For the trading sessions that spanned Jun 23 to Jun 29, the Straits Times Index (STI) declined 0.5 per cent while the Hang Seng Index fell 0.6 per cent and the FTSE Bursa Malaysia KLCI slipped 0.2 per cent.

Singapore Depository Receipts (SDR) marked their first month of trading on SGX.

The three SDRs offer investors an opportunity to gain exposure to some of Thailand’s largest blue-chip companies – Airports of Thailand; CP All, the sole operator of 7-Eleven convenience stores in Thailand; and PTT Exploration & Production. 

As at Jun 28, the three SDR collectively garnered close to S$0.2 million retail net inflows, with largest net buys in Airports of Thailand.

The top traded SDR was PTT Exploration & Production, with an average daily trading range of 1.5 per cent on the back of volatility in oil prices.

Share buybacks

There were 17 companies conducting share buybacks over the four trading sessions through to Jun 28 with a total consideration of S$13.7 million.

Digital Core Reit Management also bought back 719,400 units of Digital Core Reit.

Director and substantial shareholder transactions

The four trading sessions saw close to 70 changes to director interests and substantial shareholdings filed for more than 30 primary-listed stocks.

This included 11 company director acquisitions with two disposals filed, while substantial shareholders filed six acquisitions and four disposals.

AEM Holdings

On Jun 21, the Malaysian Employees Provident Fund Board’s (EPF) deemed substantial shareholding in AEM Holdings crossed above the 10.0 per cent threshold with a market transaction that saw 680,300 shares acquired at an average price of S$3.75 per share. This followed on from the EPF’s deemed substantial shareholding in AEM crossing above the 9.0 per cent threshold on Mar 2.

Previously, the EPF’s deemed substantial shareholding in AEM crossed above the 8.0 per cent threshold in October 2022, and above the 7.0 per cent threshold in July 2022, and above the 6.0 per cent threshold and 5.0 per cent substantial shareholder threshold in June 2022.

AEM Holdings celebrated the grand opening of its new manufacturing plant in Penang in January 2023, highlighting that the plant spans over 365,000 square feet for assembly, quality assurance, warehouse, research and development (R&D) lab, and more, to develop advanced testing and handling equipment.

The company added that the plant will allow AEM to tap the region’s growth opportunities and talents and bring its operations closer to existing and new customers. The R&D lab at the Penang plant allows it to enhance its in-house engineering capabilities with a strong focus on delivering technologies and solutions for the next generation semiconductor testing needs.

At the Apr 27 AGM, AEM Holdings CEO Chandran Nair talked about the strategic benefits of the company’s operations in Penang, particularly its robust supply chain ecosystem that aligns with the company’s requirements, enabling it to effectively address operational demands, especially during periods of scaling up.

The deemed substantial shareholding of abrdn plc in AEM Holdings also crossed the 9.0 per cent threshold on Jun 21, after crossing the 8.0 per cent level on Mar 2.

AEM Holdings noted on May 11 that the group’s visibility remains limited into the second half of 2023, but there is a flicker of positive signs across the industry. It added that inventory levels are falling, and inventory corrections are expected to conclude in late 2023, early 2024.

The group also highlighted that technology nodes are continuing to advance as two of the world’s most advanced foundries are forecasting new process nodes to be up and generating revenue in the second half of 2023, which, in turn is expected to drive demand for new test capability.

Union Steel Holdings

Between Jun 22 and 27, Union Steel Holdings executive director Ang Yew Chye acquired 102,200 shares at an average price of S$0.781 per share.

With a consideration of S$79,839 this increased his direct interest in the multi-business investment holding company from 10.44 per cent to 10.70 per cent.

Ang is the co-founder of the group and was appointed as executive director in August 2004.

He 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.

Union Steel Holdings maintains three primary business drivers – metals, scaffolding and engineering.

For its H1FY23 (ended Dec 31), the group’s revenue increased by 36 per cent or S$14.1 million from H1FY22, mainly attributable to the growth in the scaffolding and engineering segments.

Uni-Asia Group

Between Jun 26 and 27, Uni-Asia Group executive director Masahiro Iwabuchi acquired 67,700 shares at S$0.91 per share.

With a consideration of S$61,607, this increased his direct interest in the company from 0.67 per cent to 0.76 per cent.

Uni-Asia Group produces and offer alternative investment opportunities for assets such as vessels and properties to its clients.

Iwabuchi joined the group when it was established in 1997 and was appointed senior managing director in April 2014.

He heads the property investment department, overseeing all property investments of the group.

Prior to joining the compamy, Iwabuchi spent more than 13 years with The Hokkaido Takushoku Bank, and accumulated extensive experience in the banking industry across Asia including Japan, Indonesia, Singapore, Hong Kong, and China.

Hai Leck Holdings

On Jun 23, Hai Leck Holdings executive chairman and CEO Cheng Buck Poh acquired 100,000 shares at S$0.37 per share. This increased his total interest in the provider of project and maintenance services to the oil and gas and petrochemical industries from 84.83 per cent to 84.87 per cent.

Cheng is also the founder and Hai Leck Holdings and is responsible for charting and reviewing corporate directions and strategies for the group in addition to overseeing management and development of its business, locally and overseas; and is also responsible for sales and marketing for the group’s business.

He has more than 40 years of experience in the industry and has led the management in pursuing the group’s mission and objectives.

Bonvests Holdings

On Jun 23, Bonvests Holdings executive chairman Henry Ngo acquired 36,200 shares at S$0.985 per share. The acquisition was made through Allsland Pte Ltd, which is wholly owned by Ngo, and saw his total interest in Bonvests Holdings increase from 84.54 per cent to 84.55 per cent.

His preceding acquisitions were on Jun 6 and 5, with 17,000 shares and 6,800 shares acquired respectively, at S$0.96 per share.

Ngo has gradually increased his total interest in the group from 82.93 per cent in August 2018.

The three core businesses of the group span property development and investment, hotel ownership and management, and waste management and contract cleaning of buildings.

JEP Holdings

On Jun 28, JEP Holdings executive chairman Andy Luong acquired 115,000 shares at an average price of S$0.301 per share.

With a consideration of S$34,600, this increased his direct interest in the company from 0.63 per cent to 0.66 per cent.

Luong also holds 15.89 per cent of the issued share capital of UMS Holdings, which in turn holds 73.85 per cent of the issued share capital of JEP Holdings.

This brings his total interest in JEP Holdings to 74.51 per cent. 

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