Amova adds to Frencken and UI Boustead Reit positions

[SINGAPORE] Over the five sessions from Jul 31 to Aug 6, close to 70 director interests and substantial shareholdings were filed for more than 35 primary-listed stocks.

Directors or CEOs reported six acquisitions and no disposals, while substantial shareholders recorded six acquisitions and four disposals. This included CEO or director acquisitions filed for AcroMeta , All-Link Air & Sea , PNE Industries , Stamford Land and SunMoon Food .

Share buybacks

In addition, seven primary-listed companies conducted buybacks with a total consideration of S$26.2 million in the five sessions, a similar pace to the previous week.

Singtel led both the July and 2026 year-to-date buyback consideration tallies, repurchasing 23.6 million shares for S$103.6 million at an average price of S$4.40 per share in July, bringing its repurchases over the seven months to 195.3 million shares for S$893 million at an average price of S$4.57 per share.

Singtel has stated that shares repurchased under its S$2 billion value realisation share buyback programme are cancelled, reducing the total number of shares outstanding and increasing each remaining shareholder’s ownership interest in the company.

The group added that full execution of its share buyback programme would, on a pro forma FY2026 basis, deliver a permanent approximately 3 per cent uplift in underlying earnings per share (EPS) and support a higher EPS and dividend per share trajectory.

Secondary-listed companies were also active on buybacks over the past seven months. Jardine Matheson Holdings repurchased more than 3.7 million shares for around US$270 million at an average price of US$71.41 per share.

This aligns with management’s broader capital allocation framework, where buybacks form part of value creation alongside accelerated capital recycling and a strengthened net cash position.

Hongkong Land repurchased more than 27 million shares for around US$210 million at an average price of US$7.63 per share.

All-Link Air & Sea: Tang Ying increases stake on debut day

Executive director and substantial shareholder Tang Ying acquired 5,050,800 shares on Aug 5, the first day of trading for All-Link Air & Sea on the Singapore Exchange mainboard. The acquisition increased her direct interest from 51.7 per cent to 55.02 per cent.

The group raised gross proceeds of approximately S$20.1 million from its initial public offering.

Its post-IPO priorities are centred on diversifying its customer base and expanding across Asean. Vietnam and Thailand have been identified as key growth markets, supported by a call option over a 30 per cent interest in All-Link Vietnam.

Customer concentration has also moderated, with the TikTok Group contributing approximately 45.4 per cent of FY2025 revenue compared with approximately 98 per cent in FY2024, while a new US-listed technology customer contributed approximately 33.6 per cent of FY2025 revenue.

MediNex CEO Jessie Low adds to stake

On Aug 5, MediNex executive director and CEO Jessie Low acquired 400,000 shares for S$92,000, or S$0.23 per share. The married deal increased her direct interest from 28.54 million shares to 28.94 million shares, while her total interest, including the 390,000 shares deemed held through her spouse, rose to 29.33 million shares, equivalent to 21.8 per cent of the company’s issued share capital.

Low has led MediNex’s acquisition-led development since its Catalist listing in 2018. The company’s IPO proceeds were partly earmarked to expand through acquisitions, joint ventures and strategic partnerships, with S$3.5 million of the S$4 million allocated for this purpose utilised, as at the FY2026 annual report.

This included the acquisition of Sen Med Holdings, Ark Leadership & Learning, SKI Consultancy and MDX Advisory, supporting MediNex’s build-out from a medical support services provider into a broader platform spanning medical support, business support, pharmaceutical services and advisory capabilities.

For FY2026 (ended Mar 31), MediNex reported revenue of S$12.4 million, down 3.1 per cent year on year, mainly due to lower pharmaceutical services revenue after the loss of a major customer, and partly offset by growth in medical support services from new clinic set-up projects.

Profit attributable to shareholders declined 21.5 per cent to S$2.2 million after a non-cash goodwill impairment of approximately S$1.6 million relating to Nex Healthcare. Excluding the impairment, profit before goodwill impairment improved to S$3.8 million, while operating cash flow remained positive at S$2.7 million.

PNE Industries managing director Tan Koon Chwee ups stake

On Aug 3, PNE Industries managing director Tan Koon Chwee acquired 132,400 shares for S$51,636, or S$0.39 per share, via a market transaction. The purchase increased his direct interest from 9.48 million shares to 9.62 million shares, equivalent to 11.46 per cent of the company’s issued share capital.

The acquisition comes after PNE reported its H1 FY2026 (ended Mar 31) revenue declined 10.5 per cent year on year to S$31.3 million and the group recorded a loss before tax of S$700,000, compared with profit before tax of S$700,000 in the year-ago period.

