SINGAPORE (June 1): Asset manager Pyrford International, part of BMO Global Asset Management, has emerged as a new substantial shareholder of ComfortDelGro Corporation.

In a May 29 filing, Pyrford has bought more than 6.68 million shares from the market, at a total cost of just over $10 million.

This brings its total stake in the company to 109.3 million shares, or 5.05%, thereby necessitating a disclosure of substantial shareholders’ interest. It previously held 4.74%.

ComfortDelGro’s shares were down 40% year to date, as the lockdown vapourised demand for taxi and buses. The company gave rental relief to its taxi drivers – thereby foregoing a significant chunk of its revenue.

However, some analysts are starting to see limited downside in the share price as prospects of traffic resuming is seen to help the earnings recover.

On June 1, ComfortDelGro shares closed at $1.43, up 3.09%