[SINGAPORE] Over the five trading sessions from May 22 to 28, 22 primary-listed companies conducted buybacks with a total consideration of S$88.9 million.
Singtel again led the buyback tally, with 14 million shares acquired at an average price of S$4.47 apiece. They were purchased under the company’s S$2 billion value realisation share buyback programme.
Over the five sessions, more than 80 director interests and substantial shareholdings were filed for around 35 primary-listed stocks.
Directors or chief executive officers reported five acquisitions and two disposals, while substantial shareholders recorded 12 acquisitions and four disposals.
These included CEO or director acquisitions filed for Aspial Lifestyle , First Resources , Geo Energy Resources and Nera Telecommunications .
On May 26, Azure Capital completed its acquisition of 22,074,000 shares of Trek 2000 International under a share purchase agreement entered on May 11.
This resulted in Azure Prime Fund VCC-Azure Singapore Equity Fund becoming a substantial shareholder of the company known for its ThumbDrive USB flash drive, with a deemed 7.3 per cent interest.
Nam Cheong: AGT accumulates shares amid improving operating performance
Ginko-AGT Global Growth Fund increased its stake in Nam Cheong in May through on-market acquisitions, raising its interest to 6.009 per cent from 5.996 per cent.
These followed a February transaction which lifted its holdings above the substantial shareholder threshold, from 4.999 per cent to 5.062 per cent.
SEE ALSO
The buying comes alongside stronger results for the first quarter ended Mar 31. The offshore marine group posted a 160 per cent year-on-year rise in profit after tax and minority interests to RM78.9 million (S$25.4 million).
The increase was driven by higher vessel utilisation and a gain on vessel disposal.
Revenue for Q1 FY2026 grew 1 per cent to RM117.9 million, with utilisation improving to 58 per cent as more vessels operated under long-term charters.
The group’s borrowings declined to RM405.1 million and its net gearing fell to 0.17 times following debt repayment during the quarter.
ComfortDelGro: Silchester stake rises above 9%
Silchester International Investors grew its deemed interest in ComfortDelGro through filings in May, following continued on-market purchases.
Disclosures were triggered as its stake in the transport operator crossed the 8 and 9 per cent thresholds.
On May 8, Silchester acquired 893,600 shares at an average price of S$1.4312 each. This raised its holdings from 7.99 per cent to 8.03 per cent.
On May 21, it purchased a further 1,935,800 shares at S$1.2908 apiece on average, lifting its interest from 8.998 per cent to 9.087 per cent.
In January, Silchester crossed the 5 per cent substantial shareholder threshold. Subsequently, its holdings moved above 6 per cent in February and 7 per cent in March.
The pace of accumulation in 2026 has been quicker than in the prior cycle, with multiple threshold crossings within about four months. In comparison, the build-up was more gradual in 2023 to 2024.
Silchester is a London-based investment manager established in 1994 and specialises in international equities. It manages a single International Value Equity strategy through long-only commingled funds on behalf of institutional clients, and seeks long-term returns from quoted equities.
All its ComfortDelGro holdings are classified as deemed interests, reflecting its role as an investment manager with discretionary control over client portfolios.
At its FY2025 annual general meeting, ComfortDelGro highlighted a shift towards a more actively deployed balance sheet to support growth, following capital expenditure spending and acquisitions.
Its management noted that revenue crossed S$5 billion for the first time, with international operations contributing over half of the top line.
This was alongside continued expansion into 13 countries and a larger global fleet.
Operationally, the transport operator’s focus has moved towards integrating recent acquisitions and extracting efficiencies, particularly in the point-to-point segment.
While the return on equity has moderated from pre-Covid levels, ComfortDelGro said this reflects structural changes including increased competition and evolving public transport models, with performance still benchmarked against global peers.
The group also reiterated its dividend framework, maintaining an 80 per cent payout ratio while targeting earnings growth to support higher absolute distributions.
A March 2026 report by Corporate Monitor noted that while ComfortDelGro’s FY2025 earnings improved, part of the uplift reflected a one-off inspection activity related to Singapore’s Electronic Road Pricing 2.0 system and higher leverage.
Additionally, underlying performance in the taxi and private hire segment stayed weaker despite recent acquisitions.
In a business update in May, ComfortDelGro said its revenue for Q1 FY2026 was 5 per cent higher on the year at S$1.23 billion, supported by long-term public transport contracts.
It noted that its taxi and private hire segment remained under pressure from competition and cautious consumer spending. Meanwhile, its management continued to prioritise integration and the build-out of higher-margin, platform-enabled mobility capabilities.
