Activity remains high despite holidays

Forty transactions worth $37.3 million done, against the previous week's five-day total of 53 trades worth $6.6 million.

TRADING activity by directors and substantial shareholders was high during the holiday-shortened week of Feb 21 to 23 with 40 transactions worth $37.3 million, versus the previous week's five-day total of 53 trades worth $6.6 million. Buyers outweighed sellers with 22 firms recording 30 acquisitions worth $27.3 million, against four companies with 10 disposals worth $9.9 million. Listed companies were also active with two firms posting four repurchases worth $3.9 million, which was consistent with the previous week's two companies, nine trades, and buybacks worth $4.7 million.

With buyers dominating the trading last week, the bulk of the significant trades were acquisitions by directors, substantial shareholders and companies. There was a common theme among the buyers as they resumed buying at sharply higher levels than their previous purchase prices. The acquisitions were also made following the release of earnings results this month.

Four stocks that were bought at higher prices following the announcement of results were Santak Holdings, UOL Group, Apex-Pal International, and Oversea-Chinese Banking Corporation.

Not all shareholders bought shares last week at higher prices. An independent director of China Precision Technology recorded his first purchase after the counter fell by 25 per cent.

Apex-Pal International

Douglas Foo Peow Yong has recorded his first purchase in restaurant operator Apex-Pal International since he was appointed as CEO in February 1997. Mr Foo bought 2.7 million shares last Thursday at 39.6 cents each, which boosted his direct holdings by 3 per cent - to 91.5 million shares or 64.4 per cent of the issued capital.

The acquisition was made after the group announced its year-end results on Feb 16. Apex-Pal posted a 37.9 per cent gain in profit after tax to $5.08 million for the 12 months to Dec 31, 2006. Mr Foo previously placed shares in April 2004 at 31 cents each.

There were also purchases by Novena Holdings last month. The group bought 1.3 million shares from Jan 10 to 15 at estimated prices of 33.5 cents to 35.5 cents each, which increased its deemed holdings by 7 per cent - to 16.8 million shares or 11.8 per cent; and its direct stake by 17 per cent - to 1.7 million shares or 1.2 per cent.

Novena previously acquired 1.5 million shares (deemed and direct) on Dec 11, 2006, at an estimated price of 32.5 cents each; 1.4 million shares (deemed and direct) on Sept 11, 2006, at an estimated price of 26.5 cents each; and an initial 14.2 million shares or 10 per cent (deemed) on June 8 at 25.6 cents each.

Non-executive director Andy Ong Siew Kwee purchased 170,000 shares from February to March 2006 at 30 cents each, which boosted his direct holdings by 77 per cent to 392,000 shares. He previously acquired 122,000 shares from May to July 2005 at an average of 18.3 cents each. The stock closed at 40 cents on Friday.