The Straits Times / The Business Times News on Best World

Shareholders come to back new listings

By Robert Halili - 16 August 2004
The Business Times

THERE were several notable trades during the holiday-shortened week of Aug 10-13, all on the buying side. Shareholders of recently listed Memtech International Ltd and Best World International Ltd moved in to support their share prices after they fell below their trading debut prices. There were also rare buys in Broadway Industrial Group Ltd and New Wave Technologies Ltd. Lastly, there were significant fund manager purchases in CSE Global Ltd and Singapore Post Ltd last week.

Best World International
Goh Bak Heng bought shares of recently-listed Best World International last month after the stock fell from the trading debut price of 30 cents on July 8, to below 22 cents per share on July 14. The shareholder acquired 150,000 shares on July 14 at 21.2 cents each. More acquisitions have followed this month with 1.6 million shares purchased from Aug 6 to 11 at 22.5 cents each. The trades boosted the shareholder's direct interest by nearly 26 per cent to 7.73 million shares or 6.2 per cent of the issued capital. The recent purchases by Goh Bak Heng were made after the group announced its first half results on Aug 5. Best World posted a 117 per cent jump in net profit to $2.15 million for the six months to June 30, 2004. The counter closed at 22.5 cents on Aug 13.

The writer is managing director of Asia Insider Ltd