S$20m in buybacks; Macquarie acquires 5% of Geo Energy

FOR the 2018 year through to Nov 22, the Straits Times Index (STI) has generated a 7.5 per cent decline in total return, amid regional mixed moves that have ranged from a 1 per cent decline for the Nikkei 225 Index to a 21.4 per cent decline for China's CSI 300 Index. For the five trading sessions ended Nov 22, the STI was the most defensive benchmark, declining 0.4 per cent, while the Hang Seng Index, Nikkei 225 index and S&P/ASX 200 averaged a 0.8 per cent decline.

Share buybacks

There were 21 stocks conducting buybacks over the five sessions ended Nov 22, similar to the preceding week. The consideration totalled S$20.5 million, also similar to the S$22 million filed for the preceding week. United Overseas Bank, Oversea-Chinese Banking Corporation, SATS, Olam International and Sembcorp Industries led the tally.

Director and substantial shareholder transactions

The five sessions spanning Nov 16 to 22 saw 51 primary-listed stocks lodge more than 140 changes in director interests or substantial shareholdings.

There were 28 company director acquisitions and two disposals filed, while substantial shareholders filed 19 acquisitions and five disposals.

Geo Energy Resources

On Nov 19, Geo Energy Resources completed a share subscription to Macquarie Bank Ltd (Macquarie) - a wholly owned subsidiary of Macquarie Group - through the issuance of 70 million subscription shares. The consideration of the subscription shares totalled S$20.3 million that were subsequently listed and quoted on the SGX effective Nov 21. The deal has taken Macquarie's direct interest in Geo Energy Resources to 5 per cent.

As reported by The Business Times earlier this month, under the subscription, Macquarie had also subscribed for 74 million non-listed, transferable, free warrants in Geo Energy exercisable within two years from the issue date with each warrant carrying the right to subscribe for one Geo Energy Resources share at an exercise price of S$0.33 per share.

Geo Energy Resources entered into a coal offtake agreement for life of mine with Macquarie for the entire production of coal from PT Tanah Bumbu Resources (TBR) subject to the Indonesia domestic market obligation (DMO) requirement.

In terms of the coal offtake, the group is expected to supply 43.23 million tonnes or an average of 7 million tonnes over a 12-month period for the next six years (subject to the Indonesian DMO) of coal to Macquarie over the life of mine of TBR, commencing in January 2019, at an index-linked price less offtake margin.

Metro Holdings

On Nov 20, Leroy Singapore Pte Ltd increased its deemed stake in Metro Holdings from 5.768 per cent to 6.734 per cent. The 8 million shares were acquired for a consideration of S$9.6 million and increased the total interest of Ong Sek Hian in Metro Holdings to 35.398 per cent, and the total stake of Ong Jenn in Metro Holdings to 35.399 per cent.

Ong Sek Hian and Ong Jenn are shareholders of Leroy Singapore Pte Ltd, and both sons of the late Jopie Ong Hie Koan, the former managing director of Metro Holdings, and grandsons of the late Ong Tjoe Kim, who founded Metro Holdings in 1957.

OKH Global

A married deal on Nov 20 saw Li Lee Yu acquire the 125,732,000 OKH Global shares previously held by Calvin Fong Yau Lam. The married deal carried a consideration of S$2,514,640 and took Li Lee Yu's substantial shareholding in OKH Global to 11.14 per cent.

Q & M Dental

Q & M Dental Group - Singapore (Q & M) founder and group CEO Ng Chin Siau continued to increase his total stake in the stock, which is now 52.85 per cent. Between Nov 15 and 21, Dr Ng acquired 3,338,600 shares for a consideration of S$1,683,286. The majority of Dr Ng's interest in Q & M Dental Group (Singapore) is by virtue of his 43.91 per cent direct shareholding in Quan Min Holdings Pte Ltd.

He began 2018 with a 49.88 total per cent stake in Q & M. Dr Ng is responsible for the corporate direction of the group, leading the group in all aspects of its business strategies, policy planning and business development in Singapore and overseas.

Oxley Holdings

Between Nov 16 and 20, Oxley Holdings (Oxley) executive chairman and CEO Ching Chiat Kwong acquired 1,950,000 shares of Oxley for a consideration of S$578,195. This took his total stake in the stock to 41.56 per cent. At Oxley, Mr Ching is responsible for the formulation of corporate strategies, charting future growth plans and driving overall performance of the group. Apart from his commitments at Oxley, Mr Ching sits on the boards of Galliard (Group) Ltd, Pindan Group Pty Ltd and Aspen (Group) Holdings Ltd.

