Raffles Education lead independent non-executive director adds to stake
FOR the five trading sessions that spanned Sept 3 to 9, the Straits Times Index (STI) declined 0.6 per cent, while the FTSE China A50 Index, Hang Seng Index and FTSE Bursa Malaysia KLCI averaged a 0.1 per cent gain.
Within the STI, Singapore Telecommunications Z74 , CapitaLand C31 and Hongkong Land H78 received the highest net institutional inflows from Sept 3 to 9.
Outside the STI, iFAST Corporation AIY , Singapore Press Holdings T39 and AEM Holdings AWX received the highest net institutional inflows.
Overall, institutions were net sellers over the five sessions, with S$44 million of net outflow, with Jardine Matheson Holdings J36 , Singapore Airlines C6L and City Developments C09 seeing the highest net institutional outflows.
Share buybacks
There were a dozen primary-listed stocks conducting share buybacks over the five sessions with a total consideration of S$34.0 million, up from the S$27.3 million consideration for the preceding five sessions.
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OCBC O39 , UOB U11 and OUE LJ3 led the consideration tally.
OCBC bought back 1.87 million shares at an average price of S$11.64 per share, while UOB bought back 360,000 shares at an average price of S$25.62 per share.
OUE bought back 957,500 shares at an average price of S$1.42 per share.
Since reporting a turnaround in profit attributable to shareholders of S$30.1 million for its H1FY21 (ended June 30), OUE has bought back 5.2 million shares or 0.6 per cent of its shares as of the April 30 approved mandate to buy back up to 10 per cent of its outstanding shares (excluding treasury shares). The preceding mandate saw OUE buy back 2.4 per cent of its shares.
On Sept 6, secondary-listed Hongkong Land announced it intends to invest up to US$500 million to buy back its shares in a programme extending until Dec 31, 2022.
The company noted that the purpose of the share buyback is to reduce the company's capital and in line with long-standing capital allocation practice. On Sept 7, Hongkong Land bought back 320,000 shares at an average price of US$4.67.
Director and substantial shareholder transactions
The five trading sessions saw close to 100 changes in director interests and substantial shareholdings filed for close to 40 primary-listed stocks.
This included 21 company director acquisitions with three disposals filed, while substantial shareholders filed 15 acquisitions and five disposals.
Grand Venture Technology
On Sept 3, Grand Venture Technology JLB proposed a placement of up to 10 million vendor shares and up to 25 million new shares on Catalist, with the latter receiving approval in principle from SGX on Sept 8.
With a placement price of S$1.14 per share, the proceeds will build on the competencies, customer base, and capacity scale of the homegrown manufacturing solutions and services provider.
Furthermore, in line with the company's intention to undertake a transfer of listing to the Mainboard, as announced on Sept 1, the placement also allows the company to increase its share trading liquidity, public float and shareholder count.
On the back of the vendor placement of 10 million shares, executive chairman Lee Tiam Nam has reduced his deemed interest in Grand Venture Technology, decreasing his total interest to 29.37 per cent, from 35.04 per cent.
Mr Lee's total interest will also effectively decrease after the issuance of the new shares upon completion of the proposed placement.
On Aug 10, Grand Venture Technology reported a 282.7 per cent year-on-year surge in its H1FY21 (ended June 30) net profit to S$8.5 million, while also declaring its maiden dividend.
Tai Sin Electric
Between Sept 2 and 6, Tai Sin Electric 500 executive director and CEO Bernard Lim Boon Hock acquired 504,600 shares of the company for a consideration of S$193,859.
At an average price of 38.4 cents per share, this took his total interest in Tai Sin Electric from 16.88 per cent to 16.99 per cent, and followed his acquisition of 2,312,600 shares at 37.9 cents per share between Aug 27 and Sept 1.
Ho Bee Land
On Sept 3, Ng Noi Hinoy, spouse of Ho Bee Land H13 chairman and CEO Chua Thian Poh, acquired 50,000 shares of the company for a consideration of S$139,500.
At an average price of S$2.79 per share, this increased the deemed interest of Mr Chua in Ho Bee Land from 75.49 per cent to 75.50 per cent.
This followed his increasing his deemed interest with Ho Bee Holdings acquisition of 39,700 shares of Ho Bee Land at an average price of S$2.80 per share on Aug 27.
Headquartered in Singapore, Ho Bee has property investments and developments in Singapore, Australia, China, the United Kingdom and Germany.
The real estate development and investment company has a portfolio that covers residential, commercial and high-tech industrial projects since its establishment in 1987.
