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The Straits Times / The Business Times News on HG Metal
Buyers active as purchases rise sharplyRobert Halili - October 18, 2004The Business Times DIRECTORS and substantial shareholders were active on the buying side last week with 25 shareholders of 21 firms that recorded 39 acquisitions worth $5.6 million. The number of shareholders, companies, and purchases was sharply up from the previous week's 18 insiders, 16 firms and 21 transactions. Among the stocks that recorded notable acquisitions were Adampak Limited, DMX Technologies Group Limited, First Engineering Limited, and HG Metal Manufacturing Ltd. The sales activity remained high with 15 shareholders of 11 firms that recorded 26 disposals worth $7.9 million. The figures were consistent with the previous week's high sales totals of 16 insiders, 12 companies, 21 trades, and sales worth $9.95 million. HG Metal Manufacturing
The steep rise in the share price of HG Metal Manufacturing Ltd in the past month did not deter executive chairman Tan Chan Too and substantial shareholders Chong Thim Pheng and Tan Kwee Hiang from buying more shares of the steel products sourcer and distributor. The chairman acquired 100,000 shares on Oct 14 at 47.5 cents each, which boosted his direct holdings to 9.9 million shares or 7.5 per cent. He previously bought 100,000 shares from Sept 23 to 24 at 39 cents each. Substantial shareholder Chong Thim Pheng was also unfazed by the stock's gain in the past month with the shareholder picking up 1.07 million shares from Oct 11 to 13 at an estimated price of 48 cents each. The trades boosted his direct holdings by 27 per cent to 5 million shares or 3.8 per cent. He also has deemed holdings of 8.7 million shares or 6.6 per cent. Mr Chong had earlier acquired 2.8 million shares from July to September at an average of 37 cents each and an initial 1.2 million shares in June at the same price. Tan Kwee Hiang has also stayed bullish since he became a substantial shareholder on May 17 when the share price was at 35 cents each. Mr Tan picked up 98,000 shares on Oct 13 at an estimated price of 48 cents each. He previously bought 2.3 million shares from May to September at around 36.8 cents each. Mr Tan's holdings are up by 1.95 million shares or 29 per cent since that initial filing in May. HG Metal announced its interim results on June 18 with net profit up by 304.7 per cent to $5.318 million for the six months to April 30. The stock closed at 49 cents on Friday, slightly higher from these three shareholders' purchase prices. The writer is managing director of Asia Insider Ltd
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