Standard Life Aberdeen raises deemed interest in AEM Holdings to 7.2%

FOLLOWING open market purchases made on Oct 10, Standard Life Aberdeen has increased its deemed interest in mainboard-listed tech solutions provider AEM Holdings to 7.2 per cent, according to a filing with the Singapore Exchange late on Thursday. 

About 1.86 million shares were bought from the open market for a total consideration of S$1.53 million or S$0.82 per ordinary share, were purchased by its subsidiary Aberdeen Asset Mananagement. The move raised its stake from about 17.49 million ordinary shares or 6.5 per cent in AEM to about 19.35 million shares.

AEM shares also rose in active trading on Wednesday after the company announced that its test solution had been selected by telecom company Huawei for use in qualifying links in its 5G network.

CGS-CIMB analyst William Tng, who downgraded the stock from "add" to "reduce" on July 31, said he is maintaining his call on the stock for now, pending further news on the use of the test solution by Huawei.

AEM shares finished down S$0.03 or 3.7 per cent at S$0.79 on Thursday.