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THE EYE-POPPING SHARE purchases last week were made by the chairman of China Animal Healthcare (15 million shares in one day) and the continued aggressive share buyback by Hi-P International.
Earlier, we had stories on them:
CHINA ANIMAL HEALTHCARE'S chairman scooped up 15 m shares today
INSIDER BUYING: Hi-P, Teckwah, Darco Water, Frencken, etc
Sheraton Towers on Scotts Road, Singapore, is owned by Bonvests.
The other interesting insider purchases last week included:
* Bonvests Holdings (market cap: S$374 m):
Allsland Pte Ltd bought 1.225 million shares of Bonvests from the open market, upping its holding to 326.6 million shares, or 81.2% of the company.
Allsland is wholly-owned by Henry Ngo, who is the executive chairman of Bonvests, which owns and manages various prime commercial properties such as the flagship Liat Towers.
Bonvests’ luxury hotels include Sheraton Towers Singapore.
For 1Q this year, the company reported revenue of $37.7 million and net profit from continuing operations of $8.7 million, up by 33%.
Its stock (which is illiquid) traded recently at 93 cents, which is a significant discount to its Net Asset Value of $1.59 as at end March this year.
* InnoTek (market cap: S$134 m):
A married deal saw Singapore-based fund Gazelle Capital buy 8 million shares over from a substantial shareholder, To Wai Hung. Mr To is chairman of Mansfield Manufacturing, a wholly-owned subsidiary of InnoTek, who now owns 3.72% of InnoTek after the sale.
Gazelle boosted its holding from 6.247 m shares to 14.247 million, or 6.25% of the company.
InnoTek could have proven attractive to Gazelle because of, among other reasons, its high dividend payout.
InnoTek had said earlier this year that it can sustain a 5-cent a share dividend payout a year - which translates into a dividend yield of about 9% based on the recent price of 55 cents.
InnoTek, which paid out 5 cents a share as dividends for FY09, was an aggressive buyer of its own shares.
So far this year, it has bought back 8.4 million shares at an average cost of S$0.50 per share.
You can read more about what InnoTek’s MD recently said to investors: INNOTEK: 'Why we have been buying back our shares'