Raffles Education
On Sept 6, Raffles Education NR7 Corporation lead independent non-executive director Lim How Teck acquired one million shares of the company for a consideration of S$96,000.
At 9.6 cents per share, this took his total interest in the education group to 0.07 per cent.
Mr Lim is also the chairman of Heliconia Capital Management, ARA Logos Logistics Trust K2LU and Boogle Group. He is also a board director of CSE Global 544 , Mizuho Securities (Singapore), Heliconia Holdings, Yang Kee Logistics (Singapore), Singapore DTT Corporation and Nexusun International.
On Aug 27, Raffles Education Corporation reported its FY21 (ended June 30) revenue decreased to S$97.7 million from S$100.4 million for FY20.
This was on the back of revenue from its colleges in Asean decreasing by S$6.7 million due to continued impact of the Covid-19 pandemic border lockdowns, travel restrictions and new waves of infections.
At the same time, revenue from colleges in China increased by S$8.8 million due to higher enrolment.
GSS Energy
On Sept 8, GSS Energy 41F non-independent non-executive director Glenn Fung Kau Lee acquired one million shares of the company for a consideration of S$71,000.
At 7.1 cents per share, this increased his deemed interest in the Catalist-listed company from 12.36 per cent to 12.53 per cent.
It followed his acquisition of 5 million shares at 6.8 cents per share on Aug 20.
Mr Fung has over 30 years of working experience in the financial industry in Canada, New York, Korea and Hong Kong and also serves as the managing director and CEO of Cinda-Newbridge Investment Management Company, an infrastructure investment firm focused on Asia infrastructure investments.
GSS Energy maintains an established presence in precision engineering in Singapore, Indonesia and China complemented by investment in the oil and gas business in Indonesia.
On Sept 6, the group completed the placement of 83,333,300 subscription shares for an aggregate gross consideration of close to S$5 million.
AP Capital, an investment holding company incorporated in the Cayman Islands in the business of public equities investment, acquired 33,333,300 of the subscription shares, bringing its direct interest in GSS Energy to 5.75 per cent.
The remaining subscribers were private investors subscribing to the shares for their own investment purposes and introduced to GSS Energy by Evolve Capital Advisory, which acted as the financial adviser to GSS Energy for the subscription.
GHY Culture & Media
Between Sept 3 and 7, GHY Culture & Media XJB executive chairman and group CEO Guo Jingyu acquired 96,600 shares of the company for a consideration of S$59,116 at an average price of 61.2 cents per share.
This increased his total interest in the producer and promoter of dramas, films and concerts in the Asia-Pacific region, from 60.01 per cent to 60.02 per cent, and followed his acquisition of 255,200 shares at 61.5 cents per share between Aug 20 and 27.
Hafary Holdings
Between Sept 3 and 6, Hafary Holdings 5VS executive director and CEO, Low Kok Ann acquired 200,000 shares of the company for a consideration of S$33,000.
At 16.5 cents per share, this increased his total interest in the leading building material supplier from 8.45 per cent to 8.49 per cent, and followed his acquisition of 130,000 shares at 16.7 cents per share on Sept 1.
Southern Packaging Group
On Sept 6, Southern Packaging Group BQP substantial shareholder Jen Shek Chuen acquired 50,000 shares of the company for a consideration of S$25,000 at 50.0 cents per share.
This took the substantial shareholder's direct interest in the packaging solutions group from 13.93 per cent to 14.00 per cent.
It followed on from his direct interest crossing above the 13.00 per cent threshold back on Nov 18, 2018.
On Aug 14, Southern Packaging Group reported that its H1FY21 (ended June 30) revenue increased by 27.3 per cent year on year to 329.8 million yuan (S$68.58 million) on the back of sales demand recovering back to normal as the spread of Covid-19 in China was effectively under control compared to FY20.
Megachem
On Sept 3, Megachem 5DS managing director Sidney Chew Choon Tee acquired 35,000 shares of the company for a consideration of S$14,700.
At 42.0 cents per share, this increased his total interest in the one-stop specialty chemical solutions provider from 35.40 per cent to 35.43 per cent.
On Aug 12, Megachem reported 34.0 per cent year-on-year growth in net profit after tax to S$3.8 million for its H1FY21 (ended June 30).
This was on the back of higher sales across both the manufacturing and distribution segments due to improved business conditions.
With the results, Mr Chew noted that the company had continued to maintain diversification and increase depth in market penetration, as well as adopting a greater Asia-centric perspective.
He added that Megachem was thus able to emerge stronger from the Covid-19 pandemic, where its diversified supply chain only experienced minimal impact.
- 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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