The Straits Times / The Business Times News on Hyflux

Hyflux CEO converts 375,000 options

Directors' Trades

THE chief executive (CEO) of high-flying water treatment company Hyflux has converted another tranche of her stock options, the second time in as many months after the firm reported an impressive set of third-quarter results last November.

A filing with the Singapore Exchange disclosed that Ms Olivia Lum yesterday exercised 375,000 convertibles to boost her Hyflux holdings from 176.73 million shares to 177.11 million shares, or 34.39 per cent.

Her direct stake in the firm now stands at 30.02 per cent, or 154.61 million shares, while her deemed interest remains at 4.37 per cent, or 22.5 million shares.

Her latest transaction was executed at $1.0197 apiece, which means she would have forked out $382,387.50 for the conversion.

Ms Lum did a similar transaction on Nov 16 last year, just days after Hyflux reported an impressive set of third-quarter results.

Hyflux's net profit for the three months ended Sept 30 rose 111 per cent to $13.6 million from the same period a year earlier. The firm has yet to report its fourth-quarter figures.

But despite this, Hyflux's outlook is far from being crystal clear. CLSA Research last month downgraded the stock to 'sell' and lowered its price target from $2.66 to $2.05, expecting slower sales growth in China and delayed projects due to financing complications to hurt Hyflux's bottom line.

Hyflux shares yesterday lost seven cents to $2.99.