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Ong and Suparman of KOP raise stake; Lim of Tai Sin Electric gifts shares to sons

The Edge Singapore
The Edge Singapore • 3 min read
Ong and Suparman of KOP raise stake; Lim of Tai Sin Electric gifts shares to sons
With the Covid-19 outbreak, KOP warns that tourism will slow. Progress for KOP’s Wintastar Shanghai resort, which is undergoing construction, “will inevitably be slow” too.
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SINGAPORE (Mar 6): Ong Chih Ching and Leny Suparman, the partners running property and hospitality firm KOP, have both increased their stakes in the company. On Feb 25, Ong, who is the company’s executive chairman, bought around 1.2 million shares for a total of about $51,843, which works out to an average of just over 4.3 cents per share.

With this purchase, Ong’s direct stake in the company has increased to just below 2.3 million, or 0.21%. However, Ong holds another 493.3 million shares via a privately-held entity called KOP Group as well. Her total stake in the company is therefore now 44.73%, up from 44.62% previously.

The following day, Suparman, who is the company’s group CEO, bought 200,000 shares for $8,440 on the open market. Similar to Ong, Suparman also owns another 41.45% stake in the company via KOP Group. Following the Feb 26 purchases from the open market, Suparman now owns a total stake of nearly 460.6 million, or 41.57%.

In 3QFY2019 ended December, KOP reported a narrower loss of $519,000 from $3.4 million last year. Revenue was up 34% y-o-y to $6.27 million.

In 9MFY2019, KOP reported revenue of $16.9 million, up 22% y-o-y. From losses of nearly $5.5 million in 9MFY2018, KOP reversed into earnings of $30,000 as its resort business enjoyed higher growth while costs were reduced.

However, with the Covid-19 outbreak, KOP warns that tourism will slow. Progress for KOP’s Wintastar Shanghai resort, which is undergoing construction, “will inevitably be slow” too.

Tai Sin Electric

Bobby Lim, chairman of Tai Sin Electric, has cut his stake in the company after he gifted a total of 8.4 million shares to his three sons on Feb 26. From 8.367% of the company, Bobby now holds 6.542%, or just over 30.1 million shares.

Bobby’s son Bernard Lim, who is also the CEO of the company, now owns nearly 71.8 million shares in the company, after receiving 3.6 million shares from his father.

This translates into a stake of 15.6%, which makes him the single largest shareholder of the company.

Bernard’s brother Benedict was given 3.6 million shares as well. Benedict now owns a total stake of nearly 29 million shares, or 6.3%. Benjamin, another son, was given 1.2 million shares. He now owns just over 43 million shares, which translates into a stake of 9.34% — up from 9.08% previously.

The gift took place just a fortnight after the company reported that revenue for the 1HFY2020 ended December 2019 dropped by 3.7% to $165.1 million. However, because of lower cost of sales and higher contributions from associate companies, Tai Sin was able to almost double earnings to $8.1 million from $4.6 million a year earlier.

Tai Sin, a cable and wire manufacturer which is well-liked by investors for its consistent and generous dividend yield, plans to pay an interim dividend of 0.75 cent share — same as the preceding year. Most recently, it declared a final dividend of 1.5 cents, also same as the preceding year.

Tai Sin shares closed at 31 cents on Feb 28. Its net asset value as of Dec 31, 2019, was 39.59 cents per share, a very slight drop from 39.60 cents as at June 30, 2019.

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