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The Straits Times / The Business Times News on HG Metal
Several firms make significant purchasesRobert Halili - September 13, 2004The Business Times ANALYSTS that track corporate-related trades often take note when shareholders or companies resume the same pattern of trading following several months or years of inactivity. The longer the gap between transactions, the more significant the trades are likely to be, especially if the recent activity is sharply different from the previous trades in terms of price and volume. There were several firms that reported insider and buyback trades last week following a lengthy absence from the market. For buybacks, consumer electronic products manufacturer and retailer IDT Holdings (Singapore) has been buying back its shares aggressively since it resumed its repurchase programme last month, its first major buyback since January 2003. The recent repurchases have accounted for nearly 50 per cent of the stock's trading volume in the past month. Meanwhile, two insiders of textiles and household fabrics manufacturer Ban Joo & Company recorded the first buys by a corporate shareholder since November 2001 after the group announced its year-end results. Investors should also watch out for steel products sourcing and distributing company HG Metal Manufacturing, as substantial shareholder Tan Kwee Hiang picked up where he left off in June with the purchase of 1.53 million shares last week. The trades were nearly as much as the 1.6 million shares that he bought earlier this year. Lastly, substantial shareholder Goi Seng Hui of instant cereal flakes and packaging manufacturer and distributor Super Coffeemix Manufacturing recorded his biggest market purchase for the year last week. The acquisition was 15 times more than the average number of shares that he bought from January to July. HG Metal Manufacturing
Tan Kwee Hiang and Chong Thim Pheng resumed buying shares of HG Metal Manufacturing this month, picking up 681,000 shares and 846,000 shares, respectively, from Sept 6 to 9 at an estimated price of 38 cents each. The purchases were significant as those were the shareholders' biggest purchases this year. Prior to the acquisition, Tan Kwee Hiang acquired 1.62 million shares from May 17 to June 21 or an average of only 232,000 shares per transaction. Deemed substantial shareholder Chong Thim Pheng, on the other hand, bought an initial 3.09 million shares from June 18 to Aug 20 or an average of 343,000 shares per transaction. The purchases this month increased Tan Kwee Hiang's direct stake by 8.5 per cent to 8.7 million shares or 6.58 per cent of the issued capital while Chong Thim Pheng's direct interest rose by 27.4 per cent to 3.94 million shares or 2.97 per cent. He also has a deemed interest of 8.02 million shares or 6.07 per cent. Four directors of HG Metal have also bought shares at over 36 cents each this year. Non-executive director Sia Ling Sing purchased 300,000 shares on April 30 and 289,000 shares on Aug 17. Meanwhile, executive directors Lee Leng Loke and Tan Ah Bee and CEO Wee Piew acquired a combined 300,000 shares in the last week of April at an average of 37.2 cents each. HG Metal announced its H1 results on June 18 with net profit up by 304.7 per cent to $5.318 million for the six months to April 30, 2004. The stock closed at 38.5 cents on Sept 10.
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