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OIL PRICES ARE down and GSS Energy, like other oil-related stocks, has been dragged down -- but the spouse of an executive director is demonstrating her faith in the company.
Sng Lee Leng, the wife of executive director Charles Madhavan, has accumulated 5.446 million shares of GSS Energy (see table). Her stake is worth just over S$1 million based on current share prices which are in the 19-20 cent range.
We don't know anything else about her, despite a Google search, but clearly she appreciates, among other things, the business expansion of GSS Energy.
Charles Madhavan, executive director, GSS Energy. NextInsight file photo.Ms Sng's husband, Mr Madhavan, is well placed to appreciate the dynamics of the business which is being ramped up substantially.
Aside from being an executive director of GSS Energy, Mr Madhavan is the Managing Director of Cepu Sakti Energy, the company that was acquired by GSS Energy and which is the contractor for the oil programme in Indonesia.
Mr Madhavan has overall responsibility for the operations of Cepu Sakti Energy.
He has more than 30 years of experience in oil and gas construction and drilling, with expertise in managing and operating land drilling rigs and sludge processing plants.
And aside from his deemed interest in his wife's shareholding, he is deemed to have an interest in Blue Water Engineering’s shareholding of 2 m shares of GSS Energy and Blue Water Energy’s deemed interest in Java Petral Energy’s shareholding of 76 m GSS Energy shares.
Blue Water is an investment holding company which is equally owned by Mr Madhavan and Anthony Clive Reudavey.
Java Petral Energy is an investment holding company incorporated in Singapore in 2013 and is 30% owned by Blue Water Energy.
