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New substantial shareholder for Sin Heng Heavy Machinery
FOR the four local trading sessions that spanned May 22 to 28, the Straits Times Index (STI) declined 1.6 per cent with the Nikkei 225 Index, Hang Seng Index and S&P/ASX 200 Index averaging a 2.8 per cent gain. This has brought the STI's decline in total return for the 2020 year to May 28 to 20.7 per cent. Over the five sessions, the iEdge S-Reit 20 Index gained 2.2 per cent, bringing its decline in total return for the 2020 year to May 28 to 12.0 per cent.
There were 11 primary-listed stocks conducting share buybacks over the four sessions that spanned May 22 to 28 with a total consideration of S$6.0 million, not far from the S$5.6 million for the preceding week.
Director and substantial shareholder transactions
The four trading sessions spanning May 22 to 28 saw approximately 60 changes in director interests and substantial shareholdings, filed for just over 30 primary-listed stocks. This included 13 company director acquisitions, with four disposals filed, and substantial shareholders filing four acquisitions with eight disposals.
Sin Heng Heavy Machinery
On May 22, Sin Heng Heavy Machinery reported that the sales & purchase agreement (SPA) announced back on March 30 between Toyota Tsusho Corporation and United Hope Pte Ltd was completed.
Toyota Tsusho Corporation has ceased to be a substantial shareholder and United Hope has become a substantial shareholder of the company. The married deal saw Toyota Tsusho Corporation dispose of 30.95 million shares for a consideration of S$12,497,610 at an average price of 40.38 cents per share. The 30.95 million shares represent 27.15 per cent of Sin Heng Heavy Machinery shares, and are now held by United Hope. Teo Yi-Dar maintains a 100 per cent shareholding in United Hope.
Sin Heng Heavy Machinery serves customers in the infrastructure and geotechnic, construction, offshore marine as well as oil and gas industries.
First Sponsor Group
On May 26, First Sponsor Group lead independent director Yee Chia Hsing acquired 110,000 shares of the listed company for a consideration of S$122,846 at an average price of S$1.12 per share. This increased his direct interest in the property developer and owner, from 0.05 per cent to 0.06 per cent.
Mr Yee was appointed as the lead independent director of the company on May 19, 2014. He is currently head, Catalist, of CIMB Bank Berhad, Singapore branch, a position he has held since early 2011. At CIMB Bank, he is responsible for the introduction, supervision and continuing sponsorship of Catalist companies. Mr Yee has more than 20 years of experience in the banking and finance industry.
On May 22, Silverlake Axis executive director Kwong Yong Sin increased his deemed interest in the listed company, acquiring 250,000 shares for a consideration of S$56,250, at 22.5 cents per share. This took his total stake in Silverlake Axis from 0.80 per cent to 0.82 per cent.
Dr Kwong is the senior adviser to the board and group managing director, and also heads the strategic digital value programme to accelerate the growth and value creation of the group's digital ecosystem platforms. He has 40 years of experience in information technology, business transformation and solution implementation in financial services, utilities and technology industries.
On May18, the group announced that it had secured contracts to deliver innovative and transformative digital innovation enhancement solutions to 15 of its existing customers and one extended maintenance support contract during its Q3 FY20 (ended March 31).
Between May 21 and 27, JEP Holdings executive director Zee Hoong Huay acquired 100,400 shares of the Catalist-listed company for a consideration of S$18,615. At an average price of 18.5 cents per share, the acquisitions increased his total interest in JEP Holdings from 15.45 per cent to 15.48 per cent.
He is a veteran in the metal tooling and precision engineering industries with over 30 years of industrial experience and capabilities. Mr Zee, the co-founder and managing director of JEP Industrades Pte Ltd, joined the company as executive director on Aug 27, 2015. He has gradually increased his total interest in JEP Holdings from 14.77 per cent on July 7, 2019.
- The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit sgx.com/research.