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The Straits Times / The Business Times News on HG Metal
A buyers' week despite director deals tumblingMay 31, 2004The Business Times THE trading by directors and substantial shareholders was down last week with only 39 trades worth $5.2 million, sharply lower than the previous week's 96 transactions worth $11.7 million. Buyers, however, remained dominant with 15 firms that recorded 29 acquisitions worth $4.7 million versus five companies, 10 disposals, and $480,000 worth of trades on the selling side. Six stocks that reported significant purchases are CIH Limited, ComfortDelgro Corporation, HG Metal Manufacturing, IDT Holdings (Singapore) Limited, Tat Hong Holdings and YHI International. HG Metal Manufacturing
Tan Kwee Hiang followed the positive directors' lead in steel products sourcer and distributor HG Metal Manufacturing by increasing his stake in the company to over 5 per cent. Mr Tan became a substantial shareholder on May 17 following the purchase of 450,000 shares at 35.7 cents each, raising his stake to 5.2 per cent. He acquired a further 271,000 shares from May 18 to 25 at an estimated price of 35.5 cents each, boosting his direct interest to 7.1 million shares or 5.4 per cent of the issued capital. Prior to that, four directors including CEO Wee Piew acquired a combined 600,000 shares from April 27 to 30 at an average of 37.2 cents each. The counter closed at 35.5 cents on Friday.
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