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CEOs of Tai Sin Electric and Hong Lai Huat raise respective stakes

The Edge Singapore
The Edge Singapore  • 3 min read
CEOs of Tai Sin Electric and Hong Lai Huat raise respective stakes
Tai Sin plans to pay a final dividend of 1.5 cents, double the 0.75 cents paid out this time last year.
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Bernard Lim, CEO of Tai Sin Electric, has been steadily buying up shares of his company after it announced earnings for FY2021 had surged by 78.1% from FY2020.

The most recent buying was on Sept 6, when he acquired 142,000 shares for 38.5 cents each, bringing his direct stake to 74.6 million shares or 16.208%.

In addition, he has a deemed stake of 3.6 million shares or 0.786% held by his wife Pang Yoke Chun. In total, Lim has an interest in 78.2 million shares or 16.944%.

Prior to this, Lim on Sept 1, 2 and 3 acquired 168,600 shares for 38.006 cents each, 60,500 shares for 38.008 cents each and 302,100 shares for 38.462 cents each respectively.

Last month, on Aug 27, 30 and 31, he had acquired 1.53 million shares for 37.821 cents each, 350,000 shares for 38 cents each and 260,000 shares for 38 cents each respectively.

Tai Sin Electric operates a few different business segments: Cables and wires, electrical material distribution, and also test and inspection. For its 2HFY2021 ended June 30, revenues for each of these three segments grew between 13.48% and 74.73% versus the same period last year.

In FY2021 ended June 30, the company reported revenue of $298.4 million, up 7.97%, as it enjoyed resumption in business compared to the same period last year when its various markets were in a lockdown and business and construction activities were in a standstill.

In FY2021, earnings increased by 78.1% from $9.7 million to $17.3 million. In line with the improved earnings, the company plans to pay a final dividend of 1.5 cents, double the 0.75 cents paid out this time last year. For 1HFY2021, the company had already paid an interim dividend of 0.75 cents — bringing the full-year payout to 2.25 cents.

Ong Bee Huat, deputy chairman and CEO of Hong Lai Huat Group, on Sept 9 acquired 633,100 shares at prices ranging between 9.8 cents and 10 cents each or a total of $62,722. This brings his direct stake to 173.8 million shares or 33.56%.

In addition, Ong has a deemed interest in 30 million shares held at Haitong International Securities (Singapore) and another deemed interest in another 10.41 million shares held by his wife Lau Yen Eng. In total, Ong has an interest of 214.2 million shares or 41.37%.

For 1HFY2021 ended June 30, Hong Lai Huat reported a loss of $1.3 million, the same as the year-earlier period. Revenue in the same period was up 119.1% to $12.1 million, due to an increase in property sales of its project in Cambodia. The company points out that if not for a one-off fair value loss of $3.2 million, it would have made a profit of $1.9 million in 1HFY2021.

Besides property development, the company is into farming too. “As one of the fastest-growing economies in the world with a rising middle-income population, Cambodia has always been one of the most attractive property markets in the region, attracting both local and foreign buyers,” says Ong Jia Jing, the company’s group general manager and executive director.

“We are one of the early movers in the country, and has accumulated a sizable land bank with the development of Agri-Hub and a portfolio of quality projects including D’Seaview, Royal Platinum as well as the third plot of land on hand for the new project, which will help to support the growth of the group for years to come,” he adds.

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