The number of companies on the buying side was sharply up from the previous week 36 firms, writes ROBERT HALILI BUYING by directors and substantial shareholders fell while the selling was flat last week based on filings on the Exchange from April 21 to 25.

Forty-eight companies recorded 106 purchases, and 23 firms chalked up 69 disposals. The number of companies on the buying side was sharply up from the previous week 36 firms but their buy total was less than the previous week 122 acquisitions. The sales, on the other hand, were consistent with the previous week 25 companies and 65 disposals.

On the fund managers side, the sentiment was negative for the fifth straight week with seven institutions that posted 42 disposals against eight asset managers with 21 purchases. Lastly, the buyback activity remained low with three firms that recorded a paltry six repurchases worth $466,000. The figures were down from the already low five companies, 10 trades, and $1.7 million of the previous week.

The buybacks last week pushed the trade totals this month to 14 companies, 64 repurchases, and $28.8 million. The figures are far below the previous month 19 firms, 175 trades, and $125.6 million.

There were several significant trades in the local market last week. On the sales side, there were more institutional shareholder sales in Food Junction Holdings and Enporis Greenz Limited. Meanwhile, there were conflicting trades in Bio-Treat Technology last week with a rare purchase by its CEO and first-time sale by M&G Investment Management. There were also multiple corporate shareholder trades in Soilbuild Group Holdings with more buys by its managing director and initial buybacks by the company. Lastly, CEI Contract Manufacturing (C11) recorded its first buybacks since November 2007.

CEI Contract Manufacturing Limited

Contract manufacturing services provider CEI Contract Manufacturing resumed buying back at slightly lower than its purchase price last year with 3.1 million shares purchased from April 17 to 21 at an average of 16.3 cents each. The group previously acquired 1.9 million shares from August to November 2007 at an average of 18 cents each.

The buybacks were made a month after Autron Singapore Pte Ltd ceased to be a substantial shareholder on March 4 following the sale of 4.2 million shares at an estimated price of 17.5 cents each. The trade reduced its direct holdings by 21 per cent to 15.7 million shares or 4.5 per cent. The group previously acquired an initial 19.8 million shares or 5.7 per cent at 18 cents each* (as part of the consideration for sale of IC Equipment Pte Ltd pursuant to the purchase of assets & business agreement).

CEI Contract Manufacturing announced its year-end results on Feb 4 with profit after tax up by 18.1 per cent to $6.278 million for the 12 months to Dec 31, 2007. The counter closed at 16 cents on Friday. The writer is managing director at Asia Insider Ltd

《The Business Times》