Cortina completes 8% buyback; Chandra Asri adds to Hiap Seng stake

[SINGAPORE] Over the five sessions from Sep 25 till Oct 1, more than 80 director interests and substantial shareholdings were filed for close to 40 primary-listed stocks.

Directors or CEOs reported 22 acquisitions and no disposals, while substantial shareholders recorded 28 acquisitions and five disposals. This included CEO or director acquisitions filed for All-Link Air & Sea , Aspial Lifestyle , Attika Group , Foundation Healthcare Holdings , HealthBank Holdings , Hyphens Pharma International , Nam Cheong , Nera Telecommunications , Stamford Land Corporation and Tuan Sing Holdings .

Share buybacks

During the five sessions, 26 primary-listed companies conducted buybacks with a total consideration of S$47.8 million, led by UOB , Keppel and Singtel .

Cortina completes S$55 million equal access buyback

On Oct 2, Cortina Holdings filed a daily share buyback notice confirming the purchase of 13,246,273 shares under its off-market equal access offer for a total consideration of S$54.97 million, or S$4.15 per share. The shares represented 8 per cent of the company’s issued share capital and were retained as treasury shares, reducing the number of issued shares excluding treasury shares to 152,332,142.

The offer was announced on Sep 1 when Cortina shares last traded at S$3.87. Shareholders were entitled to tender up to 8 per cent of their holdings, with the company purchasing the full maximum of 13,246,273 shares permitted under the offer. The board said the offer was intended to reward shareholders for their loyalty and support by providing a fair opportunity to realise part of their investment at a premium to recent market prices without incurring transaction costs.

The transaction followed shareholders’ approval of the company’s share buyback mandate at its Jul 28 annual general meeting. The mandate authorised market and off-market purchases of up to 10 per cent of issued shares, while the equal access offer was set at 8 per cent. Cortina Holdings’ FY2026 (ended Mar 31) annual report also stated that management uses capital opportunistically to support the business and add value for shareholders, with potential capital-management actions including dividends and returns of capital.

As at Mar 31, cash and cash equivalents stood at S$162.7 million, net debt declined to S$29.1 million from S$46.4 million, and the debt-to-adjusted capital ratio improved to 5.84 per cent from 10.19 per cent.

For FY2026, revenue increased 13.5 per cent to S$979 million from S$862.8 million in FY2025, while profit after tax rose 3.3 per cent to S$72.4 million from S$70.1 million. The group generated S$124.7 million of net operating cash flow, compared with S$54.2 million in FY25, while investing S$29.3 million in property, plant and equipment.

During the year, Cortina Holdings also expanded its regional boutique network and subsequently completed the acquisition of Australian retail operations in June 2026, including the rights to operate a Patek Philippe boutique at Chadstone Shopping Centre, scheduled to open in H2 FY2027.

Chandra Asri Trading raises Hiap Seng stake to 16%

On Sep 29, Chandra Asri Trading Company acquired 250.63 million shares in Hiap Seng Industries through an off-market transaction for S$2.76 million, or S$0.011 per share. The acquisition increased its direct interest to 16.18 per cent from 11.01 per cent previously. The shares represented Tian Yuan’s remaining stake in Hiap Seng Industries, with the transaction resulting in Tian Yuan ceasing to be a substantial shareholder.

Chandra Asri Trading Company became a substantial shareholder of Hiap Seng Industries in July 2025 when its interest increased to 11.87 per cent from 4.5 per cent previously. Following the latest acquisition, its direct interest increased to 16.18 per cent.

Chandra Asri Group is an integrated energy, chemicals and infrastructure solutions company in South-east Asia, with businesses spanning the manufacture and trading of chemicals, petrochemicals and synthetic rubber, alongside infrastructure assets including docks, tank storage, logistics, water and energy. The group is part of the Barito Pacific Group and counts Siam Cement Group among its major shareholders.

Hiap Seng Industries provides mechanical engineering, plant fabrication and installation, and plant maintenance services to the oil and gas, petrochemical and pharmaceutical sectors. For FY2026 (ended Mar 31), revenue increased 6.8 per cent to S$24.4 million from S$22.9 million in FY2025, driven mainly by higher volumes of maintenance and shutdown activities. Net profit declined to S$2.8 million from S$6.2 million, largely reflecting lower other gains, while operating profit eased to S$3.6 million from S$4.1 million.

The group ended FY2026 with net assets of S$35.4 million and cash and bank balances of S$24.4 million. During the financial year, Hiap Seng Engineering completed a S$31.2 million capital reduction that was applied against accumulated losses. Shareholders subsequently approved a final dividend of S$0.0002, bringing the total FY2026 dividend to S$0.0003.

