Stock Buyer Purchase date No. of shares Share Price Shareholding
GuocoLeisure GuocoLeisure Assets Limited 14 Sept 721,000   50.812 cts   770.3 m
(56.31 %)
11 Sept 250,000   52 cts  
10 Sept 300,000 51 cts  
Hongwei Technologies Maxpro Global Limited  18 Sept 1,084,000 24.816 cts 141.8 m
 (63.02%)
11 Sept 3,000,000 24.5 cts  
Abterra General Nice Resources 15 Sept 10,900,000 5 cts 2.1 billion (40.48%)


GuocoLeisure:
 It has come under accumulation by GuocoLeisure Assets Limited, in which the chairman of GuocoLeisure, tycoon Quek Leng Chan, has a deemed interest.

From the 50-52 cent range that GuocoLeisure Assets recently bought the shares at, GuocoLeisure’s stock price has risen to around 58 Singapore cents, but it’s still substantially below the Net Tangible Assets of
63.6 US cents (90.3 Singapore cents).

Tempering investors’ confidence in the stock is the regular selling of GuocoLeisure shares by Third Avenue Management. The latest sale was on Sept 4 and involved a whopping 18.6 million shares, bringing its shareholding down to 10.28%.

For more on GuocoLeisure, read 
SEBASTIAN CHONG'S property picks: Metro, Ascendas India, GuocoLeisure

 


                                                                          

Image
Coking coal operations in Shanxi province in China. Photo by Andrew van Buren 

Abterra: It has a parent called General Nice Resources, which has periodically been buying its shares while the market seems lukewarm towards it.

Abterra’s business model is in the midst of transformation. From being a trader of commodities, it has also become an owner of mines, particularly coking coal mines in China (see table below).

Lately, it has acquired an iron ore processing facility in Indonesia, taking over have some long term contracts with mine owners that will supply them with iron ore.

The iron ore supply is of a low grade which Abterra will process and increase its iron content before selling it off.
 

Assets acquired Abterra’s stake Acquisition date Consideration
Zuoquan Yongxing Coal Co. (coking coal mine) 15% Aug 2007 RMB45.75 m
Shanxi Taixing Jiaozhong (coking coal mine) 49% May 2009 RMB188 m
Shanxi Lingshi Fuyuan Coal (coking coal mine) 30.6% Aug 2009 RMB234.8 m
(Unnamed iron ore processing facility, Indonesia) 100% Aug 2009 US$7.3 m


Our recent story:  
ABTERRA makes 3rd coking coal mine acquisition



                                                                          

 

Image
Hongwei's operations. Photo montage: annual report

Hongwei Technologies: It continues to enjoy buying by Maxpro Global, which is 100% owned by the spouse of the CEO.

Its latest buys are 3 million shares at 24.5 cents and 1.084 million at 24.816 cents.

Maxpro now owns about 10 percentage points (ie, 63% now versus 52.6%) more stock than as of March 2008, the cutoff date for the shareholder list for the 2007 annual report.

The stock currently has a historical PE ratio of 4.1, which would be lower if the company’s earnings recover this year and next.

There are a few discomfiting things about Hongwei: It does not have a corporate website (we couldn't find it, anyway), and its annual reports don't carry pictures of the business operations nor the board of directors nor the senior management.

One positive, though, is that a key shareholder is Tembusu Growth Fund, a Singapore fund with luminaries on board.  

For more, read our recent story: Insider buying: HONGWEI, REYOUNG, SINGAPORE REINSURANCE

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