Home Capital Corporate moves

First Sponsor chairman buys shares, eyes ‘record’ for property financing business

Chan Chao Peh
Chan Chao Peh8/6/2018 07:30 AM GMT+08  • 3 min read
First Sponsor chairman buys shares, eyes ‘record’ for property financing business
SINGAPORE (Aug 6): Calvin Ho Han Leong, chairman and controlling shareholder of developer First Sponsor Group, has bought the company’s shares just days after it reported stronger earnings for the 2Q ended June 30, 2018. On July 30, Ho bought 100,000 sh
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

SINGAPORE (Aug 6): Calvin Ho Han Leong, chairman and controlling shareholder of developer First Sponsor Group, has bought the company’s shares just days after it reported stronger earnings for the 2Q ended June 30, 2018. On July 30, Ho bought 100,000 shares at an average price of $1.32 from the open market. The purchase brings his direct stake to 1.97 million shares. He also has a deemed stake of nearly 291.8 million shares via an entity called First Sponsor Capital. Together, they give him a total stake of 45.27%. Ho’s purchase price of $1.32 is a discount of about one-third off the company’s net asset value of $1.98 as at June 30, which is 5.1% higher than the $1.89 cents as at March 31.

First Sponsor Group’s main businesses are property development and investment. It is active in China, the Netherlands and, to a lesser extent, Germany. About 32% of the company is owned by the Kwek family’s privately held Hong Leong Group, whose flagship listed vehicle is City Developments.

On July 27, First Sponsor Group reported earnings of $12.1 million, up 28.9% y-o-y for 2QFY2018. The company’s stock is now traded at just over 9.1 times historical earnings.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.