Looking ahead, Hiap Seng Industries expects competitive pricing, tighter foreign-workforce policies, higher worker-accommodation costs, inflation and geopolitical developments to continue placing pressure on operating costs. The group plans to grow its core maintenance and plant construction activities, protect margins through cost discipline and improve productivity through its solar-energy system, in-house training centre and new workers’ dormitory.

The group said it will remain selective in pursuing development, investment and diversification opportunities that are consistent with its long-term profitability and sustainability objectives.

Aspial Lifestyle chairman extends stake building

Between Sep 25 and 30, Koh Wee Seng, chairman and non-executive director of Aspial Lifestyle, acquired an aggregate 2.1 million shares on-market for S$715,000, at an average price of approximately S$0.34 per share. The purchases increased his direct interest to 10.18 per cent from 10.08 per cent previously, while his total interest increased to 75.85 per cent from 75.80 per cent.

Aspial Lifestyle’s September investor presentation highlighted the scale of its integrated pawnbroking, jewellery retail and secured-lending platform. For H1 FY2026, the group generated S$464.2 million of revenue and S$71.5 million of profit before tax. Retail contributed 86.1 per cent of revenue and 60 per cent of profit before tax, while pawnbroking contributed 11.9 per cent of revenue and 36.9 per cent of profit before tax. As at Jun 30, the group operated 118 stores, comprising 78 in Singapore, 24 in Malaysia and 16 internationally.

Stamford Land executive chairman adds shares and receives scrip dividend

Between Sep 23 and 29, Ow Chio Kiat, executive chairman of Stamford Land Corporation, acquired an aggregate 1,113,800 shares on-market for S$523,486, at an average price of S$0.47 per share. Separately, on Sep 28, he received 7,309,227 shares in place of the cash entitlement for the FY2026 final dividend and acquired a deemed interest in a further 646,353 scrip shares. Following these transactions, his direct interest stood at 43.06 per cent, while his total interest increased to 46.82 per cent from 46.53 per cent before the first market purchase.

Ow Yew Heng, executive director and chief executive officer, also elected to receive 240,463 scrip shares in place of his cash dividend, marginally increasing his 1.40 per cent direct interest.

Nam Cheong executive chairman further increases deemed interest

Between Sep 24 and 30, Tiong Su Kouk, executive chairman of Nam Cheong, increased his deemed interest in an aggregate 200,000 shares through on-market transactions for S$197,500, at an average price of S$0.988 per share. The acquisitions increased his deemed interest to 6.81 per cent from 6.76 per cent previously, while his total interest increased to 24.09 per cent from 24.04 per cent. His direct interest remained unchanged at 17.27 per cent.

Attika executive chairman adds to position

Between Sep 24 and 30, Steven Tan, executive chairman and managing director of Attika Group, acquired an aggregate 429,400 shares on-market for S$90,516, at an average price of approximately S$0.211 per share. The purchases increased his direct interest to 74.5 per cent from 74.3 per cent previously.

During H1 FY2026, Attika Group acquired two properties for an aggregate S$4.3 million. The property at Venture Drive is used as the group’s site office, while the property at Gemini @ Sims is expected to become its showroom after the existing tenancy expires in November 2026. The group also completed a one-for-one bonus issue and repurchased 1.12 million shares for S$439,000 under its share buyback mandate.

Attika Group said it will continue to tender selectively for projects with reasonable profit margins, particularly in data centres and public infrastructure. The group has engaged a supplier to deploy AI robotics at one of its project sites by the end of 2026, with the deployment intended to improve operational efficiency and productivity. It also plans to accelerate the development of its property business as an additional growth pillar.

Foundation Healthcare CEO adds to stake

On Sep 25, Liaw Yit Ming, executive director and chief executive officer of Foundation Healthcare Holdings, acquired 22,500 shares on-market for S$13,050, or S$0.58 per share. The purchase increased his direct interest from 31,291,608 shares to 31,314,108 shares, with his percentage interest remaining at 2.36 per cent.

During the group’s first earnings call as a listed company, Liaw said H1 FY26 revenue growth was driven by higher productivity among established specialists, the continued ramp-up of emerging specialists and deeper utilisation of its medical centres. He added that acquisition activity, which had been paused during the IPO process, is expected to resume in H2 FY2026, while the group continues to expand its specialist network, medical-centre capacity and presence in Malaysia and Hong Kong.

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