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INSIDE INSIGHTS

Malaysia's EPF becomes Riverstone substantial shareholder

FOR the five local trading sessions that spanned Sept 18 to 24, the Straits Times Index (STI) declined 2.0 per cent, with the Nikkei 225 Index, Hang Seng Index and S&P/ASX 200 Index averaging a 1.8 per cent decline. This has brought the STI's decline in total return for the 2020 year to Sept 24 to 21.2 per cent.

Over the five sessions, the iEdge S-Reit Leaders Index declined 3.0 per cent, bringing its decline in total return for the 2020 year to Sept 24 to 3.6 per cent.

Share buybacks

There were 14 primary-listed stocks conducting share buybacks over the five sessions with a total consideration of S$6.1 million, not far from the S$7.0 million for the preceding week.

Yangzijiang Shipbuilding (Holdings) again led the consideration tally, purchasing 2,110,100 shares at an average price of S$0.98 per share. First Resources, Ho Bee Land, Silverlake Axis and Global Investments also led the consideration tally over the five sessions.

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Director and substantial shareholder transactions

The five trading sessions again saw approximately 70 changes in director interests and substantial shareholdings, filed for close to 40 primary-listed stocks.

This included 23 company director acquisitions, with two disposals filed, and substantial shareholders filing 14 acquisitions and three disposals.

Riverstone Holdings

On Sept 17, the Employees Provident Fund (EPF) Board of Malaysia became a substantial shareholder of Riverstone Holdings.

The acquisition of 2 million shares on the open market with a consideration of S$6,576,000 was transacted at an average price of S$3.29 per share.

This increased the EPF'S direct interest in Riverstone Holdings from 4.86 per cent to 5.13 per cent.

On Sept 24, Riverstone Holdings executive chairman and CEO Wong Teek Son also acquired 57,000 shares of the listed company for a consideration of S$198,963.

At S$3.49 per share, this increased his total interest in Riverstone Holdings from 51.04 per cent to 51.05 per cent.

Mr Wong is the founder of Riverstone and appointed to the board as executive chairman on Aug 3, 2005.

He has been instrumental in expanding the group's customer base and cementing business relationships with its international customers.

His executive responsibilities include developing business strategies and overseeing the group's operations.

Back on Aug 5, Riverstone Holdings posted a 119 per cent increase in net profit to RM137.5 million (S$45.4 million) for its H1FY20 (ended June 30).

Mr Wong noted that with the current industry tailwinds, the group continues to focus on internal initiatives such as adopting automation to improve productivity and reducing its reliance on labour.

He added that the in-house R&D team continues to monitor industry trends closely and develop new products that will allow the group to venture into untapped markets including the food processing, pharmaceutical and surgical glove segments.

Lum Chang Holdings

Between Sept 17 and 22, Lum Chang Investments Pte Ltd (LCI) increased its direct interest in Lum Chang Holdings from 16.05 per cent to 16.45 per cent.

The 3,046,000 shares were acquired for a consideration of S$1,066,100 at 35 cents per share.

Lum Chang Holdings executive chairman Raymond Lum Kwan Sung is deemed to have interests in the whole of LCI's shareholdings in Lum Chang Holdings due to his interests of not less than 20 per cent in the issued share capital of LCI.

His total interest in Lum Chang Holdings stood at 20.57 per cent as of Sept 22.

With more than 40 years of business experience, Mr Lum's visionary leadership has seen the group through diversification, successful business alliances and timely corporate moves, leading to its present focus on construction and property development.

Alset International

Between Sept 21 and 22, Alset International (formerly Singapore eDevelopment) executive chairman and CEO Chan Heng Fai acquired 1,966,000 shares of the company for a consideration of S$125,158, at an average price of 6.37 cents per share.

The two filed transactions increased his total interest in Alset International from 71.28 per cent to 71.41 per cent.

This followed his acquiring 10,784,200 shares of the listed company at an average price of 6.17 cents per share between Sept 9 and 14.

Mr Chan, who has restructured over 35 companies in various industries and countries in the past 40 years, has gradually increased his interest in Alset International from 68.74 per cent in March 2018.

UOB-Kay Hian Holdings

Between Sept 17 and 23, UOB-Kay Hian Holdings (UOBKH) chairman and managing director Wee Ee-chao acquired 118,200 UOBKH shares for a consideration of S$148,550 at S$1.26 per share.

This increased his total interest in UOBKH from 30.62 per cent to 30.63 per cent.

The five filed transactions represented 10 per cent less shares acquired but the same paid average price as his preceding acquisitions between Sept 10 and 16.

Besides his stockbroking involvement in UOBKH, Mr Wee is also involved in investment and real estate development in the region.

He serves on the board of Haw Par Corporation and UOL Group as a non-executive director and is a director of Kheng Leong Co Pte Ltd and Wee Investment Group.

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.

Uni-Asia Group

On Sept 18, Uni-Asia Group executive chairman Michio Tanamoto acquired 400,000 shares of the listed company for a consideration of S$174,000.

At an average price of 43.50 cents per share, this increased his total interest in Uni-Asia Group from 2.51 per cent to 3.02 per cent.

Mr Tanamoto was appointed as an executive chairman of the group on April 30, 2020.

He is one of the founders who established the company in 1997 and has been a director since then.

He has over 37 years of experience in the financial sector based in Japan, Hong Kong and Singapore.

In addition, between Sept 18 and 23, Uni-Asia Group CEO Kenji Fukuyado acquired 210,000 shares for a consideration of S$91,250.

At an average price of 43.45 cents per share, this took his total interest in the group from 1.27 per cent to 1.54 per cent.

The two filed transactions represented five times as many shares as Mr Fukuyado acquired between Aug 28 and 31, with the preceding acquisitions conducted at an average price of 46.82 cents per share.

Mr Fukuyado was appointed CEO of Uni-Asia Group on April 30, 2020, and is concurrently chairman of the management and review committees. He was appointed as an executive director in March 2018.

He joined the group in 2001 and has over 30 years of experience in the finance industry, including structured finance such as tax lease, asset finance, loan syndication, corporate finance and asset management.

Roxy-Pacific Holdings

Between Sept 16 and 22, Roxy-Pacific Holdings independent director Winston Tan Tien Hin acquired 200,000 shares of the listed company for a consideration of S$64,575.

At 32.29 cents per share, this increased his total interest in Roxy-Pacific Holdings from 0.81 per cent to 0.82 per cent.

This represented 40 per cent more shares than Mr Tan acquired over the preceding five sessions.

The independent director has gradually increased his total interest in the company from 0.71 per cent on March 29.

Mr Tan has been a non-executive director of Roxy-Pacific Holdings since December 2006.

He is also executive chairman of Serrano and non-executive director of Plastoform Holdings.

VibroPower Corporation

Between Sept 17 and 23, VibroPower Corporation substantial shareholder Chng Beng Hock increased his total interest in the stock from 12.00 per cent to 12.22 per cent.

The 115,200 shares were acquired at an average price of 16.02 cents per share, with a consideration of S$18,452.

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

Ban Leong Technologies

On Sept 22, Ban Leong Technologies managing director Ronald Teng Woo Boon acquired 29,000 shares of the listed company for a consideration of S$6,380 at 22 cents per share.

This took his total interest in Ban Leong Technologies from 25.71 per cent to 25.73 per cent.

Mr Teng is the founder of the group and plays an important role in managing the overall business operations.

His responsibilities include formulating and executing the group's business strategies and policies as well as charting the growth of the group.

He also spearheads the sales and marketing function of the group.

  • The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit sgx.com/research.

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