US fund manager Capital Group, a substantial shareholder of Nanofilm Technologies International, has reduced its stake in the company. On Jan 4, it sold 334,7000 shares at $3.77 each. It now holds a deemed stake of around 39.4 million shares or 5.99%, down from 6.05% previously.
In contrast, Shi Xu, the company’s founder and executive chairman, on Oct 14, 2021, had acquired 200,000 shares for $741,580 or $3.7079 each. The company recently bought back shares as well. On Jan 11 and 12, it acquired 500,000 shares for between $3.36 and $3.48 each and 500,000 shares for between $3.44 and $3.50 each respectively. On Jan 13, the company bought back yet another 500,000 shares at between $3.44 and $3.46.
On Jan 10, analysts from DBS Group Research removed Nanofilm from its list of socalled “growth” picks, having just added the counter to that list on Dec 9, 2021. Since then, Nanofilm’s shares have fallen some 11.5%.
According to DBS, Nanofilm was removed after the drop in the share price “triggered its protective stop”. “Despite our earlier optimism on earnings recovery, possible reasons for its weak performance could be supply chain disruptions due to Omicron, impact of China’s stringent zero-Covid policy and a rotation out of low yielding technology stocks. We note near-term oversold bounces could be capped at $3.66– $3.72,” states DBS. Nanofilm shares closed on Jan 10 at $3.43, its 52-week low.
Substantial shareholder raises stake
Ng Eng Tiong, a substantial shareholder of Metech International, steadily increased his stake in the company with a series of open market purchases. The most recent acquisition was done on Jan 4 when he acquired two million shares for $710,000 or 35.5 cents each. He now owns 15.84 million shares or 10.453%, up from 9.134% previously.
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Prior to the latest transaction on Dec 23, 24 and 29, 2021, Ng had acquired 2.5 million shares for $902,5000 or 36.1 cents each, 3.5 million shares for $1.26 million or 36 cents each and three million shares for $1.065 million or 35.5 cents each respectively.
However, Ng also sold some shares. On Dec 7, 2021, he sold one million shares at 33 cents each and the following day, he sold another 2.1 million shares at 32.5 cents each. Metech has in recent months made a series of deals related to its move into its new business area of lab-grown diamonds, which the company says can be used in industry segments ranging from semiconductors and aerospace to electric vehicles and medical equipment field, among others.
On Jan 3, Metech said its joint venture company, Asian Eco Technology, had entered into a three-way collaboration with two China-based entities Teinyo and Yuhang Technology to set up a joint laboratory for the R&D of new materials in Shenzhen.
See also: Raffles Medical Group chairman ups stake to 55.592%
Controlling shareholders raise stake
Gordon and Celine Tang, the husband-wife team controlling Chip Eng Seng Corporation, have raised their stake in the property developer. On Jan 6 and 7, the Tangs acquired 6.1 million shares for $2.56 million and 97,300 shares for $40,866 or 42 cents each respectively. These brought their total stake to 38.04%.
Besides the Tangs, on Jan 10, independent director Yaacob Bin Ibrahim acquired 100,000 shares for 42.5 cents each. Yaacob, who was appointed to Chip Eng Seng’s board on Feb 20, 2020, did not hold any shares of the company previously. Incidentally, the Tangs are in the process of privatising another listed company they control, SingHaiyi Holdings, with an offer of 11.7 cents per share.
Chip Eng Seng was a part of a consortium that acquired for $650 million mixed development Peace Centre that includes a residential component called Peace Mansion. Besides Chip Eng Seng, the group of buyers include SingHaiyi Crystal, which is privately held by the Tangs as well. The three other joint buyers are KSH Premier Investment, SLB Development and Ho Lee Group. These three companies hold their stake in the joint venture through Ultra Infinity. The consortium intends to apply for a fresh 99-year lease and redevelop the property.
