LC Capital extends PC Partner position; Rich Capital raises S$1.28 million in placement agreement

[SINGAPORE] Over the five sessions from Jul 10 to 16, more than 50 director interests and substantial shareholdings were filed for 20 primary-listed stocks.

Directors or CEOs reported seven acquisitions and three disposals, while substantial shareholders recorded 14 acquisitions and five disposals.

These included director or CEO acquisitions filed for HealthBank Holdings , Nam Cheong , Stamford Land Corporation , SunMoon Food Company and UltraGreen.ai .

Among the substantial shareholder filings, American Century Investment Management has ceased to be a substantial shareholder of Rex International Holding after disposing of 1.593 million shares through a market transaction on Jul 8.

The disposal reduced its interest in the oil and gas company from 69.03 million shares or 5.08 per cent, to 67.44 million shares or 4.96 per cent.

Share buybacks

Also during the five sessions, there were 15 primary-listed companies that conducted buybacks.

These buybacks had a total consideration of S$66 million, led by Singtel , which bought back 11.8 million shares at an average price of S$4.40 apiece. Secondary-listed Jardine Matheson bought back 125,000 shares at an average price of US$61.61.

Kopernik builds long-term position in Golden Agri-Resources

Kopernik Global Investors has steadily increased its interest in Golden Agri-Resources over the past three years.

Its latest filing saw its deemed interest rise from 6.97 to 7.07 per cent, after the acquisition of 13.8 million shares on Jul 10 at S$0.275 apiece.

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The latest increase extends a position that re-emerged above the substantial shareholder threshold in June 2023. At the time, Kopernik acquired 54.2 million shares at S$0.26 apiece, increasing its interest from 4.998 to 5.425 per cent.

It subsequently increased its stake to 6.07 per cent in June 2025 through the acquisition of 14.2 million shares at S$0.25 apiece.

The 2026 filing lifts Kopernik’s deemed interest to 897 million shares. The interest, as noted in the filing, is deemed because Kopernik has discretionary disposal power over the shares in its role as investment adviser.

The increase follows a period in which Golden Agri-Resources reported resilient operating performance.

Its revenue increased 6 per cent year on year to US$3.23 billion in the first quarter of FY2026, supported by higher downstream merchandising volumes. Gross profit rose 4 per cent to US$450 million.

The company highlighted higher biofuel mandates, constrained vegetable oil supplies and developing El Nino conditions as factors supporting crude palm oil prices.

At its April annual meeting, Golden Agri-Resources noted that artificial intelligence technologies are already being deployed across its operations to enhance efficiency and support management processes. It also highlighted accelerated replanting and productivity initiatives aimed at improving plantation yields over the coming years.

Substantial shareholder disclosures provide a transparent record of institutional conviction. Kopernik’s interest has increased from 5.425 per cent in June 2023 to 7.07 per cent in July 2026, reflecting a multi-year accumulation of Golden Agri-Resources shares by a global value-oriented investment manager.

LC Capital extends deemed interest in PC Partner above 11%

LC Capital Management increased its deemed interest in PC Partner Group from 9.01 to 11.01 per cent across filings on Jul 13 and Jul 15.

Its deemed interest increased from 34.96 million to 42.73 million shares, reflecting both the addition of a discretionary managed account that came under its investment authority from Jul 13 and the acquisition of 516,400 shares through a market transaction on Jul 14.

The latest increase extends a series of stake increases through which LC Capital became a substantial shareholder on Apr 1. It subsequently increased its interest above the 6 per cent, 7 per cent, 8 per cent and 9 per cent thresholds on Apr 20, May 7, Jun 10 and Jul 6, respectively.

The Jul 13 and Jul 15 filings lifted its deemed interest above the 10 and 11 per cent thresholds, respectively.

LC Capital’s deemed interest arises from shares held by sub-funds under its discretionary management as well as shares held in discretionary managed accounts, over which it exercises investment discretion and voting control. LC Capital’s flagship fund is a global long-bias fundamental equity fund benchmarked to the MSCI World Equity Index.

Volare emerges as substantial shareholder in BBR Holdings

Volare Group emerged as a significant shareholder of BBR Holdings this week through two off-market acquisitions completed on Jul 10 and Jul 13.

The Swiss-based investment group acquired a total of 43 million shares for S$12.9 million, increasing its direct interest from 1.35 to 14.69 per cent within three days.

