UPDATE: Singapore stocks Tuesday: Wilmar, Raffles Education, Yeoman Capital, GuocoLand, Lian Beng, Nordic, Renaissance United

Singapore container portSingapore’s container port

Companies in focus on Tuesday, 19 October 2021:

  • Adani Wilmar’s proposed IPO gets the greenlight from India’s regulators
  • Raffles Education shares plunged after major shareholder Oei Hong Leong criticized CEO Chew Hua Seng for hiring family members
  • GuocoLand priced $300 million notes due 2026
  • Yeoman Capital boosted its holding of Willas-Array Electronics (Holdings)
  • Others: Raffles Education, Lian Beng Group, Raffles Infrastructure, King Wan Corp., Ntegrator, Beng Kuang Group, Nordic Group, Renaissance United, Civmec, Incredible Holdings and Figtree Holdings.

This item was originally published on Tuesday, 19 October 2021 at 1:59 a.m. SGT; it has since been updated to include Raffles Education requesting a trading halt and an item on Rex International.


The proposed initial public offering (IPO) of Adani Wilmar (AWL), a 50:50 joint venture between the Adani Group and Singapore-listed Wilmar, has gotten a go-ahead from the Securities and Exchange Board of India, according to a posting on SEBI’s website for 14 October.

Read more: Adani Wilmar IPO filing gets go ahead from India’s regulators

Raffles Education

Raffles Education shares plunged Monday after major shareholder Oei Hong Leong criticized Chairman and CEO Chew Hua Seng for hiring “all his adult members of his family at high salaries” in a letter published online.

The shares ended at S$0.061 Monday, after tumbling 25.61 percent.

Raffles Education added: “The company views the OHL Letter as containing bare allegations and material inaccuracies which are not substantiated. The company is taking legal advice and intends to respond to the OHL Letter in due course.”

Raffles Education requested a trading halt before the market openTuesday.

Read more: UPDATE: Raffles Education shares plunge after major shareholder Oei Hong Leong criticizes CEO hiring family members


GuocoLand’s wholly owned subsidiary GLL IHT priced an offering of S$300 million notes due 2026 at 3.29 percent, the property developer said in a filing to SGX Monday.

Read more: GuocoLand prices S$300 million notes due 2026

Raffles Education

Ng Kwan Meng, an independent director at Raffles Education, acquired 1.5 million shares of the company in the market for S$117,000, taking his total interest to 0.113 percent from 0.004 percent previously, according to a filing to SGX Monday.

Willas-Array Electronics (Holdings) and Yeoman

Yeoman 3-Rights Asia Value Fund acquired 517,100 shares of Willas-Array Electronics (Holdings) in the market for S$0.6592 each, taking its direct interest in the company to 8.059 percent from 7.886 percent previously, according to a filing to SGX Monday.

Yeo Seng Chong, executive chairman, chief investment officer and 50 percent shareholder of Yeoman Capital Management, is deemed interested in the shares, as well as shares held in his own name, with the acquisition taking his total interest in the company to 9.784 percent from 9.177 percent previously, the filing said. Lim Mee Hwa, holder of the remaining 50 percent of Yeoman Capital Management and Yeo’s spouse, is also deemed interested in the shares, the filing said.

Yeoman Capital Management, which is deemed interested in the shares held by Yeoman 3-Rights Asia Value Fund as well as shares held in its own name and via its clients’ direct shareholdings, saw its total interest rise to 8.317 percent from 8.145 percent, the filing said.

Yeoman Capital Management is a value investor in Asian small-cap stocks. The company, which had funds under management of S$239 million as of end-June 2021, manages two funds, the Yeoman 3-Rights Value Asia Fund and the Yeoman 3-Rights Japan Fund.

Lian Beng Group

Lian Beng Group‘s 60 percent-owned subsidiary United Tec Construction obtained a around S$118 million 47-month contract from United Venture Development (2021) for a proposed residential development of one 24-storey building and one 25-storey building, with a total 372 units, carparks and other facilities, the company said in a filing to SGX Monday.

Raffles Infrastructure

Raffles Infrastructure said Monday SGX RegCo has declined to approve the company’s application to list 10 million new shares which were to be issued to Yayuan Ltd. in a placement to raise S$2 million.

SGX RegCo told the company the denial was due to Raffles Infrastructure undertaking the placement despite having “substantial balances” of around S$18.8 million of funds, including significant unused proceeds of a 2018 placement, according to a filing to SGX. SGX RegCo won’t process the application until the company completes a special audit to independently verify the company’s cash balances and cash transactions since the 2018 placement, the filing said.

