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INSIDE INSIGHTS

Medtecs CEO buys 1 million shares on open market

FOR the five local trading sessions that spanned Nov 13 to 19, the Straits Times Index (STI) gained 2.4 per cent, with the Nikkei 225 Index, Hang Seng Index and S&P/ASX 200 Index averaging a 1.3 per cent gain. This has brought the STI's decline in total return for the 2020 year to Nov 19 to 10.3 per cent.

Over the five sessions, the iEdge S-Reit Leaders Index declined 0.7 per cent, bringing its decline in total return for the 2020 year to Nov 19 to 6.0 per cent.

Share buybacks

There were 16 primary-listed stocks conducting share buybacks over the five sessions with a total consideration of S$16.8 million, an increase from the preceding week's S$6.3 million.

Wilmar International led the consideration tally, buying back 991,300 shares in a price range of S$4.25 to S$4.28 per share, on Nov 18, then buying back another 1.5 million shares between S$4.25 and S$4.27 per share on Nov 19.

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As of Nov 19, the current buyback mandate had seen Wilmar International purchase 0.35 per cent of its issued shares (excluding treasury shares) as of the date of the current share buyback resolution.

Director and substantial shareholder transactions

The five trading sessions saw 80 changes in director interests and substantial shareholdings, filed for more than 40 primary-listed stocks. This included as many as 27 company director acquisitions, with two disposals filed, and substantial shareholders filing nine acquisitions and three disposals.

Medtecs International Corporation

On Nov 18, Medtecs International Corporation executive director and CEO William Yang Weiyuan acquired one million shares of the listed company for a consideration of S$921,998 at an average price of 92.20 cents per share. According to the filing, Mr Yang was not previously holding Medtecs shares.

The share price of Medtecs has soared from 3.7 cents at the end 2019 to 92.00 cents as of Nov 19.

Mr Yang has over 10 years of experience in the textile industry, with the majority of those years devoted to developments of medical consumables and hospital service for the health care industry.

Back on Sept 22, when Mr Yang spoke at the "Innovation/New Creation Forum" hosted by Alibaba.com Taiwan, as a guest speaker, he spoke on how the "source and sell globally" strategy had helped Medtecs Group's net profit grow by 100 times.

Riverstone Holdings

Between Nov 13 and 17, Riverstone Holdings executive chairman and CEO Wong Teek Son acquired 160,000 shares of the listed company for a consideration of S$232,067.

At an average price of S$1.45 per share, the acquisitions increased Mr Wong's total interest in Riverstone Holdings from 51.12 per cent to 51.14 per cent.

His preceding acquisitions were between Nov 10 and 12 with 170,000 shares acquired at S$1.54 per share.

Mr Wong is the founder of Riverstone and was appointed to the board as executive chairman on Aug 3, 2005. His executive responsibilities include developing business strategies and overseeing the group's operations.

Jiutian Chemical Group

On Nov 13, Jiutian Chemical Group executive director Lee Chee Seng acquired one million shares of the Catalist-listed company for a consideration of S$90,000.

This took his total interest in the manufacturer and producer of dimethylformamide (DMF) and methylamine from 2.75 per cent to 2.80 per cent.

On the preceding day, Jiutian Chemical Group reported that its Q3FY20 (ended Sept 30) quarterly net profit soared 57 per cent over Q2FY20 despite a 20-day routine maintenance shutdown in early September 2020.

Mr Lee is responsible for corporate finance and strategic planning for the group.

Alset International

On Nov 13, Alset International (formerly Singapore eDevelopment) executive chairman and CEO Chan Heng Fai acquired one million shares of the Catalist-listed company for a consideration of S$61,000.

This brought his total interest in Alset International from 71.55 per cent to 71.61 per cent.

Mr Chan, who has restructured more than 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.

Hong Fok Corporation

On Nov 17, Hong Fok Corporation executive director and joint CEO Cheong Sim Eng acquired 85,000 shares of the listed company for a consideration of S$60,241 at an average price of 70.87 cents per share.

Mr Cheong maintains a 19.94 per cent total interest in Hong Fok Corporation, gradually increasing his total interest in the property developer from 19.06 per cent as of the end of 2018.

He is principally involved in the group's overall operations and management with greater emphasis in Singapore and has over 34 years of experience in the property development business.

Hong Leong Asia

On Nov 17, Hong Leong Asia executive director & CEO Stephen Ho Kiam Kong acquired 103,500 shares of the listed company for a consideration of S$53,758, at an average price of 51.94 cents per share.

According to the filing, Mr Ho was not previously holding Hong Leong Asia shares. He joined Hong Leong Asia as CEO-designate on Aug 3, to allow for a smooth transition in his role of CEO, which he assumed in full effect on Aug 17.

Mr Ho has extensive experience in finance, treasury and risk management from his executive positions previously held at Wilmar International Ltd and Dutch multinational corporate, Royal Philips.

Prior to his financial management role, Mr Ho worked for major international financial institutions in Singapore, Hong Kong and New York in the areas of corporate banking, global markets trading, marketing and sales.

GuocoLand

Between Nov 12 and 13, GuocoLand Assets Pte Ltd acquired 25,000 shares of GuocoLand for a consideration of S$36,900 at an average price of S$1.48 per share.

Preceding acquisitions also saw GuocoLand Assets Pte Ltd acquire 55,000 shares at S$1.47 per share between Nov 5 and 9 and 83,000 shares at S$1.46 per share between Oct 29 and Nov 4.

The acquisitions have brought GuocoLand non-independent non-executive director Quek Leng Chan's total interest in the listed company to 71.97 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.

  • 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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