Institutions were net buyers of Singapore stocks over the five trading sessions through to Aug 31, with S$54.7 million of net institutional inflow, while 22 primary-listed companies conducted buybacks with a total consideration of S$18.9 million.

UOB again led the share buyback consideration tally, buying back 360,000 shares at an average price of S$28.41 per share, followed by Olam Group which bought back 3.25 million shares at an average price of S$1.25 per share. StarHub also bought back 1.35 million shares at an average price of S$1.02 per share.

Sembcorp Industries, CapitaLand Ascendas Reit, UOB, Seatrium, Singapore Airlines, Mapletree Industrial Trust, UMS Holdings, Keppel Corporation, CapitaLand Investment, and Frasers Centrepoint Trust led the net institutional inflow over the five sessions.

Leading the net institutional outflow over the five sessions, were Venture Corporation, CapitaLand Ascott Trust, Genting Singapore, Yangzijiang Shipbuilding (Holdings), OUE Commercial Reit, City Developments, Singtel, CDL Hospitality Trust and XMH Holdings.

The five trading sessions saw more than 70 changes to director interests and substantial shareholdings filed for 35 primary-listed stocks. This included 21 company director acquisitions with five disposals filed, while substantial shareholders filed 12 acquisitions and two disposals.

Acquisitions were filed for directors or CEOs of Beng Kuang Marine, Fortress Minerals, JEP Holdings, Kim Heng, QAF, RE&S Holdings, SunMoon Food Company, Trans-China Automotive Holdings, Union Steel Holdings, XMH Holdings and Wilmar International.

Wilmar International

On Aug 25, Wilmar International chairman and CEO, Kuok Khoon Hong, increased his deemed interest in the global agri-business from 13.39 per cent to 13.40 per cent.

This saw HPRY Holdings acquire 292,300 shares, Longhlin Asia buy 292,400 shares and Hong Lee Holdings add 292,400 shares. The 877,100 shares were bought at an average price of S$3.55.

QAF

Between Aug 25 and 29, QAF joint group managing director and executive director Lin Kejian acquired 1,018,200 shares at an average price of S$0.815 per share. With a consideration of S$829,965, this increased his total interest in QAF from 48.58 per cent to 48.76 per cent.

Lin has been filing acquisitions in the stock since Aug 15. His prior purchases were back in late June 2020.

RE&S Holdings

On Aug 29 RE&S Holdings executive director and chief operating officer Lim Shyang Zheng acquired 166,000 shares at S$0.265 per share.

With a consideration of S$43,990, this increased his direct interest in the Catalist-listed company from 2.21 per cent to 2.26 per cent.

Lim oversees the group’s day-to-day business operations and organisational functions which include supply chain and retail operations.

He has been with RE&S Holdings since July 2010 undertaking various key positions in the group which include deputy director and chief supply chain officer. Prior to joining the group, Lim was with the Ministry of Manpower where he formulated and implemented manpower policies.

On Aug 23, RE&S Holdings reported that the group’s profit after tax decreased to S$7.6 million in FY23 (ended Jun 30), from S$9.5 million in FY22.

The group also announced that it opened its inaugural Mister Donut outlet at Bishan’s Junction 8 under a master franchise, making it the very first Mister Donut outlet to open in Singapore. The famous Japanese doughnut chain was very popular and the group swiftly launched another Mister Donut outlet at Velocity@Novena Square in July 2023.

Established in 1988, RE&S Holdings is a multi-concept owner and operator of food and beverage (F&B) outlets in Singapore and Malaysia that provides customers with authentic Japanese cuisine and dining experience.

SunMoon Food Company

Between Aug 28 and 31, SunMoon Food Company non-independent and non-executive director Song XiaoJun acquired 2,055,500 shares at an average price of S$0.02 per share.

With a consideration of S$41,523, this increased his total interest in the consumer-focused distributor and marketer of branded high-quality fruits and vegetables from 13.94 per cent to 14.0 per cent.

