INSTITUTIONS were net buyers of Singapore stocks over the four trading sessions through to Sep 7, with S$6.3 million of net institutional inflow, while 26 primary-listed companies conducted buybacks with a total consideration of S$37.8 million.

OCBC led the share buyback consideration tally, buying back 1.2 million shares at an average price of S$12.61 per share, followed by UOB which bought back 276,000 shares at an average price of S$28.59 per share. Sembcorp Industries also bought back 1.46 million shares at an average price of S$5.18 per share.

Yangzijiang Shipbuilding (Holdings), OCBC, UOB, Singapore Technologies Engineering, DBS, Jardine Cycle & Carriage, ComfortDelGro Corporation, Genting Singapore, Thai Beverage, and UMS Holdings led the net institutional inflow over the four sessions.

Leading the net institutional outflow during the same period were Sembcorp Industries, Singtel, Singapore Airlines, Seatrium, Venture Corporation, Mapletree Pan Asia Commercial Trust, Lendlease Commercial Reit, Digital Core Reit, UOL Group and NetLink NBN Trust.

The four trading sessions saw more than 50 changes to director interests and substantial shareholdings filed for close to 20 primary-listed stocks. This included seven company director acquisitions with two disposals filed, while substantial shareholders filed three acquisitions and three disposals.

Acquisitions were filed for directors or CEOs of Green Build Technology, Union Steel Holdings, Huationg Global, XMH Holdings, SunMoon Food Company, Alset International and Darco Water Technologies.

XMH Holdings

On Aug 31, Credence Capital Fund II (Cayman) disposed of its 19.08 per cent direct interest of 20,917,018 shares in XMH Holdings in a married deal at S$0.35 per share. This coincided with XMH Holdings chairman and managing director Tan Tin Yeow acquiring 5,851,918 shares at an average price of S$0.35 per share between Aug 29 and Sep 5. With a consideration of S$2,041,571 he increased his direct interest in the company from 44.22 per cent to 49.56 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 XMH Holdings chairman and CEO in October 2010 and re-designated chairman and managing director in September 2016.

His overall responsibility for the group includes strategy formulation, corporate planning, business development and potential acquisitions. Tan was also responsible for establishing the distribution arm and securing the exclusive distributorships for the group.

XMH Holdings executive director Tan Guat Lian also acquired 5,229,000 shares at S$0.35 per share on Aug 31. With a consideration of S$1,830,150 this increased her total interest in the company from 6.16 per cent to 10.93 per cent.

She was appointed executive director (human resource & administration) in October 2010. She has more than 20 years of experience in administration and human resources.

XMH Holdings was placed on the SGX-ST watch-list (financial entry criterion) from Dec 4, 2019. In December 2022, XMH Holdings announced it had been granted an extension of time to Dec 4, 2023, to comply with the SGX-ST Listing Manual to exit the watch-list.

In responses to queries from shareholders on the company’s FY22 Annual Report, Tan Tin Yeow highlighted that during the past few years, the group has not only navigated the challenges brought about by the unprecedented Covid-19 pandemic, the global supply chain disruptions, ongoing conflicts and tensions as well as interest rate hikes around the world, it has also turned around its business to record profitability in the last three consecutive years.

He added that having fulfilled the financial entry criterion through the group’s continuous hard work and efforts, the group has also been considering and evaluating its options to fulfil the market capitalisation criterion to exit the watch-list.

He maintained that on many accounts, market capitalisation is very much dependent on the prevailing market forces so much so that even corporate actions, if taken, do not guarantee success in achieving this.

He said that the group would adopt a holistic approach and will consider all relevant factors and market conditions before deciding for the benefit of shareholders. In the meantime, what the group can do is to continue to focus and strive for profitability which it has managed to achieve in the last three financial years, he added.

Green Build Technology

On Sep 4, Green Build Technology executive director and chief financial officer Chan Mang Ghoon acquired 100 per cent of the issued share capital of Sky Associates Holdings.

Accordingly, Chan is deemed to have acquired 12,037,900 shares of the company, at an average price of 3.4 cents per share. With a consideration of S$409,288 the married deal increased his total interest from 6.10 per cent to 10.52 per cent.

Chan was appointed executive director and chief financial officer in January 2022, and he has more than 20 years of experience in the fields of auditing, accounting, and corporate advisory.

Green Build Technology reiterated on Aug 14 that the Covid-19 pandemic and containment strategy adopted by China in 2022 brought about uncertainties to the group’s and the company’s operating environments and impacted the group’s operations in China and its financial performance, cash flow and liquidity.

It noted that following the disposal of its discontinued operations, the excess of current liabilities over current assets of the continuing operations was reduced to 8.3 million yuan (S$1.6 million) as at Jun 30, which is significantly lower than the group’s excess of current liabilities over current assets of 97.9 million yuan as at Dec 31, 2022.

Following the completion of the disposal of multiple subsidiaries, the group’s remaining subsidiary in China is Yunbao (Heilongjiang) Investment. This entity is in the business of energy conservation services, installation of green technology and architecture and trading of construction materials, with the focus on the consulting and management in relation to the refurbishment of old estates.

As part of the plan to diversify the group’s revenue streams and explore new business opportunities, it has, in 2022, also entered into a joint venture agreement to incorporate a new associated company to carry on the business of management and consultancy services for hotels.

Union Steel Holdings

On Sep 4, Union Steel Holdings executive director Ang Yew Chye acquired 41,500 shares at S$0.90 per share.

With a consideration of S$37,348, this increased his direct interest in the multi-business investment holding company from 10.82 per cent to 10.92 per cent.

This followed his acquisition of 39,500 shares at S$0.86 per share between Aug 29 and 30.

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.

Huationg Global

On Aug 31, Huationg Global CEO & executive director Patrick Ng Kian Ann acquired 200,000 shares at an average price of S$0.131 per share. With a consideration of S$26,200 this increased his direct interest in the provider of civil engineering services for infrastructure projects and ancillary inland logistics support services, from 0.58 per cent to 0.69 per cent.

Ng also maintains a 68.70 per cent deemed interest in Huationg by virtue of his 25 per cent shareholding interest in Dandelion Capital, which is the immediate and ultimate holding company of Huationg. This brings his total interest in the Catalist-listed company to 69.39 per cent.

Ng has more than 21 years of experience in the civil engineering construction industry. He is responsible for the overall management and strategic planning and oversees the business expansion of the group.

Huationg is also involved in the sale of construction materials such as sand and granite aggregates, recycled concrete aggregate and liquefied soil stabiliser. Since 2021, the group has also commenced its commercial operation of a 10,400-person dormitory at Changi East.

For its H1FY23 (ended Jun 30), Huationg reported an attributable profit of S$5.2 million, which was a 56.5 per cent increase from S$3.3 million in H1FY22. This followed its reporting a S$10.2 million net profit attributable to owners of the parent for FY22. It noted on Aug 14, that it will continue to leverage its strength in civil works to seek opportunities in public infrastructure projects to keep its order book strong for sustainable growth and will continue to focus on the smooth execution and completion of its current projects as well as tendering for large-scale projects.

The group also noted that it continues to face challenges from the rising costs of construction materials and will monitor and lock in its costs where appropriate.

Currently, its order book for ongoing projects is approximately S$484.4 million which is expected to be completed within the next four years.

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