Malaysia's EPF increases Riverstone stake to 6.03%

FOR the five local trading sessions that spanned Oct 23 to 29, the Straits Times Index (STI) declined 3.1 per cent, with the Nikkei 225 Index, Hang Seng Index and S&P/ASX 200 Index averaging a 1.3 per cent decline. This has brought the STI's decline in total return for the 2020 year to Oct 29 to 21.1 per cent.

Over the five sessions, the iEdge S-Reit Leaders Index declined 4.8 per cent, bringing its decline in total return for the 2020 year to Oct 29 to 9.5 per cent.

Share buybacks

There were 15 primary-listed stocks conducting share buybacks over the five sessions with a total consideration of S$2.3 million, less than the S$3.6 million for the preceding week.

Straco Corporation led the consideration tally over the five sessions with 1.86 million shares acquired at an average price of 49.62 cents per share.

This took the total number of shares acquired by Straco Corporation, since the start of the current mandate on June 19, to 3,443,900 shares representing 0.40 per cent of the number of issued shares (excluding treasury) shares as of the date of the share buyback resolution.

The preceding mandate saw Straco Corporation buy back 0.23 per cent of its issued shares.

In mid-August, Straco Corporation registered its first ever half-year loss, with its first-half revenue and bottom line adversely impacted by the Covid-19 pandemic.

Straco Corporation executive chairman Wu Hsioh Kwang noted that while the significant decrease in revenue due to the evolving Covid-19 pandemic was beyond its control, the group had responded to the adverse operating environment and implemented various cost-cutting measures since February to mitigate losses.

Mr Wu added that, despite the odds, given its healthy cash holdings of S$163.2 million net cash as at June 30, 2020, the group was confident of weathering these difficult times.

Director and substantial shareholder transactions

The five trading sessions saw close to 100 changes in director interests and substantial shareholdings, filed for more than 30 primary-listed stocks.

This included seven company director acquisitions, with no disposals filed, and substantial shareholders filing 14 acquisitions and four disposals.

Riverstone Holdings

A filing on Oct 26 reported that the Employees Provident Fund Board of Malaysia (EPF) increased its substantial shareholding of Riverstone Holdings to above the 6.00 per cent threshold. The acquisition of the 1,046,300 shares at S$3.72 a share, with a consideration of S$3,887,737, took the EPF's total interest in Riverstone Holdings from 5.89 per cent to 6.03 per cent.

Substantial shareholdings are required to be filed when the shareholding crosses a full percentage level, that is, from below 6.0 per cent to above 6.0 per cent, or vice versa.

Back on Sept 17, the EPF become a substantial shareholder of Riverstone Holdings with the acquisition of 2 million shares at S$3.29 per share.

UOB-Kay Hian Holdings

Between Oct 23 and 28, UOB-Kay Hian Holdings (UOBKH) chairman and managing director Wee Ee-chao acquired 165,000 shares for a consideration of S$218,450 at an average price of S$1.32 per share.

This was twice as many UOBKH shares as he acquired between Oct 15 and 16, which he had acquired at an average price of S$1.30 per share.

Last week's transactions increased his total interest in UOBKH from 30.70 per cent to 30.72 per cent.

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.

Hanwell Holdings

A filing on Oct 29 showed that Hanwell Holdings substantial shareholder Sam Goi Seng Hui's total interest in Hanwell Holdings crossed the 20.00 per cent threshold, from 19.93 per cent to 20.03 per cent.

He acquired 555,000 shares for a consideration of S$158,175, at 28.50 cents per share.

He has gradually increased his total interest in the manufacturer, distributer and marketer of quality consumer products from 15.13 per cent on March 14, 2018.

PropNex

On Oct 22, PropNex executive director Kelvin Fong Keng Seong acquired 112,800 shares of the listed company, for a consideration of S$71,179, at an average price of 63.10 cents per share.

His preceding acquisitions were on Oct 8, with 300,000 shares acquired at 60.00 cents per share, and between July 23 and 24, with 322,800 shares acquired at 52.90 cents per share.

Mr Fong oversees the group's training development curriculum, and administers the development of IT strategies and technology innovations to improve the group's competitive edge in the industry.

Mr Fong's total interest in PropNex is now 8.26 per cent.

GuocoLand

On Oct 22, GuocoLand Assets Pte Ltd acquired 20,000 shares of GuocoLand for a consideration of S$31,400 at an average price of S$1.57 per share, following on from the acquisition of 95,000 shares for a consideration at S$1.56 per share between Oct 15 and 21.

These transactions have taken GuocoLand non-independent non-executive director Quek Leng Chan's total interest in the listed company to 71.95 per cent.

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