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Pace of director activity continues as market extends rebound
FOR the five trading sessions spanning Sept 6 to 12, the Straits Times Index (STI) gained 1.5 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 2019 total return through to Sept 12, to 7.8 per cent.
There were seven primary-listed stocks conducting share buybacks over the five sessions ended Sept 12, with a total consideration of S$1.3 million, significantly lower than the S$10.4 million filed for the preceding five sessions.
Director and substantial shareholder transactions
The five sessions spanning Sept 6 to Sept 12 saw more than 100 changes in director interests or substantial shareholdings filed for approximately 45 primary-listed stocks.
There were 29 company director acquisitions and two disposals filed, with substantial shareholders filing 20 acquisitions and 10 disposals.
Indofood Agri Resources
On Sept 11, PT Indofood Sukses Makmur Tbk (PT ISM) acquired 12,956,000 shares of Indofood Agri Resources for a consideration of S$4,210,700, at a price of S$0.325 per share.
PT ISM is a holding company of Indofood Singapore Holdings Pte Ltd (ISHPL) with an interest of approximately 83.84 per cent of the total number of issued shares in ISHPL.
The acquisition increased the total interest of PT ISM in Indofood Agri Resources from 80.05 per cent to 80.98 per cent.
The series of acquisitions filed since July 8 have followed a voluntary conditional cash offer by PT ISM to take Indofood Agri Resources private lapsing on June 25.
UOB-Kay Hian Holdings
Between Sept 5 and 12, UOB-Kay Hian Holdings (UOBKH) chairman and managing director, Wee Ee Chao increased his total stake in UOBKH, which is now at 29.36 per cent.
Mr Wee acquired 243,800 shares for a consideration of S$291,041 at an average price of S$1.1938 per share.
The preceding five sessions saw Mr Wee acquiring 341,400 shares at an average price of S$1.1917 per share.
The UOBKH chairman has gradually increased his total stake in UOBKH from 26.51 per cent at the end of 2017.
On Sept 6, Wellpoint Pacific Holdings acquired 400,000 shares of Bumitama Agri for a consideration of S$232,960 at an average price of S$0.5824 per share.
This took the deemed interest of executive chairman and CEO Lim Gunawan Hariyanto in Bumitama Agri from 51.98 per cent to 52.00 per cent.
Mr Lim's father, Lim Hariyanto Wijaya Sarwono, is also deemed to be interested in the Bumitama Agri shares held by Wellpoint Pacific Holdings Ltd, a wholly owned subsidiary of Fortune Holdings Limited.
Mr Lim Gunawan Hariyanto joined the group in 1997 when he was appointed director of PT Karya Makmur Bahagia.
He was first appointed to the board on March 23, 2012 and re-elected on April 22, 2019.
He is responsible for the formulation of the group's business and corporate policies and strategies, business development as well as business and operations management.
Between Sept 4 and 10, ISI Investments Company Ltd acquired 258,900 shares of QAF for a consideration of S$193,258 at S$0.746 per share.
QAF joint group managing director and executive director Lin Kejian is deemed to have an interest in the shares owned by ISI Investments Company Ltd.
The acquisitions saw Mr Lin's total interest in QAF increase to 48.17 per cent, which has gradually increased from 47.89 per cent on June 14, 2017.
Mr Lin was first appointed as a non-executive director of QAF in December 2007.
In October 2010, he became an executive director holding the post of operations director.
He assumed the position of deputy group managing director of the QAF Group in September 2014 and thereafter joint group managing director of the QAF Group with effect from Jan 1, 2017.
On Sept 11, Silverlake Axis executive director Kwong Yong Sin increased his deemed interest in the listed company, acquiring 150,000 shares for a consideration of S$67,500, at S$0.45 per share.
This took Dr Kwong's total stake in Silverlake Axis to 0.778 per cent.
