Aztech, United Global and No Signboard bosses raise stake

The Edge Singapore
The Edge Singapore 9/23/2021 01:05 PM GMT+08  • 3 min read
Aztech, United Global and No Signboard bosses raise stake
The Muns bought the shares near new-lows seen by the company's share price post IPO.
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The Muns, controlling shareholders of Aztech Global, have raised their stake in the company as its share price dipped to a post-listing low.

Aztech Global was listed on March 2020 at $1.28. It surged to as high as $1.43 last April before the share price retreated to as low as $1.01 on Sept 20.

On Sept 17, Jeremy Mun Weng Hung, executive director and COO of the company, acquired 50,000 shares via a nominee account with DBS for $52,500 or $1.05 each. This brings his interest to 200,000 shares, equivalent to a stake of 0.026% in the company, up from 0.019% earlier.

Jeremy’s first purchase was over a month ago on Aug 13. Back then, he had acquired 150,000 shares for $177,000 or $ 1.18 each, also through the nominee account with DBS. Jeremy is the son of Michael Mun, executive chairman and CEO of the company.

Right after Jeremy, Michael bought as well. On Sept 21, he acquired 277,600 shares for $1.03 each. The following day, via a vehicle he controls, he bought another 200,000 shares. Out of these, 170,800 shares were bought at $1.03 and 29,200 shares were bought at $1.04.

In total, Michael controls nearly 542.2 million shares, equivalent to 70.07%, up from 70.01% prior to Sept 21.

On July 30, the company announced the earnings for 1HFY2021 ended June 30 was $29.4 million, up 125.9% y-o-y from $13 million reported for 1HFY2020. For the same period, its revenue increased by 93.4% y-o-y to $249.7 million, led by higher demand for its so-called internet of things products and also data-communication devices.

As of June 30, Aztech’s order book was at $530.4 million and it had received additional orders of $74 million.

“Barring worsening of infection by Covid-19 virus and supply chain constraints, the majority of the order book secured is expected to be completed in 2021. Included in the order book are $150 million orders scheduled for completion in FY2022,” notes the company in its earnings commentary.

“Taking into consideration the healthy balance sheet position, strong order book secured to date and measures that we have put in place to mitigate the threat of Covid-19 infection resurgence, and barring unforeseen circumstances, the group remains cautiously optimistic of its performance for the rest of 2021,” adds Michael.

Meanwhile, Edy Wiranto, chairman of lubricants company United Global, on Sept 16 acquired 663,7000 shares for $272,117 or 41 cents each in an off-market deal.

With that, his direct stake in the company increased to nearly 19.4 million shares or 6.12%.

In addition, he holds a deemed interest in another 3,170,600 shares. These give Wirianto a total interest in 22.5 million shares or 7.12%.

For 1HFY2021 ended June 30, United Global recorded earnings of US$3.2 million, up 91.9% y-o-y from US$1.7 million ($2.3 million) from the year earlier. Revenue in the same period was up from US$80,000 to US$2.7 million.

The big earnings jump was contributed by its 60%-owned JV with Repsol Downstream Internacional SA.

Elsewhere, Lim Yong Sim, executive chairman and CEO of No Signboard Holdings, increased his stake in the company via a series of open market buying.

On Sept 15, he acquired 39,600 shares for $1,739.91 or an average of 4.4 cents. The following day, he acquired another 498,300 shares for $21,874.37 or 4.4 cents each.

With the two transactions, Lim had raised his direct stake to 537,900 shares or 0.12%, from 0.01%. He now has a total interest of just over 254.4 million shares or 55.03%, up from 54.91%.

On Aug 13, the company, which operates a clutch of seafood restaurants, reported that revenue for its 3QFY2021 ended June 30 increased by 54.8% y-o-y to $1.78 million.

Losses in the same period narrowed by 17.3% y-o-y from $2 million to $1.65 million, as the effects of the pandemic continue to weigh down on the F&B industry.

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