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Hot stock: Precision manufacturer Shinvest shares hit year high in early trade
SHARES of precision manufacturer Shinvest Holding went up some 11 per cent before the lunch break on Tuesday, hitting as high as S$2.10 on Tuesday.
Shinvest opened at S$1.86 on Tuesday, then gained steadily before posting a steep surge around 10.45am. It touched S$2.10 after 11am - currently its highest in 52 weeks - making the stock one of the top advancers on the Singapore Exchange on Tuesday. Fewer than about 30,000 shares changed hands in the few hours of trading.
There were no recent announcements from the company.
Directors at Shinvest have been increasing their stakes of late, however, with independent director Chau Sik Ting being the latest to buy back shares of the company between Aug 23 and 27.
He acquired 8,200 shares for a consideration of S$14,869 at an average price of S$1.791 per share, taking his direct interest in the mainboard-listed listed company from 0.331 to 0.358 per cent.
Dr Chau serves as the medical adviser to SembCorp Marine and is an accredited specialist in occupational medicine with Singapore’s Ministry of Health.
He is a medical practitioner by profession and has been an independent non-executive director of China Dairy Group Ltd, since 2004.
Between Aug 1 and 6, Shinvest Holding managing director Teo Teck Leong also acquired 164,300 shares of the company for a consideration of S$275,161 at an average price of S$1.67 per share. The purchase took Mr Teo’s total stake in the listed company from 10.452 to 11.001 per cent.
Between July 17 and 25, he increased his total interests in the specialist manufacturer, acquiring total 211,000 shares at an average price of S$1.51 per share.
Mr Teo is the CEO of the company’s wholly owned subsidiary, Sin Hong, and has been a director of GD Tech since March 2011.
He also sits on the board 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 Holding from 8.283 per cent on Jan 26, 2017.