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CEO of IPS Securex pares stake as company reverses from the red

The Edge Singapore
The Edge Singapore • 3 min read
CEO of IPS Securex pares stake as company reverses from the red
Insider moves this week looks at IPS Securex, Uni-Asia Group and Roxy-Pacific Holdings
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Kelvin Lim Ching Song, executive director and group CEO of security solutions firm IPS Securex Holdings, sold about 2.07 million shares for about $251,365, or 12.171 cents each, on Aug 27. With the sale, Lim is left with around 58 million shares, equivalent to a stake of 11.97%, down from 12.39% before the sale.

Shares of IPS Securex have gained steadily in recent months. Year to date, they are up around 150%. Just a day before Lim sold his shares, the company announced earnings of $2 million for the full-year ended June 30, reversing from losses of $1.2 million in the preceding year. Revenue in the same period more than doubled to $19.3 million.

In his earnings commentary, Lim noted that the Covid-19 pandemic has caused unprecedented challenges not just to IPS Securex, but to global markets and industries as well. “However, our recent turnover growth demonstrates that security remains critical and essential to our customers despite the occasional project delay. Given today’s complex threat scenario, customer needs are constantly evolving and our role is to understand these needs and to provide relevant, leading-edge security products and solutions that address their individual situations,” he adds.

Another person selling IPS Securex shares was substantial shareholder Goh Khoon Lim. On July 7, Goh sold 5.5 million shares on the open market for nearly $660,000, or 11.99 cents each. The following day, Goh sold another 1.6 million shares for roughly $188,000, or 11.75 cents each. Goh is left with 28.9 million shares, or 5.96%.

Timely exit

Kenji Fukuyado, CEO of Uni-Asia Group, has been nibbling at shares in the company that holds investments in ships and property. On Aug 28, he acquired 16,400 shares on the open market for $7,535, or 45.9 cents each. The purchase brings his stake to 975,900 shares, or 1.24%, from 1.22% previously. Earlier on Aug 26, Fukuyado had bought 9,500 shares for $4,322.50, or 45.4 cents each.

See also: Nam Lee sees new substantial shareholder; GSH, Hongkong Land insiders raise stakes

On Aug 14, the company reported losses of US$3.9 million ($5.3 million) for the six months ended June 30, reversing from earnings of US$6.75 million in the same period a year earlier. Revenue in the same period was US$21.6 million, down 25% y-o-y. The company suffered from a drop in ship-chartering income because of the disruption to trade. On the other hand, the company’s partial sale of Uni-Asia Hotels in June led to a net gain of US$6.1 million and reduced exposure to more potential losses in a weak hospitality market.

Hospitality takes a hit

See also: Aztech, United Global and No Signboard bosses raise stake

Winston Tan, an independent director of Roxy-Pacific Holdings, continued raising his stake in the company. The latest purchase was made on Aug 27 when Tan acquired 25,000 shares for $8,125, or an average of 32.5 cents each. This brings his total stake to nearly 10.2 million shares, or a 0.784% stake, up from 0.782% previously. Earlier on Aug 25–26, Tan had also bought the same quantum of shares at the same price.

On Aug 11, Roxy-Pacific reported earnings of $2.8 million for the half-year ended June, down 70% y-o-y. Revenue in the same period was down 16% y-o-y to $118.1 million, as the company was badly hit by the Covid-19 pandemic — especially its hospitality businesses — although the decrease was somewhat mitigated as the rooms were used by individuals serving quarantine.

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