indicates its value formation reflects margin expansion and cost optimisation, supported by an integrated engineering model spanning design, manufacturing and project management, alongside a focus on sustainability for long-term growth.

UltraGreen.ai: CEO acquires shares amid platform-based growth

On May 29, CEO Ravinder Sajwan acquired 78,800 shares via a market transaction for a total consideration of US$108,042.68, at an average price of about US$1.37 per share, resulting in a direct interest of 0.01 per cent alongside a deemed interest of 61.93 per cent prior to the transaction and 61.94 per cent after.

The deemed interest arises through shareholdings held by entities including IR Investments LP and Renew Group.

UltraGreen.ai’s FY25 AGM materials state that the company integrates product, imaging systems and data capabilities, with growth supported by increasing adoption, procedural volumes and expansion into new markets and applications.

Nam Cheong: CEO’s stake up; Q1FY26 earnings rebound

On May 29, CEO Leong Seng Keat acquired 100,000 shares at S$1.30 per share via a market transaction, increasing his total interest from 4.211 per cent to 4.236 per cent.

On May 15, Nam Cheong reported Q1FY26 net profit increased 160 per cent from Q1FY25 to RM78.9 million ($S25.13 million), supported by vessel utilisation rising to 58 per cent and a vessel disposal gain, with revenue up 1 per cent to RM117.9 million and net gearing reduced to 0.17 times. 

With the results, Leong highlighted that five new vessels are scheduled to join the fleet for the remainder of 2026, which is expected to enhance the revenue base, alongside the recognition of initial revenue streams from the shipbuilding segment in Q2FY26, as the group balances fleet growth with capital discipline amid firm offshore demand.

Leong Guan Holdings: Director increases direct interest through market purchases

Between May 29 and Jun 2, executive director Chua Lian Hock acquired 32,800 shares via market transactions for a total consideration of S$6,906, at an average price of about S$0.21 per share, which increased his direct interest from 3.66 per cent to 3.69 per cent and total interest from 38.07 per cent to 38.1 per cent.

This followed a purchase of 39,300 shares on May 6 for S$7,467, at an average price of about S$0.19 per share, increasing his direct interest from 3.62 per cent to 3.66 per cent.

Leong Guan Holdings is a Singapore-based food manufacturing and distribution group producing fresh noodle and soy-based products while also trading and supplying OEM food items, supported by a multi-channel distribution network spanning the HORECA segment, retail and e-commerce platforms.

NetLink NBN Trust: M&G becomes substantial unitholder

On May 29, M&G Investment Management acquired 3,405,600 units via a market transaction at S$1.0032 per unit, increasing its deemed interest in NetLink NBN Trust from 194,765,100 units (4.99 per cent) to 198,170,700 units (5.09 per cent), thereby becoming a substantial unitholder.  

The deemed interest arises from its discretionary power over the units as investment manager, with corresponding interests also attributed to related entities including M&G FA Limited, M&G Group Limited and M&G plc.

NetLink NBN Trust’s FY26 presentation highlighted its resilient business model underpinned by recurring, predictable cash flows, long-term contracts and regulated revenues, with revenue increasing to S$413.4 million, while distribution per unit continued its steady growth to S$0.0542. 

Valuetronics: Amova accumulation, dividend reset and ICE shift

On May 28, Amova Asset Management Asia increased its deemed interest in Valuetronics following the acquisition of 1.03 million shares for about S$1.2 million, crossing the substantial shareholder reporting threshold, with the interest attributed through the ownership chain to Sumitomo Mitsui Trust Group.

This builds on a defined accumulation trend, with Amova first becoming a substantial shareholder on Mar 25, followed by a further increase on Apr 20 as it crossed the next reporting threshold, indicating steady on-market positioning over a two-month period.

The accumulation coincides with a reset in capital management, with Valuetronics revising its dividend policy to target an annual ordinary payout range of 50 to 70 per cent of net profit attributable to shareholders.

This is alongside plans for special dividends and share buybacks over FY27 and FY28, while maintaining a strong net cash position and continued operating cash generation.

Operationally, the group continues to rebalance towards higher-margin industrial and commercial electronics (ICE), supported by new customers in network access solutions and cooling solutions for high-performance computing environments. At the same time, it is phasing out legacy consumer electronics projects, with exit from lower-margin lifestyle products expected by end-FY26.

UOB Kay Hian Research analyst John Cheong highlighted that the revised payout and capital management plan forms part of a broader programme to return HK$300 million (S$49.4 million) to shareholders over two years through a combination of special dividends and share buybacks, representing a step-up from previous capital return initiatives.

The research also noted the group’s net cash position of about HK$1.2 billion and pointed to improving earnings visibility and margin resilience as product mix shifts towards higher-margin ICE.

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