As an initiative to raise the quality of AGMs, The Securities Investors Association of Singapore (SIAS) has engaged a team of analysts to research listed companies' annual reports and come up with questions that should be raised during their AGMs. The questions for Tuan Sing Holdings include the following:   

1. As noted in the corporate profile (page 5), the group is set to mark its Golden Jubilee in 2019 and has embarked on a strategic business transformation to reposition itself from a niche developer to a major regional player with a presence in commercial, residential and hospitality properties in key cities across the Asia-Pacific, particularly in Singapore, China, Indonesia and Australia.

It also intends to participate in large-scale integrated developments and townships as it enters the next phase of growth.

WilliamLiem Tuan SingWilliam Nursalim alias William Liem, CEO of Tuan Sing Holdings.(i) Would the board help shareholders understand the deliberations it has had over the strategic business transformation? Was there unanimous support on the board for the group’s new strategy?

(ii) Does the group have the balance sheet to support the new strategies?


(iii) What is the group’s expertise in large-scale integrated developments and townships?

(iv) Would the new strategic direction alter the risk profile of the group?

In addition, would the board/management provide shareholders with better clarity on the following operational and financial matters for its Singapore developments/pipeline? Specifically:

(v) 18 Robinson: With the Temporary Occupation Permit obtained in January 2019, would management provide shareholders with an update on the leasing status of 18 Robinson? What is the targeted tenant profile for the office tower? Similarly, how would management be positioning the retail mall? What is the track record and expertise of the group in managing a retail podium in the CBD?

(vi) 896 Dunearn: The commercial building was acquired in June 2017 at a price of $365 million. With the upgrading works underway, can management disclose how it intends to reposition the property? How much would the “Additions and Alterations” works cost?

Stock price 

41 c

52-week range

32.5 – 44.5 c

Market cap

S$486 m

PE (ttm)


Dividend yield 




Shares outstanding

1.19 b

Source: Yahoo!

(vii) Mont Botanik: The land at Jalan Remaja was acquired in July 2017 through a private tender for $47.8 million and was launched in August 2018, after the government announced new cooling measures in July 2018. What is the sales progress of the project? Would management help shareholders understand the reason for the delay in the launch?

(viii) 333 Thomson Road: The site was acquired via a collective sale at a price of $118.88 million, 12% above the owners’ asking price of $106 million just prior to the July 2018 cooling measures. What is management’s strategy to launch and sell the development project given the current market conditions? At a land cost of $1,558 psf per plot ratio, what is the developer’s margin that can be achieved?

As seen in Note 22 (page 158 – Share capital), the company bought back 650,000 of its ordinary shares and subsequently cancelled the shares.

In addition, it bought back 4,383,400 shares and held them as treasury shares.

The company has resumed its share buy back at the end of March 2019, adding 200,000 shares under the Share Purchase Mandate that was approved by shareholders. 

In the financial year, the company returned $1.8 million to shareholders through the share buy back programme.

The board has proposed a first and final dividend of 0.6 cents per share and a special dividend of 0.3 cents per share, for a total proposed dividend of $10.678 million for FY2018 (or a payout ratio of 50.2%).

SG cents







0.5 c

0.6 c

0.6 c

0.6 c

0.9 c *

* includes 0.3 c special dividend

(i) Can the board elaborate further on the share buyback? Under what circumstances would the board be buying back the company’s share?

(ii) What deliberation did the board have on returning capital to shareholders via the share buy back versus dividends?

(iii) How will the dividends be affected if the group is embarking on a transformation to develop large-scale integrated developments and townships?

For the full list of questions, visit the SIAS website