From July 1, Dr Kwong took on the role of senior adviser to the board and group managing director, and heads the Strategic Digital Value Program to accelerate the growth and value creation of the group's digital ecosystem platforms.
Dr Kwong has 40 years of experience in information technology, business transformation and solution implementation in financial services, utilities and technology industries.
Lian Beng Group
On Sept 5, Ong Sek Chong & Sons Pte Ltd acquired 100,000 shares of Lian Beng Group.
The consideration for the acquisitions was S$50,500 at a price of S$0.505 per share.
This took the total interest of Ong Sek Chong & Sons Pte Ltd in the home-grown construction group from 29.97 per cent to 29.99 per cent, which has gradually increased via multiple acquisitions from 29.62 per cent on Aug 1.
Lian Beng Group chairman and managing director, Ong Pang Aik, and Ms Ong Lay Huan maintain deemed interests in Ong Sek Chong & Sons Pte Ltd.
As of Sept 5, Mr Ong Pang Aik maintained a 35.66 per cent total interest in Lian Beng Group, with Ms Ong Lay Huan maintaining a total interest of 33.20 per cent.
Bonvests Holdings chairman and managing director Henry Ngo increased his deemed interest between Sept 9 and 11, acquiring 129,100 shares for a consideration of S$159,990, at an average price of S$1.239 per share.
This increased his total interest in Bonvests Holdings from 83.07 per cent to 83.10 per cent.
Mr Ngo is also the founder of Bonvests Holdings and is responsible for mapping out the corporate and growth strategy of the group.
Mr Ngo's preceding acquisition was in October 2018 and involved 99,800 shares at S$1.31 per share.
On Sept 11, Intelligent People Holdings Limited (IPHL) acquired 128,100 shares of Sinostar PEC Holdings (Sinostar) with a consideration of S$21,764 and price of S$0.1699 per share.
The acquisitions took IPHL's total interest in Sinostar from 56.19 per cent to 56.21 per cent, with the preceding acquisitions between April 4 and 5, involving 896,000 shares at S$0.214 per share.
Sinostar non-executive chairman Li Xiang Ping has a 100 per cent shareholding interest in IPHL.
Mr Li made multiple acquisitions of Sinostar shares via IPHL back in 2018, increasing his total interest from 52.190 per cent prior to Dec 27, 2017.
Hwa Hong Corporation
On Sept 10, Hwa Hong Corporation (Hwa Hong) substantial shareholder David Ong Eng Hui increased his direct stake in Hwa Hong from 5.815 per cent to 5.824 per cent.
Dr Ong acquired 58,000 shares of the property rental investor and developer for a consideration of S$17,360 at an average price of S$0.2993 per share.
This also increased the deemed and hence total Hwa Hong interest of Dr Ong's father, Steven Ong Kay Eng, to 15.477 per cent.
Dr Ong's preceding acquisition of Hwa Hong shares was on Sept 2, involving 101,600 shares at S$0.2975 per share.
Dr Ong has gradually increased his total interest in Hwa Hong from 5.316 per cent at the end of 2018.
On Sept 11, LY Corporation executive chairman Tan Kwee Chai acquired 75,000 shares of the listed company for a consideration of S$14,195 at an average price of S$0.189 per share.
This took Mr Tan's total stake in the manufacturer and exporter of wooden bedroom furniture to 72.30 per cent.
Mr Tan's preceding acquisitions was on July 29 at an average price of S$0.202 per share.
Union Gas Holdings
On Sept 9, Union Gas Holdings executive director and CEO Teo Hark Piang acquired 18,100 shares of the listed company for a consideration of S$4,385, at an average price of S$0.2422 per share.
This took Mr Teo's direct interest in the provider of fuel products to 3.65 per cent.
His preceding acquisition was June 26, involving 41,000 shares at S$0.245 per share.
Mr Teo has more than 16 years of experience in the manufacture of gas, distribution of gaseous fuels through mains, and the general wholesale trade in Singapore.
- The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit sgx.com/research.