Southern Alliance Mining managing director adds to stake at 41 cents per share

FOR the five trading sessions that spanned Nov 18 to 24, the Straits Times Index (STI) declined 1.0 per cent, with the Hang Seng Index falling 1.9 per cent and the FTSE Bursa Malaysia KLCI gaining 5.0 per cent.

Overall, institutions were net sellers of Singapore stocks for the five sessions ended Nov 24, with S$56 million of net outflows.

This brought the 2022 year to Nov 24 net institutional inflows to S$1.13 billion. DBS : D05 0%, CapitaLand Integrated Commercial Trust : C38U 0%, Mapletree Logistics Trust : M44U 0%, Singtel : Z74 0% and Keppel Reit : K71U 0% led the net institutional outflows for the five sessions.

Share buybacks

There were 24 primary-listed stocks conducting share buybacks over the five sessions ended Nov 24, with a total consideration of S$10.1 million, a moderately slower pace compared to the consideration totals for the preceding four weeks.

Best World International : CGN 0% led the five-session buyback consideration tally, purchasing 2,462,100 shares at an average price of S$1.66 per share.

Director and substantial shareholder transactions

The five trading sessions saw more than 70 changes to director interests and substantial shareholdings filed for 25 primary-listed stocks.

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This included 11 company director acquisitions with two disposals filed, while substantial shareholders filed five acquisitions and four disposals.

NoonTalk Media

On 21 Nov, Singapore-based media entertainment company NoonTalk Media : SEJ 0% debuted on Catalist. NoonTalk Media’s IPO of 22 million shares was fully subscribed by investors at 22 cents per share.

Among the anchor investors, LPG market leader Union Energy Corporation invested as part of its strategic partnership to tap into digital media growth opportunities to reach out to a younger generation of customers.

Based on the final offer document, NoonTalk Media executive drector and chief executive officer, Dasmond Koh remains the controlling shareholder post-IPO, with an approximate 62.55 per cent interest.

Southern Alliance Mining

On Nov 22, Southern Alliance Mining : QNS 0% managing director Pek Kok Sam acquired 1,616,400 shares of the company at 41 cents per share.

With a consideration of S$662,724 the married deal took his total interest in the Catalist-listed high-grade iron ore producer from 63.21 per cent to 63.55 per cent.

Pek has over 20 years of experience in the mining and exploration of iron ore, tin, and limestone with his early roots in conducting limestone quarrying activities in Malaysia from 1993 to 2005.

The group sells iron ore concentrate of low level of impurities with total Fe grade of between 62 per cent and 65 per cent to steel mills and trading companies mainly located in Malaysia and China.

In addition, it also sells pipe coating materials that are crushed iron ore with a natural characteristic of a higher density for subsea pipes, and also began selling iron ore tailings since its FY20 (ended Jul 31).

The group’s revenue decreased 53.9 per cent year on year from RM387.4 million (S$119 million) in FY21 to RM178.7 million in FY22, mainly attributable to intense overburden removal at the Chaah Mine, which resulted in lower volume of ore extraction in FY22.

Pek noted that as the group operates in the business of mining, its financial performance is naturally affected by the stage of operations at its mines.

This meant that in FY22, as per the schedule, resources were heavily focused on overburden removal and exploration activities.

Pek is responsible for the group’s business operations, including quality analysis and control, safety and environment, and site management aspects.

Headquartered in the state of Pahang, Southern Alliance Mining has a 14-year track record in the exploration, mining, and processing of high-grade iron ore in Malaysia.

The company listed on Catalist in June 2020, with an initial offer price of 25 cents per share, and market capitalisation of S$122 million.

This has since grown to S$198 million.

Chemical Industries (Far East)

On Nov 21, Chemical Industries (Far East) : C05 0% non-executive and non-independent director and emeritus chairman, Lim Soo Peng, acquired 665,000 shares at 75 cents per share. With a consideration of S$498,750 the married deal increased his total interest in the industrial chemicals and property group from 48.07 per cent to 48.95 per cent.

On Nov 14, Chemical Industries (Far East) reported a revenue increase of 44.7 per cent, from S$34.8 million for its H1 FY22 (ended Sep 30) to S$50.3 million for its H1 FY23. This saw the group record a profit before tax of s$0.9 million in H1 FY23 compared to a loss of s$1.7 million in H1 FY22, with the H1 FY22 losses due to an impairment loss of S$.1 million recorded for property, plant and equipment in Chemical Industries (Myanmar).

Lim served as the chairman and managing director of the company from March 1962 through to August 2020.

Asian Pay Television Trust

Between Nov 17 and 18, the non-executive director of the trustee-manager of Asian Pay Television Trust : S7OU 0% (APTT), Dai Yung Huei, increased his deemed interest from 18.48 per cent to 18.59 per cent.

This saw 1.2 million units of APTT acquired by Araedis Investment for a consideration of S$129,600 at 10.8 cents per unit.

Araedis Investment also acquired 844,800 units at 10.8 cents per unit on Nov 14.

Dai is the chairman of Da Da Digital Convergence Co and the founder of Dafeng TV – the first publicly traded cable TV provider in Taiwan, which operates in domestic markets including New Taipei City and Kaohsiung City.

APTT is the first listed business trust in Asia focused on pay-TV and broadband businesses.

On Nov 14, APTT provided a Q3 2022 business update, with the trustee-manager noting in the subsequent results briefing that in 2023 it expects to continue growing its broadband and premium digital cable TV subscribers, with expenses expected to be in line with 2022, while the trustee-manager also focuses on debt repayments and improving the balance sheet.

A-Sonic Aerospace

Between Nov 21 and 23, A-Sonic Aerospace : BTJ 0% CEO Janet LC Tan acquired 46,000 shares for a consideration of S$26,896, at an average price of 58.5 cents per share.

This took her direct interest in the company from 60.73 per cent to 60.79 per cent.

It followed the acquisition of 58,000 shares at 54.9 cents per share between Nov 10 and 16, and 19,000 shares at 52.3 cents per share between Nov 7 and 8.

Tan has gradually increased her total interest in A-Sonic Aerospace from 53.35 per cent at the end of 2018.

With over 20 years of extensive experience in the aviation industry, Tan is also the promoter founder of A-Sonic Aerospace.

Her current responsibilities include setting the overall long-term business direction, developing business strategies, and implementing growth strategies.

On Jun 30, A-Sonic Aerospace was removed from the SGX watchlist.

The average daily trading turnover of the stock this year has increased by more than 60 per cent from 2021 levels while also ranking among the 100 SGX-listed stocks that have booked the highest net institutional inflows in the 2022 year thus far.

Accrelist

Between Nov 21 and 22, Accrelist : QZG 0%executive chairman and managing director Terence Tea Yeok Kian acquired 210,400 shares at 4.7 cents per share.

With a consideration of S$9,828 this increased his total interest in the Catalist-listed investment holding company from 21.17 per cent to 22.24 per cent.

Tea is responsible for the overall growth of the group and his main role is to determine the strategic direction of the group, including acquiring and nurturing new businesses.

The writer is the market strategist at Singapore Exchange (SGX). To read SGX’s market research reports, visit sgx.com/research.