Trans-China Automotive founder boosts stake

FOR the five trading sessions that spanned Nov 19 to 25, the Straits Times Index (STI) declined 0.5 per cent, with the FTSE China A50 Index gaining 2.3 per cent, the Hang Seng Index declining 1.6 per cent and the FTSE Bursa Malaysia KLCI declining 0.8 per cent.

Within the STI, CapitaLand Integrated Commercial Trust C38U (CICT), DBS D05 Group Holdings, UOB U11 , Jardine Matheson Holdings J36 and Venture Corporation V03 received the highest net institutional inflows from Nov 19 to 25.

For the month of November through to Nov 25, AEM Holdings AWX led the net institutional inflows, followed by UOB and CICT, while generating respective returns of 21.2 per cent, 3.0 per cent and 4.7 per cent.

Outside the STI, UMS Holdings 558 , Singapore Press Holdings T39 , Suntec Reit T82U , Mapletree North Asia Commercial Trust RW0U and AEM Holdings received the highest net institutional inflows for the 5 sessions.

Overall, institutions were net buyers over the 5 sessions, with S$1.4 million of net inflow, with Singapore Airlines C6L , Singapore Telecommunications Z74 and Mapletree Logistics Trust M44U seeing the highest net institutional outflows.

Share buybacks

There were 16 primary-listed stocks conducting share buybacks over the 5 sessions with a total consideration of S$42,488,030, less than the S$55,730,528 filed for the preceding five sessions.

CapitaLand Investment 9CI , OCBC O39 and UOB again led the consideration tally, paying respective average prices of S$3.36, S$11.80 and S$27.67. Japfa UD2 led the buyback consideration tally for the non-STI stocks, buying back 2,274,200 shares at 63.0 cents per share.

Secondary-listing Hongkong Land bought back 4,104,400 shares, paying between US$5.75 and US$5.63 per share, up from the 2,576,100 shares bought over the preceding 5 sessions. Secondary-listed Jardine Matheson Holdings also bought back 71,000 shares, paying between US$60.00 and US$59.81 per share, after buying back 1,034,900 shares over the preceding 5 sessions. The maximum price Jardine Matheson paid for its shares in the preceding 2 weeks was also US$60.00 per share.

Director and substantial shareholder transactions

The 5 trading sessions saw 90 changes in director interests and substantial shareholdings filed for 35 primary-listed stocks.

This included 11 company director acquisitions with three disposals filed, while substantial shareholders filed 16 acquisitions and 11 disposals.

Q & M Dental

Between Nov 23 and 24, Quan Min Holdings acquired 3,050,300 shares of Q & M Dental Group QC7 (Singapore) (Q & M) shares.

Quan Min Holdings is an investment holding company incorporated in Singapore and Q & M's ultimate parent company. The shares were acquired at an average price of 58.9 cents per share with a consideration of S$1,795,803.

The acquisitions increased the deemed interest of founder and group CEO, Ng Chin Siau in Q & M from 52.41 per cent to 52.74 per cent. This followed the acquisition of 7,584,300 shares at 59.3 cents per share between Nov 12 and 18.

Dr Ng founded the group in 1996.

He is responsible for its corporate direction. He leads the group in all aspects of its business strategies, policy planning and business development in Singapore, Malaysia and China.

Trans-China Automotive Holdings

On Nov 19, Trans-China Automotive Holdings VI2 executive chairman and chief executive officer Francis Tjia Han Joe acquired 5.5 million shares of the Catalist-listed company at 26.5 cents per share through Octo Holdings which he wholly owns.

With a consideration of S$1,457,500, this increased his deemed interest in the vehicle dealership group from 75.60 per cent to 76.54 per cent.

Tjia has more than 20 years of experience in the industry in China.

He is also the founder of Trans-China Automotive Holdings and has been an executive director of the group since its establishment in 2009.

He has also been instrumental in the group's overall management, formulating its strategic focus and directions, developing and maintaining relationships with its suppliers and customers as well as overseeing general operations.

Trans-China Automotive specialises in the business of vehicle dealerships in the premium and ultra-premium market segment in China, which includes the sale of vehicles and the provision of after-sales services.

The group carries brands like BMW, McLaren, and Lotus, and has dealerships in Chinese cities - in Foshan, Shenzhen, Guangzhou, Chongqing, Changsha, and Wuhan.

Trans-China Automotive Holdings debuted on the Catalist board on Nov 11, with net proceeds of S$16.3 million raised through 85.0 million invitation shares at 23.0 cents per share.

