FOR the four trading sessions that spanned Dec 30, 2022, to Jan 5, 2023, the Straits Times Index (STI) gained 1.3 per cent, with institutions net buyers of Singapore stocks with S$5.2 million of net inflow.

DBS, OCBC, CapitaLand Investment, Jardine Matheson Holdings and Genting Singapore led the net institutional inflow for the four sessions.

Meanwhile, Yangzijiang Shipbuilding, Singtel, UOB, CapitaLand Integrated Commercial Trust, and Singapore Exchange led the net institutional outflow for the four sessions.

Share buybacks

There were 19 primary-listed companies conducting share buybacks over the four sessions through to Jan 5, with a total consideration of S$4.3 million.

For the companies, OCBC led the consideration tally, buying back 100,000 shares at S$12.44 per share. The bank has bought back 0.37 per cent of its issued shares (excluding treasury shares) on the current mandate.

HRnetGroup also bought back 868,000 shares at an average price of S$0.80 per share.

Digital Core Reit management also bought back more units of Digital Core Reit on Dec 30, bringing the total amount of units bought back over the month to 10,654,100 units or 0.95 per cent of the issued units as of the date of the buyback resolution.

Digital Core Reit is scheduled to report financial results for its FY22 (ended Dec 31) after the market close on Feb 2.

For the 2022 calendar year, more than 80 primary-listed stocks conducted share buybacks with the consideration totalling S$1.7 billion, higher than the S$1.2 billion in consideration in 2021, and higher than the S$1.5 billion filed back in 2018.

Director and substantial shareholder transactions

The four trading sessions saw more than 80 changes to director interests and substantial shareholdings filed for close to 40 primary-listed stocks.

This included 10 company director acquisitions with two disposals filed, while substantial shareholders filed six acquisitions and three disposals.

Digilife Technologies

On Jan 3, Digilife Technologies executive chairman and group chief executive officer (CEO) Bhupendra Kumar Modi increased his total interest from 54.14 per cent to 56.62 per cent. This was on the back of a share purchase agreement between Blue Ocean Capital Partners and Spice Bulls for 335,400 shares with an aggregate consideration of S$751,296 at S$2.24 per share.

Spice Bulls is 100 per cent held by Smart Co Holding, which in turn is 100 per cent held by Dr Modi.

With nearly four decades of business experience, Dr Modi is known for bringing the latest technologies into India in partnerships with industry leaders like Xerox, Alcatel, Telstra, Olivetti, Axiata, Singapore Technologies Telemedia and Fountain Life, among others.

He is also the group chairman of Singapore-headquartered Modi Holding, a diversified business conglomerate with business interests in mobility, finance, healthcare, education, entertainment, clean energy, and life sciences.

The business operations of Digilife Technologies, formerly known as Sevak, are broadly classified into two operating segments. This first segment is telecom, which includes the distribution of telecom operator products in Indonesia, mainly mobile prepaid cards as authorised distributors of the well-established telecom operators.

The second is technology, which includes the information communications and technology distribution and managed services business in India.

On Dec 20, Digilife Technologies received shareholder approval to conduct buybacks limited to no more than 10 per cent of the total number of issued ordinary shares in the capital of the Catalist-listed company.

Digilife Technologies observed that the share price of the stock had been trading at below the net assets per share and that the share buyback exercise may provide confidence to the shareholders that the company was undervalued at the market price.

Digilife Technologies has also changed its financial year end from Mar 31 to Dec 31, which means the next set of audited financial statements for the financial period ending Dec 31, 2022, will cover a period of nine months from Apr 1, 2022, to Dec 31, 2022.

In addition, Anitha Reddy Chada has been re-designated from non-independent non-executive director to executive director.

Forise International

On Dec 30, Forise International executive director Dennis Wan Jinn Woei acquired 1,409,200 shares at S$0.17 cents per share. With a consideration of S$239,564, this increased his total interest in the international advisory firm from 4.20 per cent to 7.51 per cent.

This followed his acquisition of 315,500 shares on Dec 28, and 1,473,700 shares on Dec 20 also at an average price of S$0.17 per share.

Wan was appointed to the board of Forise International on Aug 1, 2022. He has been involved with advisory industry and consultancy business over 20 years and oversees strategic direction, business development and project management of the group.

The group’s advisory solutions span corporate advisory, asset management, financial restructuring, strategic planning, commercial factoring, and management consulting.

For its H1 FY22 (ended Jun 30), Forise International reported group revenue of S$192,000, a decrease from S$275,000 in H1 FY21, mainly due to the decrease in revenue contribution from the corporate advisory services in China.

The group recognises revenue from corporate advisory contracts and management consultancy contracts when the outcome of a transaction involving the rendering of services can be estimated reliably.

Asian Pay Television Trust

Between Dec 29 and Dec 30, the non-executive director of the trustee-manager of Asian Pay Television Trust (APTT), Dai Yung Huei, increased his deemed interest from 19.13 per cent to 19.18 per cent.

This saw 808,100 units of APTT acquired by Araedis Investment for a consideration of S$89,699 at an average price of S$0.111 per unit.

Dai has gradually increased his total interest in APTT from 18.27 per cent in September 2022. He is also the chairman of Da Da Digital Convergence and the founder of Dafeng TV, the first publicly traded cable TV provider in Taiwan, which operates in domestic markets including New Taipei City and Kaohsiung City.

On Dec 30, the trustee-manager of APTT announced that its lead arranger had received commitment letters from sufficient lenders for the refinancing of its offshore facilities.

The facility agreement is expected to be signed in January 2023 with financial close expected to be in July 2023, at the maturity of the existing offshore facilities.

A-Sonic Aerospace

Between Dec 29 and Jan 5, A-Sonic Aerospace CEO Janet LC Tan acquired 120,000 shares for a consideration of S$78,445 at an average price of S$0.654 per share. This took her direct interest in the company from 60.92 per cent to 61.05 per cent.

Tan has gradually increased her total interest in A-Sonic Aerospace from 53.35 per cent at the end of 2018. With over 20 years of extensive experience in the aviation industry, Tan is also the promoter founder of A-Sonic Aerospace.

Datapulse Technology

On Dec 29, Datapulse Technology chairman and non-independent non-executive director Aw Cheok Huat acquired 411,900 shares at S$0.10 per share. The married deal increased his total interest in the hotel and hospitality property investment business from 10.00 per cent to 10.19 per cent.

Aw’s background spans mergers and acquisitions and corporate restructuring with some 25 years of experience in the hospitality industry.

XMH Holdings

On Dec 28, XMH Holdings chairman and managing director Tan Tin Yeow acquired 27,500 shares at S$0.24 per share. With a consideration of S$6,600, this increased his direct interest in the company from 42.14 per cent to 42.17 per cent.

Tan has gradually increased his direct interest in the diesel engine, propulsion and power generating solutions provider from 41.27 per cent prior to Aug 25, 2022.

He was appointed as managing director in 1991, and chairman in September 2016. He bears overall responsibility for the group as well as strategy formulation, corporate planning, business development and potential acquisition.

On Dec 12, XMH Holdings reported revenue of S$57.9 million in its H1 FY23 (ended Oct 31), a 74.3 per cent increase from S$33.3 million in H1 FY22.

All three business segments have recorded increased revenue with the distribution segment recording a significant increase of 109.5 per cent to S$22.8 million in H1 FY2022, mainly due to demand for engines to build tugboats in Indonesia.