Sian Chay increases Singapore Paincare stake

FOR the five local trading sessions that spanned Dec 4 to 10, the Straits Times Index (STI) gained 0.1 per cent with the Nikkei 225 Index, Hang Seng Index and S&P/ASX 200 Index averaging 0.3 per cent gains. This has brought the STI's decline in total return for the 2020 year to Dec 10 to 8.7 per cent.

Over the five sessions, the iEdge S-Reit Leaders Index gained 2.1 per cent, bringing its decline in total return for the 2020 year to Dec 10 to 4.0 per cent.

Share buybacks

There were 15 primary-listed stocks conducting share buybacks over the five sessions with a total consideration of S$30.8 million, lower than the preceding week's S$61.0 million.

Wilmar International again led the consideration tally, buying back 3,706,000 shares in a price range of S$4.18 to S$4.21 per share.

As of Dec 10, the current buyback mandate had seen Wilmar International purchase 0.64 per cent of its issued shares (excluding treasury shares) as of the date of the current share buyback resolution.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

OUE bought back 5,235,800 shares at an average price of S$1.17 per share, while Yangzijiang Shipbuilding (Holdings) bought back 3 million shares at an average price of 94.62 cents per share. Sembcorp Industries resumed buying back its shares, following on from buybacks conducted between Oct 29 and Nov 6.

Director and substantial shareholder transactions

The five trading sessions saw 60 changes in director interests and substantial shareholdings filed for close to 30 primary-listed stocks. This included 18 company director acquisitions, with no disposals filed, and substantial shareholders filing eight acquisitions and five disposals.

Singapore Paincare Holdings

On Dec 3, Sian Chay Medical Institution (Sian Chay) acquired 9 million shares of Catalist-listed Singapore Paincare Holdings for a consideration of S$1.98 million at an average price of 22.00 cents per share.

The transaction increased Sian Chay's total interest in Singapore Paincare Holdings from 10.26 per cent to 15.27 per cent.

This followed on from Singapore Paincare Holdings issuing 18 million new ordinary shares, also at 22.00 cents per share, to Sian Chay on Nov 27.

The married deal saw substantial shareholders Jessie Low Mui Choo and Lim Ewe Ghee reduce their respective deemed interests in the medical services group to below the substantial shareholder threshold

Sian Chay is a social service agency registered with the Ministry of Health that has been providing free Traditional Chinese Medicine consultation, subsidised medicine, acupuncture treatment and tuina to lower income and needy patients for over 100 years.

The medical institution serves about 1,400 patient visits daily through its network of 14 branches.

Back on Aug 27, Singapore Paincare Holdings reported a total net profit of approximately S$1.88 million in FY20 (ended June 30), up from S$1.26 million in FY19.

Excluding initial public offering expenses of S$1.23 million, the group's profit before income tax and profit for the year would have been S$3.63 million and S$3.11 million respectively.

Singapore Paincare Holdings listed on the Catalist Board on July 30, 2020.

Non-executive chairman and independent director Lai Chin Yee noted in the inaugural annual report, that the group is one of a few medical services group in Singapore specialising in the treatment of persistent pain.

Ms Lai added that the group provides effective pain relief to patients suffering from chronic pain by either removing pain generators and/ or interrupting pain signals.

This is partially attributed to minimally invasive procedures and specialised injections, thereby bridging the gap between using open surgery which may entail higher risks and longer recovery periods, and conservative physical therapies which may not be as immediately effective, to treat pain.

Sing Investments & Finance

On Dec 9, FH Lee Holdings (Pte) Ltd acquired 135,818 shares of Sing Investments & Finance (SIF) for a consideration of S$176,563 at S$1.30 per share.

This increased the total interest of SIF's managing director, Lee Sze Leong, and deputy managing director, Lee Sze Siong, to 30.41 per cent and 30.43 per cent, respectively.

Incorporated in Singapore on Nov 13, 1964, SIF listed on the Singapore Stock Exchange in July 1983.

The company has more than 50 years of lending experience in the financing arena in Singapore.

Back on Oct 26, the group reported that its 9MFY20 (ended Sept 30) net profit after tax declined 12.6 per cent to S$13.0 million compared to S$14.8 million in 9MFY19.

