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INSIDE INSIGHTS

Standard Life Aberdeen adds to its AEM stake

FOR the five trading sessions ended Oct 4, the Straits Times Index (STI) ended marginally lower with a 0.1 per cent decline.

Meanwhile the Nikkei 225, Hang Seng and S&P/ASX 200 Indices averaged a 0.9 per cent gain.

For the 2018 year through to Oct 4, the STI generated a 1.8 per cent decline in total return, compared to the three benchmarks which have averaged a 1.3 per cent gain.

Share buybacks

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There were 12 stocks conducting buybacks over the five sessions ended Oct 4.

The consideration totalled S$3 million which was down from S$6.7 million the preceding week.

The buyback tally was led by Sembcorp Industries, Singapore Post and Silverlake Axis.

For the month of September, 35 stocks repurchased 32 million shares for a total consideration of S$93.6 million and nine stocks commenced new buyback mandates.

Director and substantial shareholder transactions

The five sessions spanning Sept 28 to Oct 4 saw close to 60 primary-listed stocks lodge more than 150 changes in director interests or substantial shareholdings.

There were 16 company director acquisitions and seven disposals, while substantial shareholders filed 21 acquisitions and six disposals.

The same week in 2017 saw 47 SGX primary-listed stocks lodge more than 120 changes in director and substantial shareholders' interests.

Koh Brothers Eco Engineering's rights shares were listed and quoted for trading on Catalist on Sept 27.

Non-executive and non-independent chairman Koh Keng Siang was allotted a total of 437,388,846 rights shares as ordinary shares and 437,388,846 warrants for a consideration of S$19,682,498.07 (S$0.045 per rights share).

This took Mr Koh's total interest in the stock from 65.67 per cent to 72.07 per cent.

The majority of the 72.07 per cent stake is via the holdings of Koh Brothers Group Ltd (KBGL).

Mr Koh is the managing director and group chief executive officer of KBGL.

He has been with KBGL since 1987 and has held various positions in administration, finance and project management.

He has been the main driving force behind the expansion of KBGL's business into real estate and leisure & hospitality.

Mr Koh is also credited by the group as spearheading KBGL to establish its brand name in Singapore.

AEM

Between Sept 28 and Oct 2, Standard Life Aberdeen Plc (SLA Plc) increased its deemed stake in AEM Holdings, acquiring 3,660,200 shares.

This increased the deemed stake of SLA Plc in AEM Holdings above the substantial threshold, from 4.7647 per cent to 6.1249 per cent.

SLA Plc is the parent company of Aberdeen Asset Management Plc. Aberdeen Asset Management is a global asset management company that manages investments across the full spectrum of asset classes and geographic markets.

Last year Aberdeen Asset Management merged with Standard Life Plc. Aberdeen Standard Investments (Asia) Ltd, based in Singapore since 1992, is the main regional investment arm of the Aberdeen Group.

Grand Banks Yachts

On Oct 2, Grand Banks Yachts substantial shareholder Lim Kok Thay increased his deemed interest in the stock from 26.9 per cent to 28.56 per cent.

Exa Ltd acquired 3,056,497 shares of the stock for a consideration of S$886,384 via a married deal.

Mr Lim is deemed interested in the Grand Banks Yachts Ltd shares held by Exa Ltd, which is a direct wholly-owned subsidiary of Star Cruises Terminal (China) Ltd, which in turn is a direct wholly-owned subsidiary of Genting Hong Kong Ltd.

HMI

On Sept 26, Kabouter Management, LLC (Kabouter) reduced its deemed interest in Health Management International (HMI), disposing of 432,700 shares for a consideration of S$249,105.

This took Kabouter's stake in HMI below the 6 per cent threshold, from 6.025 per cent to 5.973 per cent.

Kabouter is deemed to be interested in the shares of HMI which are held through funds managed by Kabouter which is an investment management company located in Chicago, Illinois

Alliance Mineral Assets

On Oct 3, Regal Funds Management Pty Ltd (Regal) increased its deemed stake in Alliance Mineral Assets (AMA) by 687,200 shares with a consideration of S$199,288.

This took Regal's deemed interest in AMA across the 10 per cent threshold, from 9.93 per cent to 10.04 per cent.

Regal is deemed to have an interest in these shares as it is the trustee for Atlantic Absolute Return Fund, Regal Emerging Companies Fund II, and is sub-adviser of Zambezi Absolute Return Fund.

These funds hold Regal's deemed 10.04 per cent interest in AMA.

Regal was founded in 2004 by Andrew and Philip King and has offices in Sydney and Singapore.

The hedge fund utilises a long/short investment strategy and performs investment management and investment advisory services for a number of Australian unit trusts and Cayman Island companies.

