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INSIDE INSIGHTS

PT ISM raises Indofood Agri Resources stake

FOR the five trading sessions that spanned June 12 to 18, the Straits Times Index (STI) declined 1.4 per cent with the Nikkei 225 Index, Hang Seng Index and S&P/ASX 200 Index averaging a 0.3 per cent decline. This has brought the STI's decline in total return for the 2020 year to June 18 to 15.4 per cent.

Over the five sessions, the iEdge S-Reit Index gained 1.4 per cent, bringing its decline in total return for the 2020 year to June 18 to 6.1 per cent.

Share buybacks

There were 11 primary-listed stocks conducting share buybacks over the five sessions that spanned June 12 to 18 with a total consideration of S$5.5 million, up from the S$2.3 million for the preceding week.

Singapore Exchange, Singapore Technologies Engineering and Global Investments led the buyback tally over the five sessions.

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Director and substantial shareholder transactions

The five trading sessions spanning June 12 to 18 saw close to 80 changes in director interests and substantial shareholdings, filed for more than 40 primary-listed stocks.

This included 17 company director acquisitions, with four disposals filed, and substantial shareholders filing 12 acquisitions with 11 disposals.

Indofood Agri Resources

On June 15, PT Indofood Sukses Makmur Tbk (PT ISM) acquired 11,881,800 shares of Indofood Agri Resources for a consideration of S$3,439,007 at an average price of 28.94 cents 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 82.01 per cent to 82.86 per cent. The preceding acquisition on March 16 saw 1,685,000 shares acquired at an average price of 26.87 cents per share.

Indofood Agri Resources' FY19 annual report, highlighted that the group's planted area occupies 302,372 hectares - with oil palm the dominant crop, followed by sugar cane, rubber and other crops.

Its plantations are largely located in Sumatra and Kalimantan, while its refineries are in major cities including Jakarta, Medan, Surabaya and Bitung.

Golden Agri-Resources

Between June 12 and 15, Golden Agri-Resources non-executive lead independent director Lew Syn Pau acquired 7 million shares of the listed company for a consideration of S$1,039,913.

At an average price of 14.86 cents per share, this took his total interest in Golden-Agri Resources from 0.02 per cent to 0.08 per cent.

Mr Lew is chairman of the company's audit committee, and a member of its nominating and remuneration committees.

Mr Lew also holds directorships in other Singapore listed companies including Broadway Industrial Group, Food Empire Holdings, Golden Energy and Resources, SUTL Enterprise and Sinarmas Land.

TrickleStar

On June 15, TrickleStar independent director Ling Hee Keat acquired 200,000 shares of the Catalist-listed company for a consideration of S$62,050 at a price of 31 cents per share. This took his total interest in TrickleStar from 3.83 per cent to 4.07 per cent.

LHT Holdings

On June 16, LHT Holdings chairman, managing director and CEO, Yap Mui Kee acquired 78,100 shares of the listed company for a consideration of S$48,870.

At an average price of 62.57 cents per share, this took Ms Yap's total interest in the manufacturer of high quality wooden pallets, boxes and crates from 13.97 per cent to 14.12 per cent.

Her preceding acquisitions were on May 19 with 19,800 shares bought at 62.1 cents per share, then April 27, with 27,800 shares acquired at 57 cents per share, and April 6, with 50,000 shares bought at 57.6 cents per share.

Ms Yap has been the executive director of the company since Jan 2, 1988 and is in charge of all sales and marketing functions of the group.

After her appointment as acting managing director on Feb 26, 2016, she became chairman, managing director and CEO on Feb 10, 2017.

She has over 25 years of experience in sales and marketing and plays a key role in exploring opportunities in new markets.

Part of her responsibility is also to monitor market developments and streamline the company's product development efforts according to market demands.

Serial System

On June 16, Serial System executive chairman and group CEO Derek Goh Bak Heng acquired 600,000 shares of the electronic components distributor for a consideration of S$41,334. At an average price of 6.89 cents per share, the acquisitions increased his total interest in Serial System from 40.41 per cent to 40.47 per cent.

Mr Goh founded Serial System as a sole proprietorship in 1988, incorporated Serial System in 1992 and was the founding chairman and CEO when Serial System listed in 1997.

He maintains overall management responsibilities for the group, including leading the board in charting the future direction for the group.

Between June 1 and 2, Mr Goh also acquired 6.7 million shares at an average price of 7.04 cents per share.

JEP Holdings

Between June 11 and 15, JEP Holdings executive director Zee Hoong Huay acquired 204,200 shares of the Catalist-listed company for a consideration of S$39,161.

At an average price of 19.18 cents per share, the acquisitions increased his total interest in JEP Holdings from 15.55 per cent to 15.60 per cent.

Mr Zee is a veteran in the metal tooling and precision engineering industries with over 30 years of industrial experience and capabilities.

He has gradually increased his total interest in JEP Holdings from 14.77 per cent on July 7, 2019.

Boldtek

On June 15, Yi Investment Pte Ltd acquired 261,000 shares of Boldtek for a consideration of S$26,361 at an average price of 10.10 cents per share.

This followed its acquisition of 370,600 shares at an average price of 10.76 cents per share between May 28 and June 2.

Yi Investment shareholders are Boldtek executive director and CEO Phua Lam Soon and Boldtek executive director Ong Siew Eng.

Mr Phua and his spouse Ms Ong are also the co-founders of Boldtek.

Mr Phua is in charge of setting out strategic plans, steering business development and the overall management and day-to-day operations for the group, and he possesses more than 30 years of experience in Singapore's building construction industry.

Ms Ong oversees the group's human resource management and administrative functions.

With the acquisition, Mr Phua's total interest and Ms Ong's total interest in Boldtek increased from 64.59 per cent to 64.73 per cent.

Katrina Group

Between June 12 and 15, Katrina Group founder, executive chairman and CEO Alan Goh Keng Chian acquired 169,100 shares of the Catalist-listed company at an average price of 11.63 cents per share.

The consideration of the transaction totalled S$19,673.

This took his total interest in the F&B group, with multi-cuisine concepts, from 88.51 per cent to 88.59 per cent.

Mr Goh has gradually increased this total interest from 84.60 per cent as of the IPO on July 26, 2016.

Mr Goh heads the formulation of the group's strategic directions and expansion plans in Singapore and overseas markets, and manages the group's overall business development.

The acquisition also increased the total interest of Madaline Catherine Tan Kim Wah in Katrina Group. Ms Tan is the co-founder, executive director of the group and spouse of Mr Goh.

  • 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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