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US mutual fund adds to Parkway Life Reit stake
FOR the four trading sessions from April 22 through to 25, 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 0.5 per cent gain.
This has brought the STI's 2019 total return through to April 25 to 9.8 per cent.
There were nine primary-listed stocks conducting share buybacks over the four sessions ended April 25. Buyback consideration was led by Keppel Reit, Hong Fok Corporation and Global Investments.
The consideration totalled S$2.4 million, less than preceding weeks and expected ahead of the growing schedule of earnings reports.
As best practice, companies should refrain from buying back their shares during the two weeks immediately before their quarterly financial statements and one month immediately before the full-year financial statements.
Parkway Life Reit
On April 18, the deemed interest of Cohen & Steers Inc in Parkway Life Reit (PLife Reit) exceeded the 7 per cent threshold.
This was due to its wholly owned subsidiary, Cohen & Steers Capital Management Inc, purchasing 1,356,600 units in PLife Reit.
The consideration of the transaction was S$3,934,140 and took the interest of Cohen & Steers Inc in PLife Reit from 6.85 per cent to 7.07 per cent. Neither Cohen & Steers Inc nor any of its affiliates is the registered holder of any shares of Parkway Life Reit.
Cohen & Steers Inc exceeded the 5 per cent substantial unit holder threshold interest in PLife Reit earlier this year, on Jan 23.
A Bloomberg report carried in the April 24 edition of The Business Times maintained that Cohen & Steers Inc oversees about US$63 billion in mutual funds and other liquid vehicles focusing on real estate, infrastructure and commodities, with shares of the firm rising more than 21 per cent over the 12 months through April 18.
This made Cohen & Steers Inc the biggest gainer in a Bloomberg Index of asset managers.
The report also cited the views of co-founder Robert Steers, who stated that institutional investors were starting to turn away from private equity real estate and infrastructure investments in favour of liquid funds that put their money to work faster.
The report added that Middle Eastern institutional investors are also allocating more to public funds because private equity returns are narrowing.
Q & M Dental
Q & M Dental Group - Singapore (Q & M) founder and group CEO Ng Chin Siau increased his total interest in the listed company to 53.95 per cent.
Between April 23 and 24, Dr Ng acquired 2,418,000 shares of Q & M for a consideration of S$1,069,360.
His preceding acquisition of Q & M shares was in the first week of 2019, which involved 464,800 shares for a consideration of S$235,124.
At the beginning of 2018, he maintained a 49.88 total per cent stake in Q & M.
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.
Moneymax Financial Services
On April 23, Money Farm Pte Ltd increased its direct interest in Catalist-listed Moneymax Financial Services (Moneymax) through the acquisition of one million shares via a married deal.
The transaction had an aggregate consideration of S$160,000 and took Money Farm's direct stake in the large pawnbroking chain from 61.2 per cent to 61.5 per cent.
Its preceding acquisition of Moneymax shares was on Nov 8, 2018 for 3,301,900 shares.
Moneymax executive chairman, CEO and co-founder Lim Yong Guan and his associates are entitled to exercise all the votes attached to the voting shares in Money Farm Pte Ltd.
The April 23 married deal increased his total stake in Moneymax from 74.1 per cent to 74.4 per cent.
Mr Lim is responsible for the overall management, operations, strategic planning, and business development of the group.
He is also responsible for, inter alia, driving the operational efficiency of the group's work processes, monitoring the development and performance of its business, as well as identifying new opportunities for expansion.
He also presently holds the position of non-executive chairman of SK Jewellery Group, which is listed on the Catalist board.
Moneymax non-executive director and co-founder Lim Yong Sheng's total stake in the stock was also increased from 72.0 per cent to 72.3 per cent.
Mr Lim currently serves as the executive director and group CEO of SK Jewellery Group.
Between April 18 and 24, Singapore eDevelopment (SeD) executive chairman and CEO Chan Heng Fai acquired 1,830,300 shares of SeD for a consideration of S$70,079.
Mr Chan, who has restructured over 35 companies in various industries and countries in the past 40 years, maintains a total interest in SeD of 70.3 per cent.
The global business veteran has gradually increased his interest in SeD from 68.74 per cent in March 2018.
Zhongmin Baihui Retail Group
Between April 18 and 23, Zhongmin Baihui Retail Group executive director Andrew Lim Kok-Kin acquired 43,900 shares of the listed company for a consideration of S$31,523.
This took Mr Lim's direct interest in the group from 0.44 per cent to 0.46 per cent.
Mr Lim has over 18 years of working experience in the investment industry.
These include serving as director at Azure Capital Pte Ltd, chief investment officer at S.E.A. Asset Management Pte Ltd, senior fund manager at Pheim Asset Management (Asia) Pte Ltd and senior portfolio manager at MMG Investments (Dubai, UAE).
UOB-Kay Hian Holdings
Between April 18 and 23, UOB-Kay Hian Holdings (UOBKH) chairman and managing director Wee Ee Chao increased his total stake in UOBKH, which is now at 28.28 per cent.
Mr Wee acquired 30,600 UOBKH shares for a consideration of S$38,250.
The UOBKH chairman has gradually increased his total stake in UOBKH from 26.51 per cent at the end of 2017.
On April 23, EnGro Corporation chairman and chief executive officer Tan Cheng Gay acquired 8,800 shares of the listed company for a consideration of S$7,402.
This saw the chairman's total stake in EnGro Corporation increase marginally from 14.47 to 14.48 per cent.
Mr Tan is a stalwart of the company, having been with EnGro Corporation since its inception.
He was appointed as director in 1973 and has since served as the executive director to steer the strategic direction and vision of the leading provider of building materials.
- The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit sgx.com/research.