Song is experienced in supply chain management, and he has held management positions in the industry for nine years. In addition, he also has relevant experience in the food services business since year 2020 and is currently the director of Champion Financial (Hongkong).

Back in May, SunMoon Food Company reported its group revenue for FY23 (ended Mar 31) was S$42.4 million, up 8.8 per cent from FY22, mainly due to the increase in sales of fruits and seafood.

In FY24, the group is continuing to focus on the export of products (including Chinese fresh fruits) from China to South-east Asian markets and the import of products (including fresh produce) to China market.

SunMoon Food Company operates from dual headquarters in both Singapore and Shanghai. The company also maintains a strategy that focuses on two main product categories of Fuji apple and Pangasius fish.

SunMoon Food Company is expected to release its H1FY24 financial results on or before Nov 14.

Union Steel Holdings

Between Aug 29 and 30, Union Steel Holdings executive director Ang Yew Chye acquired 39,500 shares at S$0.86 per share for a consideration of S$33,952. This increased Ang’s direct interest in the multi-business investment holding company from 10.72 per cent to 10.82 per cent.

Ang is responsible for the day-to-day operations and management of the companies and has more than 30 years of experience in the scrap metal recycling business.

On Aug 25, Union Steel Holdings reported its H2FY23 (ended Jun 30) revenue increased by 32 per cent from H2FY22. The revenue increase was mainly attributable to the growth of the engineering and scaffolding segments.

The group has also expanded into complementary business segments within the offshore, marine, and oil & gas industries since FY22. The acquisitions of BTH Group in May 2022, Promoter and Marshal Group in July 2022 and Fastweld Engineering in November 2022 have diversified the group’s revenue streams and contributed to the large revenue increase from the engineering segment.

Union Steel Holdings also noted that the construction sector’s sustained strength, combined with some backlog of workloads caused by the previous Covid-19 pandemic, has led to an increased demand for scaffolding services.

In the meantime, the group’s metal sector, particularly the steel market, has experienced some softening in pricing for both new steel and scrap metal since the end of FY22.

Beng Kuang Marine

On Aug 30, Beng Kuang Marine CEO Yong Jiunn Run acquired 250,000 shares at an average price of S$0.065 per share. With a consideration of S$16,250, this took his direct interest in the company from 4.07 per cent to 4.19 per cent. His preceding acquisition was on Jul 4, with 100,000 shares acquired at S$0.07 per share.

Yong’s responsibilities include making major corporate decisions, developing and steering corporate plans, and implementing business directions and strategies for the group.

On Aug 11, Beng Kuang Marine reported its H1FY23 (ended Jun 30) revenue increased to S$31.86 million, representing a growth of 9.7 per cent increase from H1FY22.

Yong attributed the result to significant efforts by the teams in implementing the group’s business strategy to monetise its assets, and with its core infrastructure engineering and corrosion prevention business divisions delivering resilient performance.

Kim Heng

On Aug 25, Kim Heng executive chairman and CEO Thomas Tan acquired 200,000 shares at an average price of S$0.081 per share. With a consideration of S$16,200, this increased his direct interest in the company from 0.08 per cent to 0.11 per cent.

Tan also maintains a 40.17 per cent deemed interest in Kim Heng which brings his total interest to 40.28 per cent.

Tan joined the group in 1978 as an apprentice and was involved in ship repair and maintenance, operations and chartering of vessels, engaging in loading of steel structures, fabrication/installation of rig modules as well as in the ship chandelling business. His offshore experience in the marine & energy sector spans over few decades and has been responsible for overall operations, business development, sales & undertaking contract negotiations for the group.

In 2019, he diversified the company’s business into renewable energy.

On Aug 15, Kim Heng announced that its wholly-owned subsidiary, Kim Heng Marine & Oilfield, had signed a MOU with offshore marine services contractor Dyna-Mac Engineering Services, a wholly-owned subsidiary of Dyna-Mac Holdings, where Kim Heng will support Dyna-Mac on a preferred partner basis to carry out various projects from time to time. 

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