SINGAPORE (Jan 8): The Sim family, which controls recruitment agency HRnetGroup, has strengthened its grip on the company, amid brighter prospects in the labour market. On Dec 27, 2017, executive director Adeline Sim acquired 40,000 shares at 75 cents apiece on the open market. The next day, the family-controlled entity SIMCO acquired 73,800 shares at the same price on the open market.

SIMCO is wholly-owned by SIMCO Global, which in turn is wholly-owned by SIMCO Trust. SIMCO Trust is a revocable trust that was established by Peter Sim, Nelly Sim and Sim Joo Siang. Peter is the founder and chairman of the company. Nelly is his wife, while Adeline is his daughter. Peter’s brother, Joo Siang, is executive director of the company. The beneficial owners of the assets under the trust include Peter, Nelly, Joo Siang and their issue and remoter issue.

As a result of the transactions, Adeline’s direct interest in the company has increased to 0.03%, or 306,400 shares. Her deemed interest in the company — which is also the deemed interest of Peter, Nelly and Joo Siang — via SIMCO has grown to 74.3%, or 751.8 million shares. The latter three have no direct interest in the company.

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