Institutions were net sellers of Singapore stocks over the five trading sessions through to Nov 23, with S$226 million of net institutional outflow, as 28 primary-listed companies conducted buybacks with a total consideration of S$10.4 million.

Singtel bought back 1,975,405 shares at an average price of S$2.34 per share on Nov 17. The buyback was to satisfy obligations under awards of shares pursuant to the Singtel Performance Share Plan 2012. The Hour Glass bought back 838,000 shares at an average price of S$1.61 per share between Nov 22 and 23. This brings the total number of shares bought back on its current mandate to 2.9 million shares, or 0.44 per cent of The Hour Glass’ issued shares excluding treasury shares as at the date of the share buyback resolution.

ESR-Logos Funds Management bought back units in ESR-Logos Rei and Digital Core Reit Management also bought back units of Digital Core Reit.

Leading the net institutional outflow over the five sessions were DBS, Singtel, Seatrium, OCBC, Yangzijiang Shipbuilding (Holdings), UOB, CapitaLand Integrated Commercial Trust, Mapletree Logistics Trust, CapitaLand Investment and City Developments.

Meanwhile, Sats, Keppel Corporation, Venture Corporation, CapitaLand Ascendas Reit, Mapletree Industrial Trust, iFAST Corporation, AEM Holdings, Singapore Airlines, Frasers Logistics & Commercial Trust, and Thai Beverage led the net institutional inflows.

The five trading sessions saw more than 70 changes to director interests and substantial shareholdings filed for more than 30 primary-listed stocks. Directors or CEOs filed eight acquisitions and three disposals while substantial shareholders filed five acquisitions and six disposals.

Wing Tai Holdings

Wing Tai Holdings chairman and managing director Cheng Wai Keung has continued to build his deemed interest in the company, through his spouse Helen Chow acquiring shares.

From Nov 17 through to Nov 22, Cheng has increased his deemed interest in the leading real estate developer and lifestyle retailer by 80,000 shares.

He maintains a 61.36 per cent total interest in the company. This has increased from 60.92 per cent, prior to Chow’s recent sequence of acquisitions which began on Sep 8.

On Nov 17, Wing Tai shared its 59th AGM minutes held on Oct 23 on the SGX online corporate announcement page.

During the AGM, its executive director Tan Hwee Bin updated that The M at Middle Road had obtained its Temporary Occupation Permit on Aug 23, 2023 with a balance of five units remaining unsold out of the total 522 units.

Tan added that for the 306 leasehold residential units at The LakeGarden Residences (LakeGarden), close to 25 per cent were sold during phase one of the launch, and the company plans to release the remaining units of the development progressively and launch the units at the appropriate times.

In its sixth annual sustainability report released in October, Wing Tai noted that LakeGarden will push the boundaries of sustainable living with low-energy homes and solar panels to harness renewable energy. LakeGarden is Wing Tai’s first sustainable development and has attained the highest standards of BCA Green Mark certification – Green Mark Platinum Super Low Energy (SLE).

This accomplishment aligns with the Singapore government’s direction towards reducing carbon emissions in the built environment sector.

The M at Middle Road has also successfully attained BCA Green Mark Gold Plus certification and is a Green Mark Gold Plus development which integrates smart home and eco-friendly features to support home buyers in their sustainability journey.

Wing Tai Holdings added that its investment property – Winsland House I and Winsland House II – in Singapore are also Green Mark Gold Plus certified.

At the AGM, when asked about Wing Tai Holdings’ plan on its land bank in Singapore going forward, Cheng relayed that the company’s development strategy has always been prudent, and management expects the property market to slow down.

He added that as Singapore has stayed quite strong in terms of property development, the company will be cautious on the rate of returns when bidding for new sites and it will continue to look out for available opportunities in the country.

Cheng also noted that the company is also working on re-development of property in Australia.

ValueMax Group

Between Nov 21 and 22, ValueMax Group executive chairman Yeah Hiang Nam acquired 573,800 shares at an average price of S$0.322 per share.

This increased his total interest in the business, which is principally engaged in pawnbroking, moneylending, and retail and trading of gold and jewellery, from 83.45 per cent to 83.52 per cent.

Yeah is the founder of the company and is responsible for leading the board and focusing it on strategic matters.

He oversees the group’s business, sets the governance standards, and fosters the effectiveness of the board and individual directors.

He has over 50 years of experience dealing with gold and jewellery and over 30 years in the pawnbroking industry. He started as a jewellery salesman in 1969 and in 1979 founded Golden Goldsmith Jewellers, which is in the manufacturing and wholesaling of gold ornaments. In 1989, he also started Ban Soon Pawnshop with other business partners.

As reported by The Business Times on Nov 16, Well Chip, a company set up to own shares in ValueMax Group’s Malaysian associated companies, has applied for a listing on the main market of Bursa Malaysia.

Back in August, ValueMax Group reported that its H1FY23 (ended Jun 30) overall gross profit increased by S$3.2 million compared with H1FY22, with the gross profit margin increasing from 27.7 per cent to 30.1 per cent.

Meta Health

On Nov 22, Meta Health Group CEO Bernard Ng Kee Huat acquired five million shares at S$0.009 per share. With a consideration of S$45,000 this increased his direct interest in the Catalist-listed company from 1.11 per cent to 1.59 per cent.

Dr Ng is a medical and clinical affairs leader with global, regional, and local experience in the pharmaceutical and consumer health industry. He previously served as chief medical officer, head of global medical & clinical affairs for Bayer Consumer Healthcare.

He is also an angel investor and advises fund management companies and is an active proponent of leveraging digital technologies and data.

The principal activities of the group consist of investment holding, metal stamping and manufacturing of tools and fixtures, as well as healthcare business of telemedicine, nursing services and e-pharmacy.

Engro Corporation

On Nov 22, EnGro Corporation chairman and CEO Tan Cheng Gay acquired 20,000 shares at S$0.75 per share. This increased his total interest in the provider of building materials from 14.72 per cent to 14.74 per cent.

Tan is a stalwart of the company, having been with EnGro Corporation since its inception. He was appointed director in 1973 and has since served as the executive director to steer the strategic direction and vision of the group.

Fortress Minerals

Since Fortress Minerals reported that its Q2FY24 (ended Aug 31) revenue increased by 11.6 per cent from Q2FY23 to US$17.3 million, non-executive and non-independent director Loong Ching Hong has acquired 10,000 shares on Oct 25, and another 20,000 shares on Nov 15.

Loong maintains a 1.39 per cent total interest in the company.

The increase in Q2FY24 revenue from Q2FY23 was mainly attributable to the 16.5 per cent increase in volume sold.

With the results, Fortress Minerals noted that it focused on leveraging the sustained demand for its high-grade iron ore products and is also actively executing its longer-term strategic growth plans to expand and diversify its revenue streams.

The group commenced exploration at the Telupid and Tongod Projects in May 2023 and is entering phase 1 of its exploration plan by performing geological mapping, geochem, and geophysical survey. Types of key minerals present are copper, iron ore, nickel, cobalt.

Loong is presently the group general manager of Selangor Dredging, a property development company listed on Bursa Malaysia and the holding company of SDB Mining, a controlling shareholder of Fortress Minerals.

In addition, he is also presently a substantial shareholder and non-executive director of Norwest Minerals, a gold and base metals exploration company listed on the Australian Stock Exchange.