Weekly Inflows: Raffles Medical, iFast, Boustead, LHT, JB Foods & Intraco See Huge Acquisitions
The five trading sessions saw close to 80 changes to director interests and substantial shareholdings filed for close to 40 primary-listed stocks. Directors or CEOs again filed 35 acquisitions, while no disposals were filed, and substantial shareholders filed nine acquisitions and five disposals.
Share buybacks by primary-listed companies Mar 8 - 14
1.Raffles Medical Group
Between Mar 7 and 13, $Raffles Medical(BSL.SI)$ executive chairman Loo Choon Yong acquired 2.7 million shares at an average price of S$1.02 per share. This increased his total interest from 53.61 to 53.76%.
This followed his acquisition of 10.9 million shares between Feb 27 and Mar 6. Prior to the recent spate of acquisitions Dr Loo’s total stake in Raffles Medical Group was 53.02%.
2.iFast Corp
Between Mar 8 and 11, $IFAST(AIY.SI)$ non-executive non-independent director Lim Wee Kian acquired 25,000 shares at an average price of S$6.89 per share. With a consideration of S$172,250, this increased Lim’s total interest in the wealth management fintech platform from 6.61 to 6.62%.
His preceding acquisition on the open market was back in October 2022 with 57,000 shares acquired at an average price of S$3.79 per share. Lim is head of foreign exchange, treasury and markets at DBS Bank and has been with the bank since August 2004. Prior to joining DBS Bank, he was with various investment banks and was a member of the teams engaged in the trading of foreign exchange and interest rate products.
3.Boustead Singapore
On Mar 11, $Boustead(F9D.SI)$ chairman and group CEO Wong Fong Fui acquired 103,400 shares for a consideration of S$94,405. At an average price of S$0.91 per share, this took Wong’s deemed interest in the listed company from 43.20 to 43.23%.
This followed his acquisition of 192,000 shares at an average price of S$0.89 per share between Mar 4 and 5. Back in November, Boustead Singapore reported that its 1HFY24 (ended Sep 30) revenue, at S$367.9 million, was 49% higher than 1HFY23, mainly due to significantly better revenue contributions from the energy engineering, real estate, and geospatial divisions.
4.LHT Holdings
On Mar 11, $LHT(BEI.SI)$ managing director, Yap Mui Kee, acquired 43,900 shares at an average price of S$1.05 per share. With a consideration of S$46,095, this took her direct interest in the homegrown pallet manufacturer from 16.64 to 16.72%.
Yap has gradually increased her direct interest in LHT Holdings from 14.12% in August 2021. Her preceding acquisitions were back on Feb 26 with 61,000 shares acquired at the same price; and on Jan 11, 2024, with 1,400 shares acquired at S$0.865 per share; and in October 2023, with 238,500 shares acquired at an average price of S$0.819 per share.
5.JB Foods
On Mar 11, $JB Foods(BEW.SI)$ executive director Goh Lee Beng acquired 191,500 shares in a married deal at S$0.49 per share. With a consideration of S$93,835, the acquisition increased her total interest in the provider of premium cocoa ingredient products from 47.40 to 47.47%.
This followed her acquisition of 13,900 shares at an average price of S$0.48 per share on Mar 7. Goh was appointed to the board of JB Foods in May 2012 and is responsible for procurement of raw materials and managing the cocoa trading positions of the group, including sourcing of cocoa beans and cocoa ingredients, managing the group’s cocoa hedging book, monitoring world cocoa trends, and the marketing of cocoa butter.
6.Intraco
On Mar 11, $Intraco^(I06.SI)$ executive chairman Mak Lye Mun acquired 286,000 shares in a married deal for a consideration of S$84,542. At an average price of S$0.30 per share, this took his direct interest from 0.96 to 1.21%.
His preceding acquisition was on Feb 27 with 225,100 shares acquired at the same average price. Mak was appointed Intraco executive chairman in July 2022 and was previously the independent non-executive chairman of Intraco from April 2021.
7.Zico Holdings
On Mar 12, $ZICO Hldgs(40W.SI)$ CEO Ng Hock Heng acquired 1,050,198 shares at S$0.04 per share. With a consideration of S$42,010, this took his direct interest in the Catalist-listed stock from 2.92 to 3.20%.
Ng held the role of executive director at Zico Holdings from 2014 and was later redesignated as the group CEO in May 2023, in line with the group’s succession planning. He is primarily responsible for overseeing the overall business of the group, the management of the its advisory and transaction services segment, the management, support services and licensing services segment, as well as developing and managing new services.
https://www.sgx.com/research-education/market-updates/20240318-raffles-medical-executive-chair-continues-acquisitions
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