The first transaction on Jul 10 saw Volare acquire 13.5 million shares for S$4.05 million, lifting its stake to 5.54 per cent and making it a substantial shareholder.

A second acquisition of 29.5 million shares for S$8.85 million on Jul 13 subsequently increased its interest to 14.69 per cent. Both transactions were conducted off market.

The filings also disclosed that Volare is 93 per cent owned and controlled by Cielo Holding, which is wholly owned and controlled by Daniel Sieber. As a result, both Cielo Holding and Daniel Sieber reported corresponding deemed interests in BBR Holdings.

Independent director increases stake in UltraGreen.ai

Nicky Tan, an independent non-executive director of UltraGreen.ai, acquired 25,000 shares in the company through an open-market transaction on Jul 13 for a total consideration of S$39,500.

The acquisition increased his direct interest from 105,000 to 130,000 shares.

The purchase followed an earlier open-market acquisition on Apr 20, when Tan acquired 24,800 shares for US$32,736, increasing his direct interest from 80,200 to 105,000 shares.

Across the two disclosed transactions, he acquired a total of 49,800 shares.

The April and July purchases were completed at average prices of US$1.32 and S$1.58 per share, respectively. The differing currencies reflect UltraGreen.ai’s dual-currency trading structure, with the company maintaining both US dollar and Singapore dollar trading counters on the Singapore Exchange that represent the same underlying shares.

Tan is chairman of the Intellectual Property Office of Singapore (Ipos) and heads nTan Corporate Advisory.

Prior to establishing the advisory firm, he held senior corporate finance and financial advisory leadership positions at Arthur Andersen Singapore and Asean, and PwC Singapore and Asia-Pacific.

He has served on the boards of Singtel, Fraser and Neave, Sembcorp Industries and Singtel Optus.

HealthBank Holdings: S$2.7 million placement to support new business and acquisition opportunities

HealthBank Holdings announced on Jul 13 that it has entered into subscription agreements with three investors for the placement of up to 70.7 million new shares at S$0.0378 apiece, raising gross proceeds of about S$2.67 million.

The company intends to use the estimated net proceeds of about S$2.66 million to finance new businesses, strategic investments, acquisitions and expansion opportunities.

The placement follows a two-tranche subscription completed in October 2025 and January 2026, and the receipt of a listing and quotation notice for a separate placement in April 2026. 

Listed on Catalist, HealthBank has said that it is focused on growing new businesses, strategic investments and acquisitions as it seeks to generate sustainable long-term shareholder value and diversify its revenue streams.

The latest placement will fully utilise the company’s shareholder mandate for non-pro-rata share issuances approved at its April annual general meeting.

For FY2025 ended Dec 31, HealthBank reported revenue of 140,000 yuan (US$20,670) and a net loss of 3.29 million yuan, improving from a net loss of 8.22 million yuan in FY2024.

The group ended FY2025 with 1.68 million yuan in cash and bank balances, and net assets of 14.1 million yuan.

Rich Capital Holdings: S$1.28 million placement to fund new business opportunities and working capital

Rich Capital Holdings announced on Jul 15 that it has entered into a placement agreement for up to 18 million new shares at S$0.071 apiece, raising gross proceeds of up to S$1.28 million.

The issue price represents an 8.97 per cent discount to the volume weighted average price of the shares on Jul 14.

The company expects net proceeds of approximately S$1.22 million, with 50 per cent intended for new business opportunities including projects, investments, partnerships and acquisitions, and the remaining 50 per cent for general working capital.

If fully subscribed, the placement shares will represent 49.03 per cent of the company’s existing issued share capital.

Listed on Catalist, Rich Capital Holdings is engaged in property development, property investment, project management and specialist construction services in Singapore and the region.

The company said that the placement will strengthen its financial position, support future growth opportunities, broaden its shareholder base and improve trading liquidity.

The move follows the completion of the disposal of Rich Batam and its subsidiary in May 2025.

For FY2026 ended Mar 31, Rich Capital reported revenue of S$1.01 million, compared with S$1.24 million in FY2025. The group broke even in FY2026, compared with a net loss of S$1.07 million in FY2025, supported by a S$1.07 million gain from the disposal of Rich Batam and its subsidiary.

As at Mar 31, equity attributable to owners of the company stood at S$1.90 million, net asset value per share was S$0.0518 and cash and cash equivalents were about S$1.73 million.

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