Riverstone and Ho Bee Land chairmen make fresh share purchases

Business Times

25-05-2025

[SINGAPORE] Over the five trading sessions from May 16 to 22, institutions were net sellers of Singapore stocks, with net institutional outflows of S$65 million, adding to net outflows of S$55 million for the preceding four sessions. This brings the net institutional outflow for the 2025 year to May 22 to S$1.73 billion.
The stocks that had the highest net institutional outflows over the five sessions were DBS , OCBC , Yangzijiang Shipbuilding Holdings , UOB , Mapletree Industrial Trust, CapitaLand Ascendas Reit , Genting Singapore , Frasers Logistics and Commercial Trust , Sats , and Thai Beverage .
Leading the net institutional inflows were Singapore Airlines , ST Engineering , Singapore Exchange , CapitaLand Integrated Commercial Trust , Hongkong Land , SIA Engineering , Sembcorp Industries , Seatrium , Wilmar International , and UOL Group .
From a sector perspective, financial services and real estate investment trusts (Reits) experienced the highest net institutional outflow, while industrials and real estate (ex-Reits) had the most net institutional inflows.
In the five sessions, 18 primary-listed companies made buybacks with a total consideration of S$67.6 million. Secondary-listed Hongkong Land conducted share repurchases in each of the five sessions, with 2,395,200 shares bought at an average price of US$5.19 apiece. The manager of ESR-Reit also bought back 338,700 units at an average price of S$2.19.
More than 70 director interests and substantial shareholdings filed for more than 30 primary-listed stocks. Directors or CEOs filed 16 acquisitions, and no disposals, while substantial shareholders filed nine acquisitions and six disposals. This included director or CEO acquisitions in Asian Pay Television Trust , Cosmosteel Holdings , Ho Bee Land , Mapletree Industrial Trust, Megachem , Niks Professional , Riverstone Holdings , Sinostar Pec Holdings and Wing Tai Holdings .
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Cosmosteel Holdings
Between May 20 and 22, Cosmosteel Holdings executive director and CEO Jack Ong acquired 6,050,000 shares at an average price of S$0.219 apiece, increasing his direct interest from 14.50 to 16.81 per cent. Ong leads corporate strategy and drives sales to major end-users and oil majors. Since joining in 1998, he has built deep expertise in the group's operations and logistics in the steel industry.
On May 15, Evolve Capital Advisory, on behalf of 3HA Capital, announced a voluntary conditional cash offer for all issued and paid-up ordinary shares of Cosmosteel Holdings at S$0.20 apiece. Ong, his brother Ong Tong Yang and father Ong Chin Sum have since raised queries to the offeror to ensure that all shareholders have the necessary information to assess the offer.
Wing Tai Holdings
Wing Tai Holdings chairman and managing director Cheng Wai Keung continued to raise his deemed interest in the company from 61.72 to 61.78 per cent, through shares bought by his spouse, Helen Chow.
Riverstone Holdings
Between May 20 and 22, Riverstone Holdings founder, executive chairman and chief executive officer Wong Teek Son acquired 1.5 million shares at an average price of S$0.717 per share. This increased his total interest in the Malaysian-based leading clean room gloves manufacturer from 51.34 to 51.44 per cent.
His preceding acquisitions on the open market were in December 2021, when 2.79 million shares acquired. The preceding acquisitions were acquired over nine transactions, which began at S$0.607 a piece on Dec 10, and ended on Dec 29 at S$0.725 apiece. Wong has played a key role in growing the group's client base and strengthening global ties. He also leads business strategy and oversees group operations.
His more recent acquisition follows the Q1 FY2025 business update, which reported a revenue gain of 1.1 per cent from Q1 FY 2024, while net profit declined 21.8 per cent to RM56.4 million (S$17.1 million) from RM72.2 million. Riverstone Holdings sells in US dollars, and the US dollar/ringgit exchange rate was 5 to 6 per cent weaker in Q1 FY2025 versus Q1 FY2024. FY2024 revenue thus increased 17 per cent from FY2023 to RM1.07 billion, while net profit climbed 30 per cent to RM287 million.
