SINGAPORE (June 24): Henry Tay, executive chairman of The Hour Glass, has transferred 25 million shares to his son, managing director Michael Tay. According to a June 18 filing with the Singapore Exchange, the transfer took place on June 14. Based on June 14’s closing price of 77 cents, Michael’s net worth has increased by $19.25 million.

The transfer of shares took place less than a month after the company announced record earnings of $71.4 million for FY2019 ended March 31, 41% higher than the $50.7 million in the previous year.

Revenue in the same period was up 4% y-o-y to $720.9 million. The company attributes the record earnings to its meeting the needs of a new generation of customers and ongoing operational efficiencies. In the company’s earnings announcement on May 28, Michael said the group began a journey to transform itself three years ago and that the efforts are continuing to bear fruit. “We have remained steadfast in our goal to tighten coordination and improve our operational effectiveness and this is reflected in our overall performance. In tandem, initiatives to tailor services to meet the needs of an increasingly sophisticated market are yielding returns,” he added.

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