SGX Market Updates

Author: SGX   |   Latest post: Thu, 28 Sep 2023, 9:14 AM


Ong Sek Chong & Sons Continues Building Lian Beng Stake

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Share Buybacks

FOR the 5 trading sessions that spanned Sep 16 to Sep 22, the Straits Times Index (STI) declined 0.2 per cent, with the FTSE China A50 Index declining 3.8 per cent, the Hang Seng Index declining 3.5 per cent and the FTSE Bursa Malaysia KLCI declining 1.9 per cent.

Overall, institutions were net buyers of Singapore stocks for the 5 sessions ending September, with close to S$200 million of net inflows, following the S$220 million of net inflows for the preceding 5 sessions. DBS Group Holdings, Oversea-Chinese Banking Corporation, Jardine Matheson Holdings, United Overseas Bank and Yangzijiang Shipbuilding (Holdings) led the net institutional inflows for the 5 sessions.

Share buybacks

There were 22 primary-listed stocks conducting share buybacks over the 5 sessions ending Sep 22, with a total consideration of S$48 million, up from the preceding week’s S$38 million. Wilmar international led the 5-session buyback consideration tally, buying back 4.03 million shares at an average price of S$3.97 per share. Wilmar International has bought back 0.97 per cent of its issued shares (excluding treasury shares) on the current mandate, as of Sep 22.

Director and substantial shareholder transactions

The 5 trading sessions saw more than 50 changes to director interests and substantial shareholdings filed for close to 30 primary-listed stocks. This included 15 company director acquisitions with no disposals filed, while substantial shareholders filed 5 acquisitions and 4 disposals.

Lian Beng Group

Between Sep 15 and Sep 21, Ong Sek Chong & Sons acquired 1,364,200 shares of Lian Beng Group. At 53.5 Singapore cents per share, the consideration for the acquisitions totalled S$729,847. The transactions took the total interest of Ong Sek Chong & Sons in the company from 58.02 per cent to 58.30 per cent. This followed the acquisition of 7,291,000 shares of Lian Beng Group at 53.5 cents per share between Sep 12 and Sep 14. Lian Beng Group chairman and managing director, Ong Pang Aik, and executive director, Ong Lay Huan, maintain deemed interests in Ong Sek Chong & Sons. Ong Pang Aik joined the group in 1978 and was instrumental in growing the business from its early days as a subcontractor into an A1-graded building construction enterprise, registered with the Building and Construction Authority today. He is responsible for the overall strategic direction and business expansion of the group which now incorporates multiple revenue segments, including construction, property development, investment holding and a dormitory segment.

Centurion Corporation

On Sep 16, Centurion Corporation executive director and joint chairman David Kim Kang Loh acquired 2,549,800 shares at HK$2.24 (S$0.41) per share. The company is dual listed on the SGX and HKEX, and the transaction increased his direct interest in the property owner, developer, and manager from 4.78 per cent to 5.08 per cent. Loh also holds a 50 per cent shareholding interest in Centurion Global Ltd, with its wholly-owned subsidiary, Centurion Properties Pte Ltd, maintaining a 50.66 percent interest in the company. This brings Loh’s total interest in Centurion Corporation to 55.74 per cent. Loh has over 20 years of experience in the investment and brokerage industry. He has been a principal and director of Centurion Global Ltd, a controlling shareholder of the company from April 2008 to present. On 13 Sep, Westlite Accommodation Malaysia, announced plans to increase its purpose-built workers accommodation capacity in Malaysia to cater to the growing needs of multinational companies, small and medium enterprises, and human resource agents in Malaysia. Westlite Accommodation is owned by Centurion Corporation. As a group, Centurion Corporation owns, develops, and manages a strong portfolio of 36 operational specialised accommodation assets globally totalling 65,077 beds as of Jun 30.

Rex International Holding

Between Sep 16 and Sep 19, Rex International Holding independent non-executive director Christopher Atkinson acquired 300,000 shares at an average price of 24.5 Singapore cents per share. With a consideration of S$73,500, this took his direct interest in the company from 0.01 per cent to 0.03 per cent and followed his acquisition of 100,000 shares at 25.0 cents per share on Sep 12. Atkinson also serves as an independent board member of Masirah Oil Ltd and of Lime Petroleum AS, subsidiaries of the group. He is a professional geologist with over 30 years of experience in the upstream oil and gas sector.

On Sep 20, Rex International Holding independent non-executive director John d’Abo also acquired 128,000 shares at an average price of 24.5 cents per share. D’Abo was appointed as to the board on May 4. He has over 30 years of executive experience in global investment banks and associated businesses mainly in South-east Asia, advising listed companies on fundraising in both equity and debt and corporate advisory, during which he established relationships with a wide array of companies and investors across multiple sectors. He is also the founder and current director of Erland Advisors and is also the chief operating officer of Caviar Biotec, a biotech and foodtech company.

Yangzijiang Financial Holding

On Sep 20, Yangzijiang Financial Holding lead independent director Chew Sutat acquired 188,000 shares for a consideration of S$73,320 at 39.0 Singapore cents per share. He maintains a 0.02 per cent direct interest in the company, with previous acquisitions including 200,000 shares at 43.0 cents per share on Jun 24, and 312,000 shares acquired at 52.8 cents per share between Apr 29 and May. Chew is the co-founder of Shan De Advisors serves as a non-executive board member of ADDX, and previously served as senior managing director and a member of Singapore Exchange’s executive management team for 14 years.

Samudera Shipping Line

On Sep 19, Samudera Shipping Line executive director and CEO Bani Maulana Mulia acquired 53,200 shares at an average price of 94.0 Singapore cents per share. This followed his acquisitions of 97,600 shares at an average price of S$1.02 per share between Aug 25 and Aug 26, and 49,100 shares at an average price of S$1.02 per share between Aug 18 and Aug 19. He maintains a 0.65 per cent direct interest in Samudera Shipping Line, which is primarily engaged in container shipping transportation of cargo in the Asian region. The group’s vessels and services currently ply trade routes connecting various ports in South-east Asia, the Indian subcontinent, the Far East and the Middle East. Bani was appointed group CEO on Sep 1, 2020 and is responsible for the group’s strategic direction, growth and day-to-day operations. He is also the president director of Samudera Indonesia.

Global Investments

On Sep 15, Global Investments independent director Ng Thiam Poh acquired 99,700 shares of the mutual fund company at an average price of 13.5 Singapore cents per share. With a consideration of S$13,460, this took Ng’s direct interest in the company to 0.01 per cent. Ng was appointed to the board as an independent director on Oct 20, 2021. After starting his career as a management trainee in Sembawang Shipyard in 1980, Ng retired as the head of supply chain of Sembcorp Marine in 2020, where he had headed the global supply chain function, with responsibilities for global materials and equipment procurement, formulating effective sourcing strategies including category management, and establishing strategic alliances with suppliers.

Envictus International Holdings

On Sep 15, Envictus International Holdings vice-chairman and non-executive director Sam Goi Seng Hui increased his total interest in the company from 25.90 per cent to 25.96 per cent. He acquired 148,900 shares for a consideration of S$20,846 at 14.0 cents per share. The executive chairman of Tee Yih Jia Group, GSH Corporation and Hanwell Holdings, joined the board of Envictus International Holdings as vice-chairman and non-executive director on Jan 9, 2013. Founded in 1997, the group started as a manufacturer and distributor of sweetened condensed milk and evaporated milk, and in the years following its listing, has evolved into a diversified F&B player following several acquisitions.


Inside Insights is a weekly column on The Business Times, read the original version.

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