Billionaire Sam Goi (photo), after an absence of about four years, has resumed buying shares of Serial System, where he has long been the No.2 largest shareholder.
His purchases this month boosted his stake to 14.02%, or 125.6 million shares, worth about $21 million currently.
|
Purchase date |
No. of shares |
Average price |
|
17 March 2017 |
196,100 |
16.6 c |
|
16 March 2017 |
103,700 |
15.7 c |
|
15 March 2017 |
67,000 |
15.4 c |
|
14 March 2017 |
190,600 |
15.3 c |
|
10 March 2017 |
378,600 |
14.9 c |
Mr Goi's buying could have contributed to a rise in the share price of Serial System -- either directly and/or indirectly as other investors followed suit after noting his purchases.
On 9 March -- the day prior to his first purchase this month -- the stock closed at 14.3 cents. By 17 March, the stock had risen to 16.7 cents.
Mr Goi does not have board seat in Serial System but his son, Ben Goi Kok Neng, has been a non-executive director since April 2013.
Helmed by its No.1 shareholder, Derek Goh, the executive chairman and CEO, Serial System in 2016 achieved its highest annual revenue since its inception 28 years ago.
The revenue was US$1.40 billion, up from US$1.22 billion in 2015.
It, however, reported a lower net profit of US$4.6 million on several one-offs, compared to US$11.0 million for 2015.