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INSIDER activity was low for the third straight week with only nine companies recording 14 purchases versus three firms with four disposals based on filings on the Singapore Exchange from July 20 to 24. The figures were consistent with the previous week's 12 companies and 25 purchases and two firms and three disposals.
Aside from directors, the buyback activity was also low with only two companies posting three repurchases worth $199,800. The figures were down from the previous week's five firms, 10 trades, and $3.4 million.
On the funds side, the institutional shareholder activity was also flat with only 12 asset managers reporting filings in 11 listed firms. The figures were slightly up from the previous week's eight fund managers that reported filings in nine companies.
Despite the cautious activities, there were several significant director, substantial shareholder, and buyback trades in the local market last week. In terms of rarity, there were first-time trades in Hai Leck Holdings and Pan Hong Property. Meanwhile, there was positive activity by fund managers in Raffles Education and Comfortdelgro Corporation last week.
Lastly, there were conflicting institutional shareholder trades in Fortune Real Estate Investment Trust with a rare sale by Stichting Pensioenfonds and more buys by Schroder Investment Management.
Hai Leck Holdings
Executive chairman of the board Cheng Buck Poh recorded the first corporate shareholder trade in oil & gas integrated services provider Hai Leck Holdings since the stock was listed in August 2008 with 16 million shares purchased via a married deal on July 23 at 27 cents each. The trade increased his direct holdings by 20 per cent to 95.2 million shares, or 29.3 per cent, of the issued capital. He also has deemed interest of 124.8 million shares, or 38.4 per cent. The acquisition was made after the stock surged by 50 per cent this month from 18 cents. The counter closed at 25 cents on Friday.
Pan Hong Property Group
Property developer Pan Hong Property bought back shares for the first time since listing in September 2006 with 361,000 shares purchased on July 24 at 36.1 cents each. The trade was made on the back of the 244 per cent gain in the share price since April from 12 cents. Investors should note that the company's buyback price was one cent more than the stock's IPO price of 35 cents. The group announced in May a year-end loss of 37.219 million renminbi for the 15 months to 31 March 2009 versus a profit of 185.669 million renminbi in the previous financial year. The counter closed at 41 cents Friday.
Raffles Education Corporation
Janus Capital Management became a substantial shareholder of private education provider Raffles Education Corporation on July 22 following the purchase of 16.8 million shares at 64 cents each. The trade increased its direct holdings by 14 per cent to 133.9 million shares, or 5.2 per cent. The initial filing was made on the back of the 20 per cent rebound in the share price since June 23 from 53.5 cents. The counter is also sharply up since the first half of March from 34 cents.
Investors should note that CEO Chew Hua Seng purchased 21.9 million shares from Jan 6 to June 11 at 38 cents to 63 cents each. He last bought one million shares on June 11 at 63 cents each, which increased his direct holdings to 791.2 million shares, or 32.6 per cent. Aside from the purchases this year, Mr Chew acquired 8.9 million shares from Sept 30 to December 26, 2008 at 43 cents to 68 cents each. Overall, the CEO has acquired a total of 30.7 million shares worth $14.6 million since September 2008 at an average of 48 cents each. The stock closed at 63 cents on Friday.
ComfortDelGro Corporation
Silchester International Investors has boosted its stake in bus and taxi services provider ComfortDelGro Corporation by 83.7 million shares, or 50 per cent since the second half of April. The acquisitions were made from April 22 to July 20 at estimated prices of $1.32 to $1.42 each. The group last bought 20.7 million shares on July 20 at an estimated price of $1.42 each, which increased its deemed holdings by 9 per cent to 251.4 million shares, or 12.1 per cent.
Silchester International previously acquired 20.1 million shares on June 4, 22.1 million shares on May 12, and 20.9 million shares on April 22 at an estimated price of $1.32 each. Prior to the trades since April, the fund manager acquired 61.9 million shares from Jan 22, 2008, to June 13, 2008, at estimated prices of $1.44 to $1.61 each. Silchester International Investors became a substantial shareholder on Jan 4, 2008, following the purchase of 1.9 million shares at $1.75 each, which raised its interest to 5.1 per cent. Overall, the asset manager's stake is up by 145.6 million shares, or 138 per cent, since that initial filing in January 2008.
Also positive this year is mon-executive chairman of the board Lim Jit Poh with 700,000 shares purchased from Feb 13 to June 22 at an average of $1.30 each, which boosted his direct stake by 485 per cent to 844,000 shares, or 0.04 per cent. Those were his first on-market trades since his appointment in 2003. The stock closed at $1.45 on Friday.
Fortune Reit
There were conflicting trades in Fortune Reit with a first-time sale by Stichting Pensioenfonds Zorg en Welzijn and more buys by Schroder Investment Management Group. Stichting Pensioenfonds recorded its first sale since it became a substantial shareholder in June 2006 with 6.2 million units sold on July 22 at an estimated price of $3.90 each. The trade reduced its direct holdings by 5 per cent to 113.8 million units, or 13.8 per cent. The group previously acquired 70.9 million units from June to August 2006 at an average of $6.00 each. Stichting Pensioenfonds reported an initial filing in June 2006 of 12.9 million units at $6.00 each, which raised its interest to 6.1 per cent.
On the positive side, Schroder Investment Management has boosted its stake by 8.2 million units, or 11 per cent, since the last week of May. The purchases were made from May 29 to July 17 at estimated prices of $3.63 to $4.00 each. The group last reported a purchase-related filing on July 17 of 180,000 units at an estimated price of $3.84 each, which increased its deemed holdings to 82.5 million units, or 10.01 per cent, of the issued capital. The group previously reported a purchase-related filing on May 28 of 388,000 units at an estimated price of $3.55 each.
Prior to those notices, Schroder Investment reported a purchase-related filing on Nov 5, 2008, of 5.2 million units and a purchase-related filing on Oct 15, 2008, of 590,000 units at an estimated price of $2.20 each. The group became a substantial shareholder in March 2008 following the purchase of 1.1 million units at $5.15 each, which raised its interest to 5.01 per cent. Overall, the fund manager's stake is up by 41.8 million units, or 103 per cent, since that initial filing in March 2008. The unit trust closed at $4.07 on Friday.
The writer is managing director at Asia Insider Ltd
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