Top Global's Widjaja continues acquisitions

FOR the four trading sessions that spanned April 5 to 8, the Straits Times Index (STI) gained 0.2 per cent while the Nikkei 225 Index, Hang Seng Index and S&P/ASX 200 Index averaged a 0.7 per cent gain.

This has brought the STI's total return for the 2021 year to April 8 to 12.6 per cent.

Within the STI, Jardine Cycle & Carriage, Venture Corporation, Yangzijiang Shipbuilding Holdings, Singapore Exchange and UOB received the highest net institutional inflows from April 5 to 8.

Outside the STI, Singapore Press Holdings, Cosco Shipping International Singapore, Top Glove, Singapore Post and Suntec Reit saw the highest net institutional inflows for the four sessions.

Over the four sessions, the iEdge S-Reit Leaders Index gained 0.9 per cent, with the total return for the 2021 year to April 8 showing a gain of 2.6 per cent.

Suntec Reit, Mapletree North Asia Commercial Trust and Mapletree Industrial Trust were recipients of the highest net institutional inflows for the four sessions.

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Share buybacks

There were eight primary-listed stocks conducting share buybacks over the four sessions with a total consideration of S$17,475,533.

Share buyback consideration for the month of March 2021 totalled S$71.8 million, up from S$49.7 million in February, which in turn had also increased from S$12.4 million for January 2021.

Director and substantial shareholder transactions

The four trading sessions saw 80 changes in director interests and substantial shareholdings filed for more than 30 primary-listed stocks.

This included six company director acquisitions and no company director disposals, with substantial shareholders filing eight acquisitions and three disposals.

Boldtek Holdings

On April 6, Twinkle Investment acquired 15,238,300 shares of Boldtek Holdings for a consideration of S$1,219,064 at 8.0 cents per share.

Twinkle Investment is now a substantial shareholder of Catalist-listed Boldtek Holdings with an 8.21 per cent direct interest as of April 6.

Twinkle Investment is owned by Neo Kah Kiat, the founder, chairman and CEO of Neo Group, and his spouse, Liew Oi Peng, executive director of Neo Group.

Boldtek announced that it had entered into a joint venture agreement with Neo Group back on Aug 28, 2020, primarily to carry out the business of property development, property investment and property management.

Top Global

On April 7, Top Global executive director and controlling shareholder, Sukmawati Widjaja, acquired 2,472,700 shares of the company for a consideration of S$964,233.

At 39.0 cents per share, this increased Mdm Sukmawati's total interest in the real estate development, hospitality and leisure business from 86.16 per cent to 86.92 per cent.

In a series of acquisitions, Mdm Sukmawati has increased her interest in Top Global from 77.40 per cent prior to March 10.

Mdm Widjaja was previously the executive chairman of Top Global from March 12, 2010 to Dec 2, 2019. She also co-founded the family controlled Sinar Mas Group with her late father, Eka Tjipta Widjaja.

Engro Corporation

On April 5, Engro Corporation substantial shareholder Chua Wee Keng acquired 201,500 shares of the company for a consideration of S$239,145.

At an average price of S$1.19 per share, this increased his direct interest in the leading provider of building materials from 6.62 per cent to 6.79 per cent.

On Feb 26, Engro Corporation noted that against the backdrop of lower demand for its integral cement and ready-mix concrete and specialty polymer businesses, group revenue fell 26.2 per cent to S$96.9 million in its FY20 (ended Dec 31).

However, the group managed to double its profit after tax to S$22.0 million in FY20, attributed to venture capital investment gains and profits from phase 2 of its joint venture property development project in Tangshan China.

In its outlook, the group commented that it was cautiously optimistic that the recovery would be sustainable with the roll-out of vaccines and enforcement of safe management measures in Singapore and Malaysia, and that the China economy is expected to continue its recovery in 2021.

The group also cited the Building and Construction Authority's S$23 billion to S$28 billion forecast for Singapore's construction demand in 2021, compared to $21.3 billion in 2020, S$33.4 billion in in 2019 and S$30.5 billion in 2018.

Uni-Asia Group

Uni-Asia Group substantial shareholder Ham Yong Kwan continued to increase his direct interest in the company to above the 7 per cent threshold. He acquired 353,900 shares for a consideration of S$209,660. At an average price of 59.2 cents per share, this increased his direct interest in the asset manager and integrated service provider of vessels and properties, from 6.57 per cent to 7.02 per cent.

