The Straits Times / The Business Times News on Hyflux

Olivia Lum converts Hyflux options

THE chief executive of high-flying water treatment company Hyflux has converted her stock options, just days after the firm reported an impressive set of third-quarter results.

Ms Olivia Lum yesterday exercised 375,000 convertibles, boosting her Hyflux holdings to 176.734 million shares, or 34.39 per cent, according to a filing to the Singapore Exchange (SGX) yesterday.

They were priced at $1.0197 apiece, which means Ms Lum would have paid $382,387.50 for the transaction. Her direct stake in the firm now stands at 30.01 per cent, or 154.234 million shares, while her deemed interest remains at 4.38 per cent, or 22.5 million shares.

Hyflux had issued a total of 513.948 million shares as of yesterday, the SGX statement said.

The counter yesterday added four cents to close at $2.80, rebounding from a two-day sell-off earlier this week, despite posting handsome third-quarter earnings last week.

The water-treatment firm said on Friday after the market closed that its net profit in the three-month period ended Sept 30 rose 111 per cent to $13.6 million from the same period last year, boosted by increased municipal sales in Singapore and China.

Ms Lum's share conversion yesterday comes nearly two months after she hit the headlines by trimming her stake in the firm.

Her decision to sell 12 million shares on Sept 20 sent the stock falling.