HG Metal Manufacturing

Two directors of steel products sourcing and distributor HG Metal Manufacturing resumed buying at sharply below their purchase prices earlier this year.

Executive chairman Tan Chan Too acquired 400,000 shares on Nov 28 at 25.5 cents each, which boosted his direct stake by 4 per cent to 11.8 million shares, or 6.7 per cent of the issued capital. Mr Tan previously acquired 200,000 shares in March at 43.5 cents each.

Non-executive director Sia Ling Sing purchased 425,000 shares on Dec 15 at 23.5 cents each, which boosted his direct interest by 8 per cent to 5.9 million shares, or 3.4 per cent. He had previously bought 410,000 shares from February to March at an average of 44 cents each.

One shareholder that sold out before the price fell further was former substantial shareholder Winstedt Chong Thim Pheng. Mr Chong ceased to be a substantial shareholder on Oct 28 following the sale of 1.7 million shares at an estimated price of 30.5 cents each, which reduced his direct holdings by 17 per cent to eight million shares, or 4.5 per cent. The disposal was made at a loss based on the 1.6 million shares he acquired from Sept 1-Oct 21 at 44-41.5 cents each (estimated prices).

HG Metal announced its results on Nov 22, posting net profit attributable to shareholders down 67.25 per cent to $5.41 million for the year to Sept 30. The stock closed at 23.5 cents last Friday.

The writer is managing director of Asia Insider Ltd