Between Nov 19 and 21, Oxley deputy CEO & executive director Eric Low See Chin acquired 1 million shares of Oxley for a consideration of S$296,000. This increased his direct stake in the home-grown property developer to 27.79 per cent.

Mr Low is responsible for business development, as well as supporting Mr Ching in the formulation of corporate strategies and future direction of the group. Mr Low is also a non-executive director of Hafary Holdings where he previously served as CEO.

Centurion Corporation

Between Nov 16 and 21, Centurion Corporation non-executive director Han Seng Juan increased his total stake in Centurion Corporation from 57.110 per cent to 57.238 per cent. The transactions saw him acquire shares of the HKEx listing of Centurion Corporation in addition to 566,200 shares of the SGX-listed Centurion Corporation for a consideration of S$229,311.

Mr Han has gradually increased his stake in the owner, developer and manager of purpose-built workers and student accommodation assets, from 55.004 per cent at the end of 2017. He has been a principal and director of Centurion Global Ltd, the controlling shareholder of the company, since 2008. Mr Han is also the maternal cousin of David Loh Kim Kang, non-executive director and controlling shareholder of the company.

UOB-Kay Hian Holdings

Between Nov 19 and 21, UOB-Kay Hian Holdings (UOBKH) chairman and managing director Wee Ee Chao increased his total stake in UOBKH which now stands at 27.81 per cent.

Mr Wee acquired 204,600 UOBKH shares for a consideration of S$248,509. The UOBKH chairman has gradually increased his total stake in UOBKH from 26.51 per cent at the end of 2017.

UMS Holdings

On Nov 15, UMS Holdings chairman and CEO Andy Luong acquired 331,800 shares of the precision engineering group for a consideration of S$215,030.

This took his total stake in the stock to 20.53 per cent. As president and founder of the UMS group, Mr Luong has more than 20 years of experience in manufacturing front-end semiconductor components.

Hong Lai Huat Group

On Nov 16, Hong Lai Huat Group deputy chairman and CEO Ong Bee Huat acquired 300,800 shares of the real estate and property developer for a consideration of S$64,973.

He is the founder of the group and the acquisition increased his direct stake in the stock from 15.09 per cent to 15.23 per cent. He is responsible for the group's overall strategic direction and planning as well as business development.

Nordic Group

Between Nov 19 and 20, Nordic Group executive director Dorcas Teo Ling Ling acquired 100,000 shares of the group for a consideration of S$40,650. Ms Teo is the CEO of Nordic Flow Control with responsibility for its overall operations, sales and business development, profit and loss management, and human resources functions. She maintains an 8.16 per cent stake in Nordic Group, while executive chairman Chang Yeh Hong maintains a 55.39 per cent total stake in Nordic Group.

Jadason Enterprises

Between Nov 15 and 19, Jadason Enterprises substantial shareholder Liaw Hin Hao acquired 1,020,500 shares of the stock for a consideration of S$25,733.

The substantial shareholder's direct stake in the printed circuit board supplier has gradually increased to 8.0887 per cent, from 6.0834 per cent as at Dec 29, 2017.

BM Mobility

On Nov 19, BM Mobility executive chairman Koo Ah Seang acquired 2,800,100 shares of the stock for a consideration for S$33,601. This took his stake in the stock from 15.16 per cent to 15.71 per cent.

Mr Koo has more than 20 years of experience and knowledge in general and financial management and corporate restructuring. His preceding acquisition of the stock was on Oct 12, which saw him acquire 1,350,100 shares of the stock for a consideration for S$16,201.

Shinvest Holding

Between Nov 19 and 20, Shinvest Holding managing director Teo Teck Leong acquired 22,400 shares of the specialist manufacturer for a consideration of S$17,005.

This took his deemed stake in the stock to 8.591 per cent.

He is the CEO of the company's wholly-owned subsidiary, Sin Hong and has been a director of GD Tech since March 28, 2011.

Mr Teo also sits on the board of all of Sin Hong's subsidiaries and one of the subsidiaries of GD Tech, and oversees the businesses of Sin Hong and its subsidiaries and GD Tech and its subsidiaries.

Enviro-Hub Holdings

On Nov 19, Enviro-Hub Holdings executive chairman Raymond Ng acquired 250,000 shares of the environmental management solutions group for a consideration of S$11,575. This took his total stake in the stock to 40.32 per cent.

Mr Ng is responsible for the group's overall management, business development, investment decisions as well as strategic direction and planning.

He has gradually increased his stake in Enviro-Hub Holdings from 39.15 per cent prior to March 7.