Mr Ham maintained a 2.20 per cent interest in the company in March 2020, with his direct interest reported to cross over the 5.00 per cent substantial shareholding threshold in a filing on Jan 27.

On March 1, Uni-Asia Group highlighted that it had achieved 13 per cent higher total income of US$24.4 million for H2FY20 (ended Dec 31,) versus US$ 21.6 million for H1FY20.

Baker Technology

On April 8, Adrian Ho Kim Lee's direct interest in Baker Technology crossed above the substantial shareholder threshold.

Mr Ho acquired 200,000 shares of the company for a consideration of S$64,000 at 32.0 cents per share.

This took his direct interest in the provider of specialised marine offshore equipment and services from 4.98 per cent to 5.08 per cent.

Sim Leisure Group

Between March 22 and April 5, Sim Leisure Group founder, executive director and CEO Sim Choo Kheng acquired 201,000 shares of the Catalist-listed company for a consideration of S$42,226.

At an average price of 21.0 cents per share, this increased his total interest in the developer and operator of theme parks from 61.76 per cent to 61.89 per cent.

Mr Sim began his career in 1990 as a theme park employee before he took the big step to set up his own business in 1993 first by providing theme park management services then theme park design and contracting. The ensuing business journey took him across the globe for the next 28 years.

Mr Sim and his team had worked on more than 100 major theme park projects before he took Sim Leisure's ESCAPE theme park division for listing on the Catalist board on March 1, 2019.

Mr Sim's spouse, Silviya Georgieva, also serves as executive director of Sim Leisure Group, leading the organisation's planning, implementation, and control of quality assurance programmes while reducing overall operating costs.

Two of their three sons are also involved in Sim Leisure Group's marketing and park operations.

For its FY20 (ended Dec 31) results released on March 2, the group recorded a profit after tax of RM8.13 million (S$2.64 million), compared to a profit after tax of RM0.23 million in FY19.

Excluding the gain on the bargain purchase arising from the business combination with respect to the newly acquired subsidiary, Rakan Riang (an authorised licensee of KidZania), the group would have made a loss after tax of RM8.56 million for FY20.

With its FY20 results, the group noted that it had been in active negotiations with KidZania Headquarters in Mexico, as it intends to expand the KidZania franchise to other Asian countries.

The group added that it was in active negotiations with mall operators to construct adventure parks that are similar to the ESCAPE Challenge in Paradigm Mall in other malls in the Malaysian state of Selangor.

Prior to the lockdowns of 2020, the ESCAPE theme park had welcomed approximately 205,000 visitors in 2019, up from 185,000 in 2018 and 112,000 in 2017.

Awarded the TripAdvisor Certificate of Excellence every year between 2014 and 2019, the ESCAPE theme park was consistently ranked the No. 1 Theme Park in Malaysia by TripAdvisor.

Hafary Holdings

On April 6, Hafary Holdings executive director and CEO Low Kok Ann acquired 148,000 shares of the company for a consideration of S$22,940.

At 15.5 cents per share, this increased his total interest in the leading building material supplier from 8.34 per cent to 8.37 per cent.

His preceding acquisition was on Feb 26 with 98,000 shares acquired at 14.9 cents per share.

Mr Low's primary role in the group is to formulate and oversee corporate and strategic development and overall management and operations.

Ban Leong Technologies

On March 31, Ban Leong Technologies managing director Ronald Teng Woo Boon acquired 70,000 shares of the company for a consideration of S$17,850 at 25.5 cents per share.

This took his total interest in the technology products distributor from 26.27 per cent to 26.33 per cent.

Mr Teng's preceding acquisition was on March 5, with 200,000 shares acquired at 25.0 cents per share.

He has gradually increased his total interest in the company from 25.73 per cent at the end of 2020.

He is the founder of the group and plays an important role in managing the overall business operations.

Union Steel Holdings

On April 5, Union Steel Holdings executive director Ang Yew Chye acquired 23,000 shares of the company for a consideration of S$9,200.

At 40.0 cents per share, this took his direct interest in the one-stop supply service for recycled ferrous and non-ferrous metals needs from 9.20 per cent to 9.25 per cent.

His preceding acquisitions between March 17 and 24 saw Mr Ang acquire 54,300 shares at an average price of 38.8 cents per share.

Mr Ang is the co-founder of the group and was appointed executive director in August 2004.

He is responsible for the day-to-day operation and management of the companies and has almost 30 years of experience in the scrap metal recycling business.

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