The decline was mainly due to lower customer demand in the contract manufacturing segment, and partly offset by higher orders from the trading segment. Gross profit margin also narrowed to 14 per cent from 14.9 per cent, reflecting lower revenue and reduced economies of scale.

The balance sheet remained supported by cash generation and a debt-free position. Net cash generated from operating activities rose to S$7 million for H1 FY2026, while cash and bank balances increased to S$22.9 million.

Inventories fell by S$6.4 million and trade receivables declined by S$2.7 million, in line with lower sales and the fulfilment of customer orders using existing stock. The group had no bank borrowings, with lease liabilities attributable to right-of-use assets.

Management said it continues to focus on cost control, operational efficiencies and customer base diversification, while foreign exchange volatility remains a key risk given the group’s US dollar sales exposure and ringgit cost base.

Amova Asia increases Frencken stake above 7%

On Aug 6, Amova Asset Management Asia reported that its deemed interest in Frencken Group had increased from 29.74 million shares or 6.93 per cent to 30.66 million shares or 7.14 per cent, following the acquisition of 924,600 shares on Aug 3 at an average price of approximately S$2.51 per share.

At the group level, Amova Asset Management Co increased its deemed interest from 29.92 million shares or 6.97 per cent to 30.85 million shares or 7.19 per cent.

Amova Asia first became a substantial shareholder on Mar 30 when its interest increased to 5.08 per cent, and subsequently increased its stake above the 6 per cent threshold on Jun 2.

Frencken provides technology solutions to the semiconductor, analytical and life sciences, medical, automotive and industrial automation industries through its mechatronics and integrated manufacturing solutions divisions. The group has advised that it will release its financial results for the six months ended Jun 30 on Aug 13.

UI Boustead Reit: Amova crosses 7% threshold as growth pipeline advances

On Jul 28, Amova Asset Management acquired 2.76 million units in UI Boustead Real Estate Investment Trust (Reit) for S$2.23 million or approximately S$0.81 per unit, increasing its deemed interest from 93.16 million units (6.82 per cent) to 95.92 million units (7.02 per cent). The purchase lifted the fund manager above the 7 per cent substantial unitholder threshold.

Amova first emerged as a substantial unitholder in March with a 5.1 per cent interest, and subsequently increased its deemed interest to 6.38 per cent in May.

The stake increase comes as UI Boustead Reit continues to execute multiple growth initiatives.

As at Jun 30, the Reit’s portfolio comprised 23 properties across Singapore and Japan with 98.1 per cent committed occupancy and a portfolio weighted average lease expiry of 5.4 years. Management also highlighted S$74.7 million of co-investments across development projects and a S$2.6 million asset enhancement initiative (AEI) at 84 Boon Keng Road.

The Reit is pursuing inorganic growth through development partnerships alongside its sponsor, including a 24.26 per cent interest in the UIB Konan Phase 3 logistics development in Japan and a 51 per cent interest in a build-to-suit aerospace facility in Seletar Aerospace Park.

The aerospace project has an estimated development cost of S$104 million, an expected yield on cost of 8.6 per cent, and a tenant lease of approximately 22.5 years with built-in rental escalations. Meanwhile, the AEI at 84 Boon Keng Road is expected to complete by end-2026, with about 40 per cent of the space already pre-leased.

On Jul 29, Maybank Research maintained its “buy” recommendation on UI Boustead Reit with a target price of S$1.03. The broker highlighted the Reit’s improving occupancy trend, positive 2.6 per cent rental reversions in Singapore and development projects that remain on track. Maybank noted that income contributions from the 84 Boon Keng Road AEI and improved occupancy could help offset the impact of yen weakness.

UOB Kay Hian maintained its “buy” recommendation on UI Boustead Reit with a target price of S$1.16, citing improving operating momentum, positive Singapore rental reversions and full occupancy across the Japan portfolio.

Aedge completes fully subscribed S$3.5 million placement to support investment properties’ growth

Aedge completed its proposed placement of 16.7 million new shares at S$0.21 per share on Aug 6, increasing its issued share base from 161.9 million shares to 178.6 million shares. The placement shares are expected to list on the Catalist board on or around Aug 7 and rank pari passu with existing shares, except for distributions with record dates on or before completion.

The placement was fully subscribed and anchored by institutional and strategic investors including Azure Capital and ICH Synergrowth Fund, with Aedge stating that the net proceeds of approximately S$3.4 million will support the growth of its investment properties division and general working capital.

The writer is the market strategist at Singapore Exchange (SGX). To read SGX’s market research reports, visit sgx.com/research.