“Since receiving the SGX RegCo’s reply, the company has been in discussion with the subscriber as this represents the non-fulfilment of a key condition of the subscription agreement,” Raffles Infrastructure said.

Read more: Raffles Infrastructure proposes placement of new shares at premium to raise S$2M

King Wan Corp.

King Wan Corp. said Monday it has established a joint venture entity with Evercomm named King Wan Eco Solutions or KWES. King Wan will hold 70 percent, while Evercomm will hold the remainder, the company said in a filing to SGX.

KWES will mainly retrofit, upgrade and provide system integration services for buildings and facilities using artificial intelligence (AI), among other technologies, the filing said.

Read more: King Wan and Evercomm enter joint venture for green building upgrading services


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Zhou Qilin sold around 23.04 million shares of Ntegrator International in the market for S$230,425, taking her stake in the company down to 5.16 percent from 7 percent previously, according to a filing to SGX Monday. She has been selling off her holding in the company in stages, with a filing Friday saying she sold 84,611,700 shares. That followed a previous selldown earlier this month.

Zhou had acquired a nearly 15 percent stake in Ntegrator in May in a conditional placement agreement with the company for 187.86 million new shares at S$0.01094 each to raise around S$2.06 million, according to a Business Times article. Zhou, who is a China resident, had subscribed to the shares for investment purposes, the article said.

Beng Kuang Group

Beng Kuang Group said Monday it would raise around S$3.35 million from the placement of 37.2 million shares with placement agent SAC Capital at S$0.09 each, a discount of around 9 percent to its volume weighted average price for trades on Thursday.

The proceeds will be used to increase resources for operational needs, reduce dependence on debt and strengthen the group’s financial position, the company said in a filing to SGX. The company said it will seek shareholders’ approval at an extraordinary general meeting.

CEO Yong Jiunn Run, who doesn’t currently hold any shares, has given an undertaking to subscribe for up to 5.6 million of the shares for S$504,000, the filing said.

Read Beng Kuang Group’s filing on the placement.

Nordic Group

Nordic Group said early Tuesday its units have been awarded several contracts from both new and repeat customers with a total value of around S$19.6 million.

Read Nordic Group’s statement on the contracts.

Renaissance United

Renaissance United reported Monday its fiscal first quarter swung to a net profit of S$286,000 from a year-earlier loss of S$270,000, partly due to year-earlier foreign exchange losses, compared with no foreign exchange losses in the quarter as the U.S. dollar and Chinese yuan strengthened, improving the performance when translated into Singapore dollars.

Revenue for the three months ended 31 July increased 5.1 percent on-year to S$14.35 million as its subsidiaries which supply natural gas to households, and commercial and industrial users in China saw higher turnover due to increased natural gas sales, the company said in a filing to SGX.

Read Renaissance United’s financial statements.


Civmec said Monday it was awarded three contracts valued at around A$130 million from several repeat customers for maintenance and capital works projects.

Two of the notices are for projects in Western Australia’s Pilbara region, while the third is a term contract for an aluminium smelter near Gladstone in Queensland, Civmec said in a filing to SGX.

Read Civmec’s filing to SGX on the contracts.

Rex International

Rex International said Tuesday it is considering a transfer of its listing to the mainboard of SGX from the Catalist board as its market capitalization has exceeded S$300 million.

Read Rex International’s statement on the proposal.

Incredible Holdings

Incredible Holdings entered a deal to acquire 42 percent of Golden Ultra Ltd. from Christian Kwok-Leun Yau Heilesen, who is the company’s executive director and controlling shareholder, for HK$84 million, or around S$14.6 million, via a promissory note with a maturity date of 30 September 2022, the company said in a filing to SGX Monday.

Golden Ultra is wholly owned by Heilesen, who controls around 59.1 percent of Incredible Holdings, the filing said. As an interested person transaction, the deal will require shareholder approval at an extraordinary general meeting, the filing said.

Golden Ultra has a wholly owned subsidiary, CKLY Trading, mainly in the business of trading luxury watches via an online platform, bestwatch.com.hk, the filing said. Incredible Holdings said the deal was aimed at expanding its luxury-goods trading business.

Read Incredible Holdings’ filing to SGX on the deal.

Figtree Holdings

The estate of the late Mr. Teoh Hoon Song ceased to be a shareholder of Figtree Holdings, with its around 27.17 million shares, or an around 7.56 percent stake, transferred to Teoh’s widow, Wong Pei Yi, according to a filing to SGX Monday.

Figtree Holdings designs and builds commercial and industrial facilities and also engages in property development of residential properties.


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