Nitrile gloves remain the group's main revenue driver while the United States, South-east Asia, and Europe are its key markets. At the FY2024 annual general meeting in April, Wong said that the company has added new clean room customers, and is expanding to boost capacity and order flexibility. Since the pandemic, he noted, healthcare buyers have shifted to smaller, more frequent orders – especially in Japan and Australia.
Wong said that Riverstone's single production lines suit this trend well, and supported the company's strategy to deliver customised products quickly and efficiently. Wong also highlighted that the company secured two new contracts for healthcare products last year, with anticipated double-digit percentage growth for this year. This means its current order book stands at approximately 700 million units per month, encompassing both clean room and healthcare products.
Ho Bee Land
Between May 16 and 20, Ho Bee Holdings acquired 129,200 shares of Ho Bee Land at S$1.75 apiece. This increased its deemed interest of Ho Bee Land executive chairman Chua Thian Poh from 75.63 to 75.65 per cent. Since reporting its FY2024 (ended Dec 31) turnaround net profit of S$109.7 million that was driven by increased revenue and divestment gains in late February, Chua has increased his deemed interest from 75.59 per cent. Chua noted that the group's development projects in FY2024 saw strong demand, especially in Australia, while commercial properties in Singapore and London stayed highly occupied, ensuring steady rental income.
Ho Bee Land's FY2024 revenue rose 19 per cent from FY2023 to S$528 million, boosted by contributions from Elementum. As a mixed-use 12-story development in Buona Vista, Elementum was completed at the end of FY2023 and integrates biomedical facilities, offices and retail spaces. It achieved more than 90 per cent occupancy within the first year of operations.
In August 2024, an Asian sovereign wealth fund (SWF) acquired a 49 per cent stake in Elementum. Beyond the deal, Ho Bee Land also formed a strategic partnership with the SWF, opening doors to wider collaboration and future growth opportunities. In FY2024, Ho Bee Land also issued its first S$160 million green bond and made solid strides in cutting emissions – keeping pace with its FY2026 reduction goal.
Mapletree Industrial Trust
On May 20, Mapletree Industrial Trust Management non-executive chairman Cheah Kim Teck acquired 100,000 units of Mapletree Industrial Trust (MIT) at S$1.93 per unit. This increased his direct interest in the Reit to 350,000 units or 0.01 per cent. His preceding acquisition was in September 2022 with 100,000 units acquired at S$2.47 per unit.
On May 19, chief executive officer and executive director Lily Ler also increased her MIT deemed interest by 75,000 units at S$1.94 per unit. On May 16, the manager of MIT proposed a divestment of three Singapore industrial properties which supports its strategy of recycling capital into higher-value opportunities while enhancing portfolio resilience.
Post-divestment, Singapore will still represent approximately 44.4 per cent of MIT's assets under management. Pending re-investment, the approximate S$523.8 million proceeds will be used to repay borrowings, lowering leverage and interest costs.
Sinostar PEC Holdings
Between May 19 and 21, Sinostar PEC Holdings executive chairman and CEO Li Xiang Ping acquired 800,000 shares acquired at S$0.142 apiece. This increased his deemed interest in the China-based producer and supplier of downstream petrochemical products from 69.38 to 69.46 per cent. In April, Li acquired 880,000 shares. Since the end of 2019, he has raised his deemed interest from 57.80 per cent, primarily through a rights issue earlier this year.
On May 12, Sinostar PEC Holdings reported a Q1 FY2025 (ended Mar 31) net profit of 45.1 million yuan (S$8 million), representing a decrease of 48.9 per cent from Q1 FY2024, primarily attributable to less market demand for its products. In addition, the preceding Q1 FY2024 net profit maintained a high base of 88.4 million yuan, compared to 13.2 million yuan in Q1 FY2023 and 50.3 million yuan in Q1 FY2022.
The group noted that while China's polyolefin sector faces pressure from rising supply and slower demand, which may squeeze margins, it believes demand for high-end polypropylene is expected to grow, driven by electric vehicle, green consumption and supportive policies.
The group maintains it will remain focused on premium products, tech investment and adapting to market shifts.
The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit sgx.com/research