Investors who were allotted investment shares included Aberdeen Asset Management Asia, Adedayo Funds, Starchase North Motorsports, Templeton Capital, Pheim Asset Management and Boustead Singapore.

Japfa

On Nov 22, Renaldo Santosa acquired 345,000 Japfa shares at 61.5 cents per share.

He was appointed an alternate director to Handojo Santosa on Apr 15. Handojo Santosa is the executive chairman of Japfa, and the father of Renaldo Santosa.

With a consideration of S$212,195 the acquisition increased the deemed interest of Renaldo Santosa in the industrialised agri-food company from 57.16 per cent to 57.20 per cent.

His preceding acquisitions were on Nov 2, with 590,000 shares acquired at 65.5 cents per share, and on May 10 with 115,000 shares acquired at 87.0 cents per share.

Credit Bureau Asia

Between Nov 17 and 22, Credit Bureau Asia TCU founder, executive chairman and CEO Koo Chiang acquired 53,200 shares of the company for a consideration of S$61,750, at an average price of S$1.16 per share. Koo's direct interest in Credit Bureau Asia is 68.10 per cent.

His preceding acquisitions included 138,300 shares at S$1.15 per share between Nov 11 and 16 and 7,600 shares acquired at S$1.25 per share on Sep 10.

In August, Credit Bureau Asia noted that its subsidiary, Credit Bureau Singapore, had commenced operations of the Moneylenders Credit Bureau, with a positive contribution to the group expected in the next financial year.

In addition, the company noted that Credit Bureau Singapore was close to finalising agreements with the digital bank licensees and will make the necessary announcements at the appropriate time.

Asian Pay Television Trust

Between Nov 22 and 23, Dai Yung Huei, non-executive director of the trustee-manager of Asian Pay Television Trust S7OU (APTT) increased his deemed interest in APTT from 17.15 per cent to 17.24 per cent. In total, 1,700,000 units of APTT were acquired by Araedis Investment for a consideration of S$231,600 at an average price of 13.6 cents per unit. This followed the acquisition of 1,900,000 at 13.7 cents per unit between Nov 15 and 16.

On Nov 19, the CEO of the trustee-manager of APTT, Brian McKinley acquired 200,000 units at 13.6 cents per unit. With a consideration of S$27,200, this took his total interest in the business trust from 0.11 per cent to 0.12 per cent. His preceding acquisition was on Sep 10, with 400,000 units bought at 13.1 cents per unit.

Prior to his appointment as CEO in Apr 2017, McKinley was the chief financial officer of the trustee-manager, an office he held since the listing of APTT in May 2013, providing financial and strategic leadership to the company.

Mooreast Holdings

On Nov 24, mooring solutions provider Mooreast Holdings 1V3 debuted on the Catalist board. The company raised S$8.5 million in its initial public offering, with 38,850,000 invitation shares placed at 22.0 cents per share.

Placees included Lion Global Investors, Pheim Asset Management, and ICH Capital. Mooreast Holdings also received S$10 million in pre-IPO funding from EDBI.

The total mooring solutions specialist serves mainly the offshore oil & gas (O&G) and marine and offshore renewable energy industries, with operations primarily in Singapore, and through its wholly owned subsidiary, Mooreast Europe.

The company is also applying its experience and expertise in mooring solutions to floating offshore wind farms.

Management highlighted multiple economic prospects for its business that include increasing global demand for renewable energy and offshore wind energy, the increasing demand for offshore wind industry in Asia and in the UK, the rising demand for solar energy in South-east Asia, and the recovery of the O&G industry.

The non-executive chairman and lead independent director of Mooreast Holdings is Joseph Ong Yong Loke who held multiple senior roles at Tan Chong International from 1981 to 2016 and is currently a non-executive director of the latter.

The founder, executive director, CEO and deputy chairman of Mooreast Holdings is Sim Koon Lam, who is who is responsible for formulating and implementing the company's business plans and driving its growth and corporate development.

Sim has been a director of the subsidiary, Mooreast Asia, since its incorporation in 2010 and has over 35 years of business and technical experience in the O&G industry.

Sim joined the Singapore subsidiary of Vryhof Anchors as its regional director in 1993 and oversaw its upstream diversification efforts, including the setup of its fabrication workshop at the Loyang Offshore Supply Base in Singapore, which culminated in his acquisition of the company from Vryhof Anchors in 2010.

With the completion of the placement, Sim is the controlling shareholder of Mooreast Holdings, with an indirect interest of approximately 73.6 per cent, through Feng Tai Investment, of which he is a 60.0 per cent shareholder, with the remaining 40.0 per cent held by Sim's spouse, Elaine Sim.

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