For the 9MFY20, the group built up an additional S$5.0 million allowances for credit losses compared to S$0.3 million in the previous corresponding period.

These were primarily general allowances for non-impaired assets made in view of the severe impact of the Covid-19 pandemic on the macroeconomic outlook.

Riverstone Holdings

On Dec 4, Riverstone Holdings executive chairman and chief executive officer Wong Teek Son acquired 60,000 shares of the company for a consideration of S$73,200 at S$1.22 per share.

He maintains a 51.14 per cent total interest in Riverstone Holdings.

Mr Wong is the founder of Riverstone and was appointed to the board as executive chairman in August 2005.

His executive responsibilities include developing business strategies and overseeing the group's operations.

Mr Wong's preceding acquisitions were between Dec 1 and 2 with 100,000 shares acquired at S$1.32 per share and between Nov 20 and 24, with 200,000 shares acquired at S$1.35 per share.

UOB-Kay Hian Holdings

Between Dec 3 and 8, UOB-Kay Hian Holdings (UOBKH) chairman and managing director Wee Ee-Chao acquired 43,400 shares of the company for a consideration of S$60,760 at S$1.40 per share, following the acquisition of 105,500 shares at the same price over the preceding five sessions.

The 10 days of transactions increased his total interest in UOBKH from 30.76 per cent to 30.78 per cent.

Mr Wee's total interest in UOBKH has gradually increased from 29.49 per cent at the end of 2019, and increased from 27.98 per cent at the end of 2018.

Oxley Holdings

On Dec 8, Oxley Holdings executive chairman and chief executive officer Ching Chiat Kwong acquired 100,000 shares of the company at 22.00 cents per share.

This took his total stake in the listed company to 42.49 per cent.

Mr Ching has 20 years of property industry experience and is responsible for the formulation of corporate strategies, charting future growth plans and driving overall performance of the group.

On Dec 9, Oxley Holdings deputy CEO & executive director Eric Low See Ching also acquired 100,000 shares of the company at 22.00 cents per share.

This increased his interest to 28.25 per cent.

Mr Low is responsible for the operation of the group including sales and marketing, project development, business development and financial management. He also assists the CEO in charting and executing the strategic plans for the group.

This year is the 10th anniversary of Oxley Holdings.

The group has evolved from a Singapore-based residential developer to an international real estate developer in the residential, commercial, hospitality and industrial space in over 10 countries.

It noted in its FY20 annual report that the novel coronavirus pandemic crisis has presented the group with challenges as well as opportunities which the group will look to capitalise on to emerge stronger from the crisis.

JEP Holdings

Between Dec 4 and 9, JEP Holdings executive director Zee Hoong Huay acquired 195,700 shares of the company for a consideration of S$38,369 at an average price of 19.61 cents per share. This increased his total interest in JEP Holdings from 15.73 per cent to 15.78 per cent.

It followed his acquiring a similar amount of shares between Dec 1 and 3 at 19.65 cents per share.

Mr Zee is a veteran in the metal tooling and precision engineering industries. JEP Holdings is a leading solutions provider of precision machining and engineering services, with a primary focus on the aerospace industry with over 30 years of operating history.

Roxy-Pacific Holdings

Between Dec 3 and 8, Roxy-Pacific Holdings independent director Winston Tan Tien Hin acquired 100,000 shares of the company for a consideration of S$35,000.

This increased his total interest in the established property and hospitality group from 0.87 per cent to 0.88 per cent.

The four acquisitions of 25,000 shares per day followed Mr Tan's acquisition of 30,000 shares at 35.17 cents per share between Nov 27 and 30.

Mr Tan is also executive chairman of Serrano and non-executive director of Plastoform Holdings.

Hwa Hong Corporation

On Dec 4, Hwa Hong Corporation (Hwa Hong) substantial shareholder David Ong Eng Hui acquired 20,000 shares of the company for a consideration of S$5,600 at 28.00 cents per share.

A series of acquisitions has seen Dr Ong gradually increase his total interest in Hwa Hong from 5.32 per cent at the end of 2018, to 6.31 per cent as of Dec 4.

The acquisitions also increased the deemed and hence total Hwa Hong interest of Dr Ong's father, Steven Ong Kay Eng, whose total interest stands at 16.20 per cent.