To The Moon

Share buybacks

There were four primary-listed companies conducting share buybacks over the five trading sessions through to Aug 3 with a total consideration of S$11.4 million.

1.Jardine Cycle & Carriage $JARDINE CYCLE & CARRIAGE LTD(C07.SI)$

On Aug 2, Jardine Cycle & Carriage (Jardine C&C) group managing director Benjamin Birks acquired 19,000 shares at S$33.90 per share. This increased his direct interest in the South-east Asia investment holding company of the Jardine Matheson Group from 25,000 shares to 44,000 shares. This represents a 0.01% direct interest in the company. His previous 25,000 shares were acquired on Mar 19, 2021, at S$22.77 per share.

Birks was appointed group MD in October 2019, and leads the long-term portfolio strategy of the group. This includes having direct oversight over its sustainability strategy. He joined Jardine Matheson in 2000 and has held senior positions within the retail, automotive, business outsourcing and IT businesses of Jardines. Prior to his current appointment, he was the chief executive of Jardine International Motors, Zung Fu Group and Jardine Pacific between 2012 to 2019. Birks is a commissioner of Astra and United Tractors, and a director of Thaco. He is also the chairman of Mindset, a registered charity of Jardine Matheson in Singapore, and was previously a director of Siam City Cement and Refrigeration Electrical Engineering Corporation.

2.iFast Corporation $IFAST CORPORATION LTD.(AIY.SI)$

On Jul 26, iFast Corporation independent director David Toh Teng Peow acquired 9,000 shares of the company for a consideration of S$44,785.

He maintains a 0.09% total interest in the wealth management and fintech business. Toh is also a director and chief technology officer at NTUitive, a wholly-owned subsidiary of the Nanyang Technological University of Singapore. NTUitive is responsible for commercialising the university’s scientific research and incubating startups.

Prior to his current role at NTUitive, Toh spent 11 years working in investment banks such as ING Barings and Lehman Brothers, where he was a top-rated Asia-Pacific technology sector analyst.

3.Seatrium $Seatrium(S51.SI)$

On Jul 28, Temasek reduced its deemed substantial shareholding of Seatrium below the 38% threshold. The disposal of 50 million Seatrium shares at S$0.145 per share reduced Temasek’s deemed interest in Seatrium from 38.02% to 37.95%. This followed Temasek reducing its deemed substantial shareholding in Seatrium below the 39% threshold on Jun 5, and below the 40% threshold on May 2.

Seatrium’s strong order wins of S$4.3 billion in H1 FY23 (ended Jun 30) were mainly from the renewables space. Seatrium’s net order book stands at S$19.7 billion, of which 40% is from renewables and cleaner/green solutions, with progressive deliveries till 2030. Seatrium reported a net loss of S$264 million in H1 FY23 due to provision for contracts and merger expenses, and expects to make a net loss for FY23.

On Jul 27, Keppel reported its highest profit on record in the company’s 55-year history, which was underpinned by the S$3.3 billion disposal gain from the divestment of the offshore and marine business to Seatrium.

https://www.sgx.com/research-education/market-updates/20230807-jardine-cc-md-ben-birks-acquires-more-shares-following