Mooreast: Placement supports balance sheet flexibility and project capacity
On May 28, Mooreast proposed a placement of 44.45 million new shares at the maximum amount of S$0.135 each to raise up to S$6 million.
Zico Capital is the placement agent, with Maybank Securities as sub-placement agent on a best-effort basis.
The placement is intended to strengthen the financial position and capital structure of the group, which provides mooring and anchoring solutions. This would boost its ability to take on additional projects while improving balance sheet flexibility.
It intends to use the proceeds primarily for working capital, including manpower and administrative costs. Management noted that the group’s existing capital is largely committed to ongoing projects and a development at Shipyard Crescent.
The transaction also aims to broaden Mooreast’s shareholder base and enhance trading liquidity, positioning the group to manage near-term conditions and pursue future growth initiatives.
TrickleStar: Secondary placement completes with capital base expansion
TrickleStar on May 22 completed a secondary placement, issuing 79.1 million new shares at S$0.0306 each and expanding its issued share capital to 237.3 million shares. PrimePartners was the placement agent.
The green technology company undertook the placement to enhance its capital base and financial flexibility, supporting business expansion – including potential mergers and acquisitions – and working capital requirements.
Aspial Lifestyle: Equity fundraising gains institutional backing and liquidity lift
Aspial Lifestyle completed a S$60 million private placement at S$0.402 per share, with the offering more than two times covered.
It was supported by institutional investors including Eastspring Investments (Singapore), ICH Synergrowth Fund, JP Morgan Asset Management, Lion Global Investors and Value Partners Hong Kong.
The placement forms part of a broader S$84.8 million equity fundraising, which also comprises a S$24.8 million preferential offering to existing shareholders.
The proceeds will be directed primarily towards business expansion, including scaling its pawnbroking and secured lending platforms, alongside working capital and potential acquisitions.
The transaction followed the group’s transfer to the Singapore Exchange (SGX) mainboard, a move seen as supporting broader institutional access, improved free float and enhanced trading liquidity.
Koh Brothers Eco Engineering: Mainboard transfer application
Koh Brothers Eco Engineering on May 26 submitted its application to transfer from the SGX Catalist to the mainboard – extending the recent run of upgrades among mid-cap issuers.
The company said the proposed transfer is intended to enhance its corporate profile, widen its investor base and improve trading liquidity, particularly among institutional investors.
The move is also expected to strengthen visibility and support future fundraising, given the mainboard’s wider access to capital and deeper investor pool.
In applying for the transfer, the company highlighted that it will be assessed against mainboard admission thresholds, which require issuers to meet criteria relating to profitability, operating track record and market capitalisation, as well as higher standards of governance, disclosure and public float.
The proposed transfer follows a cluster of completed moves over the past 12 months, including those of Oiltek International (Jun 6, 2025), Ever Glory United (Dec 30, 2025) and Ley Choon Group (Mar 23, 2026).
More recently, in May, were the transfers of Aspial Lifestyle (May 4), MoneyMax Financial Services (May 6) and Choo Chiang (May 7).
Koh Brothers Eco Engineering is the controlling shareholder of Oiltek International, with a 68.14 per cent stake.
FLCT: European logistics footprint expands
Frasers Logistics & Commercial Trust (FLCT) has entered into agreements to acquire interests in four logistics and industrial properties – two in Germany and two in the Netherlands – for about 294.9 million euros (S$441.5 million).
The assets are fully leased with a weighted average lease expiry of 5.7 years. They comprise around 179,645 square metres of gross lettable area.
The properties are within established logistics clusters in Duisburg and Dusseldorf in Germany, and Breda in the Netherlands. The tenants include multinational corporations and third-party logistics providers, and also grant FLCT exposure to e-commerce-related demand.
After the transaction’s completion, the trust’s portfolio occupancy is expected to increase from 96.1 per cent to 96.3 per cent. Meanwhile, its proportion of logistics and industrial assets will rise from 75.1 per cent to 76.6 per cent.
The acquisition is expected to be distribution per unit (DPU) accretive, with pro forma DPU for the first half of FY2026 climbing from S$0.0295 to S$0.03. The move will be funded entirely through external debt financing.
Strategically, the transaction deepens FLCT’s exposure to Germany and the Netherlands, two of Europe’s key trade-oriented logistics markets. It is also aligned with its strategy to scale its logistics and industrial platform within existing markets.
The writer is the market strategist at SGX. To read SGX’s market research reports, visit sgx.com/research.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
