INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions through to Jan 25, with S$272 million of net institutional outflow, as 22 primary-listed companies conducted buybacks with a total consideration of S$50.9 million.

CapitaLand Investment again led the buyback consideration tally, buying back 11,965,200 shares at an average price of S$2.94 per share over the five sessions. The company has now bought back a total of 47.63 million shares, or 0.93 per cent of its issued shares excluding treasury shares, under its current mandate.

CapitaLand Investment will be reporting its FY23 results prior to the Feb 28 open.

Yangzijiang Financial Holding bought back 42,543,000 shares at an average price of S$0.32 per share and has now bought back 3.64 per cent of its issued shares excluding treasury shares under its current mandate.

Secondary-listed Jardine Matheson also bought back 36,700 shares on Jan 3 at an average price of US$39.97 per share.

Leading the net institutional outflow over the five sessions were DBS, Mapletree Logistics Trust, Capitaland Investment, OCBC, UOB, City Developments, Jardine Cycle & Carriage, Singtel, AEM Holdings and Seatrium.

Meanwhile, Singapore Airlines, Yangzijiang Shipbuilding Holdings, Jardine Matheson Holdings, Singapore Tech Engineering, Venture Corporation, Mapletree Industrial Trust, Frasers Centrepoint Trust, Frencken Group, UMS Holdings and Keppel Reit led the net institutional inflow.

The five trading sessions saw close to 70 changes to director interests and substantial shareholdings filed for close to 40 primary-listed stocks.

Directors or CEOs filed 11 acquisitions and two disposals while substantial shareholders filed 13 acquisitions and four disposals.

ABR Holdings

On Jan 19, ABR Holdings  managing director Ang Yee Lim acquired 175,300 shares of the company for a consideration of S$83,432 at an average price of S$0.476 per share. This took his interest in the restaurant operator from 52.12 per cent to 52.20 per cent. His preceding acquisition was in early March 2023, with 199,500 shares acquired at an average price of S$0.46 per share.

Ang has over 20 years of experience in the food and beverage business and more than 30 years of experience in property development and investment in Singapore, Malaysia, Indonesia, and Thailand. He also sits on the boards of some of the group’s subsidiaries.

The principal activities of the company are the manufacture of ice cream, the operation of Swensen’s ice cream parlours cum restaurants, operation of other specialty restaurants and investment holding.

ABR Holdings traces its roots to 1979 with the establishment of the 200-seater Swensen’s at Thomson Plaza, the first full-service ice cream parlour in Singapore.

Back in August, ABR Holdings reported its H1FY23 (ended Jun 30) revenue increased 24 per cent to S$56.5 million from S$45.5 million in H1FY22. In line with the revenue increase, gross profit rose S$2.6 million or 13 per cent to S$22.6 million from S$20.0 million in H1FY22.

However, the group noted the gross profit margin was impacted by the increase in food ingredients and manpower costs. It maintained that in order to mitigate the impact of rising operating costs, it continues to focus on prudent financial and resource planning, refining its operational processes and delivering new products that keep up with market trends.

The group said back in August that its joint venture residential project in Singapore, Baywind Residences, had sold all the 24 units in the development as at Jun 30. Based on the development plan, the group is targeting completion of the project in Q4 2025. It also maintains that the joint venture is on track to contribute some profit to the group in H2FY23. The group is expected to report its FY23 results on or around Feb 29.

China Kunda Technology Holdings

Between Jan 18 and 23, China Kunda Technology Holdings executive chairman and CEO Cai Kaoqun increased his direct interest from 0.99 per cent to 1.64 per cent. The 2.68 million shares were acquired at an average price of S$0.013 per share. This increased his total interest in the Catalist-listed stock to 31.68 per cent.

Cai is deemed to be interested in the 123,084,000 shares beneficially held by China Hongda Holdings by virtue of his 100 per cent shareholding in the holding company.

Cai was appointed a director of China Kunda Technology Holdings in December 2007, and he is currently responsible for the overall strategic and business management of the group.

Back in November, when the group reported its H1FY24 (ended Sep 30) results, it relayed that its revenue is largely contributed by the electronics manufacturers across diverse industries in China who supply their products to the domestic and international markets. However the group said that it remains mindful of its operating environment which continues to be volatile and challenging on the back of intense competition and rising costs.

The group reported that its H1FY24 revenue increased by 23.4 per cent to HK$13.8 million (S$2.4 million) compared to HK$11.2 million in H1FY23. The increase was mainly attributed to the increase in sales of its in-mould decoration and plastic injection parts to customers in various industries, particularly the security equipment industry.

While the group also narrowed its net losses from HK$7.3 million in H1FY23 to HK$3.9 million in H1FY24, it noted that is likely to continue incurring losses given the challenging business environment.

The group also added that, despite being in a net cash position, it will explore financing options to mitigate against cashflow shortages as and when appropriate.

GSH Corporation

Between Jan 19 and 22, GSH Corporation executive chairman Sam Goi acquired 342,100 shares at an average price of S$0.168 per share. This followed his acquisition of 23,900 shares at an average price of S$0.165 per share between Jan 11 and 17.

He maintains a total interest of 63.67 per cent in the company, which maintains a property development business, hospitality business, in addition to its frozen food trading business. He also acquired 44,300 shares of JB Foods on Jan 24 at S$0.50 per share.

AEM Holdings

On Jan 18, abrdn increased its deemed interest in AEM Holdings above the 11 per cent threshold. This followed its deemed interest rising above 10 per cent on Nov 20 and back above 9 per cent on Oct 18.

With a global presence across Asia, Europe, and the United States, AEM Holdings provides comprehensive semiconductor and electronics test solutions and is expected to report its FY23 (ended Dec 31) results no later than Feb 28.

Union Steel Holdings

Lian Bee Metal acquired 30,000 shares of Union Steel Holdings between Jan 19 and 22, which increased its substantial shareholding from 5.52 per cent to 5.60 per cent. Lian Bee Metal’s direct interest in Union Steel crossed the 5.00 per cent substantial shareholder threshold on Sep 4.

Union Steel is a multi-business investment holding company, with three primary business drivers – metals, scaffolding and engineering.

Union Steel Holdings will be holding an EGM on Feb 7, to seek shareholder approval for a proposed share split of every one existing share into three shares.

The directors say they believe that the proposed share split is beneficial to the company as the reduced price of each share after the proposed share split will make each share more affordable to investors, thus encouraging greater participation by and providing greater flexibility in terms of the size of the trades to investors with different investment profiles.

In addition, the number of shareholders after the proposed share split may increase with the increase in the number of shares available for trading purposes.

Envictus International

On Jan 23, Envictus International independent director John Lyn Hian Woon disposed of 200,000 shares at an average price of S$0.325 per share.

This reduced his direct interest in the F&B group from 0.18 per cent to 0.11 per cent.

Lyn is also the CEO of Indigo Investment, a family office organisation registered in Singapore. He is also a director of Sirus International Holdings, an international school based in Kuala Lumpur.

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

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