Regal launched its first product, the Atlantic Absolute Return Fund in 2004 which has twice been named the Australian Hedge Fund of the Year.

Q & M Dental

Q & M Dental Group (Singapore) (Q & M) founder and group CEO Ng Chin Siau has recently increased his total stake in the stock from 51.65 per cent to 51.91 per cent as at Oct 1.

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.

Spanning five sessions, between Sept 25 and Oct 1, Quan Min Holdings Pte Ltd acquired 2,033,200 shares of Q & M for a total consideration of S$1,028,400.

Dr Ng is responsible for the corporate direction of the group, leading it in all aspects of its business strategies, policy planning and business development in Singapore and overseas, especially in China.

Dr Ng began 2018 with a 49.88 total per cent stake in Q & M.

The stock also bought back 3,457,400 of its shares in the month of September for a consideration of S$1,669,929.

The Q & M current buyback mandate has seen 1.16 per cent of its outstanding shares (excluding treasury shares) bought back in a series of 11 transactions since June 1.

From May 1992 to Oct 1994, Dr Ng was a dental officer with the Ministry of Health.

He left to join a private practice in November 1994, where he was an associate dentist with a private dental clinic at Bukit Batok until Oct 1996.

He founded Q & M in November 1996 and charted its growth since then.

Sinostar Pec

Intelligent People Holdings Ltd (IPHL) continued to acquire more shares of Sinostar Pec Holdings.

Between Sept 27 and Oct 2, IPHL acquired 2,198,100 shares of the stock for a consideration of S$501,141.

This took the deemed interest of Sinostar non-executive chairman Li Xiang Ping from 53.837 per cent to 54.18 per cent.

Mr Li has made multiple acquisitions of Sinostar shares in 2018, growing his stake via Intelligent People Holdings Ltd, from 52.19 per cent prior to Dec 27, 2017.

GSH Corp

Between Oct 2 and 3, GSH Corporation Ltd executive chairman Sam Goi Seng Hui acquired 142,000 shares of the company for a consideration of S$55,130.

Mr Goi maintains a 50 per cent stake in GSH Corporation. He also serves as a director of Envictus International Holdings, JB Foods and Tung Lok Restaurants (2000).

Mr Goi has gradually increased his stake in the property developer from 47.32 per cent at the end of 2014.

Cache Logistics Trust

On Sept 27, ARA Trust Management (Cache) Ltd chairman and non-executive director, Lim How Teck, acquired 48,200 units of Cache Logistics Trust at S$0.735 per unit.

The consideration of the acquisition totalled S$35,868 and took Mr Lim's stake in Cache Logistics Trust to 0.1112 per cent.

Mr Lim is also the chairman of Heliconia Capital Management Pte Ltd and NauticAWT.

Hai Leck

On Oct 1, Hai Leck Holdings (Hai Leck) founder and executive chairman, Cheng Buck Poh acquired 40,900 shares of the stock for a consideration of S$23,722.

This took his total interest in the integrated services provider to 83.77 per cent.

Mr Cheng is responsible for charting corporate directions and strategies for the group.

This brings the number of filed acquisitions in Hai Leck by Mr Cheng, from Sept 3 to Oct 1, to nine, which has seen Mr Cheng's stake increase from 83.34 per cent.

Prior to this, Mr Cheng's two most recent filed acquisitions were in April 2017 and Sept 2016.

GRP

On Sept 26, GRP chairman Daniel Teo Tong How acquired 150,000 shares of GRP for a consideration of S$21,000.

Mr Teo was appointed as an independent director of GRP in July 2014, and his stake in GRP is now 4.03 per cent.

He is the managing director of Hong How Group of Companies and also director of Tong Eng Brothers Group.

The businesses of these companies range from property development to investment holding in sectors such as commercial, residential, industrial and hospitality in Singapore, Malaysia, Australia, the US, UK, Spain and Sweden.

Eurosports Global

On Sept 27, Eurosports Global executive chairman and CEO Goh Kim San purchased a total of 71,000 shares for a consideration of S$14,550.

This was the executive chairman's first filed acquisition of Eurosports Global shares since Oct 10, 2017 and he maintains a 45.02 per cent total interest in the stock.

Mr Goh is one of the co-founders of Eurosports, and has more than three decades of experience in the automobile industry.

He was appointed executive chairman in December 2012, in addition to his role as CEO.

BM Mobility

On Oct 3, BM Mobility executive chairman Koo Ah Seang acquired 1.2 million shares for a consideration of S$14,300.

This took his stake in the stock to 14.49 per cent.

Mr Koo has more than 20 years of experience and knowledge in general and financial management and corporate restructuring.

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