Growing spotlight on share placements

[SINGAPORE] Over the five trading sessions from Sep 19 to 25, institutions were net sellers of Singapore stocks, with net institutional outflow of S$592 million, adding to the S$185 million in net institutional outflow for the preceding week.

Institutional flows

Over the five trading sessions through to Sep 25, the stocks that saw the highest net institutional outflow included DBS , OCBC , UOB , Hongkong Land , Genting Singapore , CapitaLand Investment , Centurion Accommodation Reit, Sembcorp Industries , Singapore Exchange and ESR Reit .

Meanwhile, Seatrium , AEM Holdings , ST Engineering , CapitaLand Ascendas Reit , Sats , Yangzijiang Shipbuilding , UOL , SIA Engineering , City Developments , and Venture Corporation led the net institutional inflow over the five sessions. 

This saw financial services book the most net institutional outflow on the week, while industrials booked the most net institutional inflow.

Share buybacks

For the five sessions through to Sep 25, 18 primary-listed companies conducted buybacks with a total consideration of S$57.6 million. OCBC again led the consideration tally, buying back 1.25 million of its shares at an average price of S$16.44.

Share placements

The week also brought announcements on share placements involving Food Empire , Prime US Reit , GKE Corporation , iWOW Technology , as well as Beverley Wilshire and Quantum Healthcare .

Food Empire Holdings

On Sep 24, Food Empire Holdings secured S$42.8 million in gross proceeds by placing 17 million treasury shares at S$2.52 apiece. The placement propelled the company to become the seventh most actively traded stock on that day. The S$2.52 price represented a 5.38 per cent discount to the previous day’s volume-weighted average price and a premium of 3.27 per cent to the 30-day volume weighted average price. Moreover, the placement monetised treasury shares acquired through share buybacks acquired at an average cost of S$0.901 or consideration value of S$15.3 million.

The placement attracted strong interest from institutional investors, including Amova Asset Management, ICH Capital, and Lion Global Investors, and increased the company’s issued share capital, excluding treasury shares, to 546.8 million shares. The placement also reduced the number of its treasury shares to 3.3 million.

Food Empire highlighted that the placement enables efficient capital redeployment while boosting trading liquidity and market float. The company noted that stronger liquidity enhances price discovery, supports index inclusion, and attracts a broader institutional investor base – strengthening its flexibility for future strategic initiatives and employee incentive programmes. It also stated that the placement positions the group to pursue growth opportunities, optimise its balance sheet, and reinforce long-term investor confidence.

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For its H1 FY24 (ended June 30), Food Empire achieved record topline and operating profit and declared its first-ever interim dividend of three Singapore cents. This followed four consecutive years of record revenue growth from FY21 to FY24. The company has concentrated its strategic efforts in Asia since 2013, with most investments over the past decade directed towards the region. Its current pipeline includes a coffee-mix facility in Kazakhstan by end-2025, a freeze-dried soluble coffee plant in Vietnam by 2028, and an expansion of its spray-dried coffee facility in India by 2027.

Prime US Reit

On Sep 25, Prime US Reit launched a private placement to raise at least US$25 million by issuing new units to institutional and accredited investors. Subsequently, the joint bookrunners and underwriters closed the book of orders at an issue price of US$0.1935. The Reit plans to use approximately US$24.2 million (96.8 per cent of gross proceeds) from its private placement to fund capital expenditure, tenant incentives, and leasing costs. The remaining US$0.8 million will cover related fees and expenses, with any surplus allocated to general corporate or working capital needs.

Back in August, Prime US Reit reported that its H1 FY25 (ended June 30) net property income rose 1.1 per cent from H2 FY24, to US$35.8 million, while distributable income sequentially climbed 12.3 per cent to US$16.7 million. The manager also maintained its distribution income payout ratio will be increased from 10 per cent to at least 50 per cent for H2 FY25 onwards.

In H1 FY25, the manager of the Reit secured 400,000 sq ft of leases, a 24 per cent sequential increase over H2 FY24, with annual rent escalations of 2 to 3 per cent and a positive rental reversion of 3.4 per cent. Portfolio occupancy rose to 80.2 per cent as at Jun 30, 2025, while the weighted average lease expiry (Wale) extended to 4.7 years from 4.3 years in the previous quarter.

The manager of Prime US Reit maintained that with rising US office leasing demand, the Reit is actively securing tenants by leveraging its strong liquidity and balance sheet to extend its Wale and drive portfolio stabilisation.

Zixin

On Sep 22, Thomas Clive Khoo increased his substantial shareholding in Zixin above the 14 per cent threshold, from 13.56 per cent to 14.02 per cent. The 7.3 million shares were acquired at S$0.032 apiece. He emerged as a substantial shareholder in June 2024 and his substantial shareholding crossed above 10 per cent in October 2024.

Director transactions

Over the five trading sessions, close to 60 director interests and substantial shareholdings were filed. Across 30 primary-listed stocks, directors or CEOs reported five acquisitions and two disposals, while substantial shareholders recorded four acquisitions and six disposals.

This included director or CEO filings for Darco Water Technologies , Mencast Holdings , Sunmoon Food Company and Wing Tai Holdings .

Wing Tai Holdings

Wing Tai chairman and managing director Cheng Wai Keung resumed increasing his deemed stake in the company, with additional shares acquired by his spouse Helen Chow. This raised his total interest from 61.85 per cent to 61.89 per cent between Sep 19 and 25.

On Aug 26, Wing Tai reported S$230.2 million in revenue for FY25 (ended June 30), up from S$169.2 million the previous year. This was mainly due to stronger contributions from The LakeGarden Residences in Singapore and Jesselton Hills in Malaysia. Operating profit declined to S$7.4 million from S$22.5 million, primarily because The M at Middle Road, which had been fully sold by the end of FY24, did not contribute in FY25. Despite a reduced loss from associates and a gain from the Amara Group acquisition, Wing Tai reported a net loss of S$61.0 million and a lower net asset value per share of S$3.73.

In August 2025, it introduced River Green, a 524-unit residential project located at the junction of River Valley Green and River Valley Road. As at Aug 26, 88 per cent of the units have been sold. The group plans to release additional units for sale during the year, depending on market conditions.

Darco Water Technologies

Between Sep 19 and 23, Darco Water Technologies executive chairman Wang Zhi acquired 533,900 shares at S$0.08 apiece. This increased his direct interest from 48.59 per cent to 49.16 per cent.

Wang has served as executive chairman and executive director of the company since September 2022. He has over 20 years of experience in the water and wastewater treatment industry; he previously led Future Group and held senior roles at Salcon in China and Singapore.

Darco Water Technologies operates two reportable segments: engineering projects, which involve designing and commissioning water systems and vacuum solutions; and operation and maintenance (O&M) services, which cover plant maintenance and supply of water treatment components. For its H1 FY25 (ending June 30), group revenue declined to S$23 million, from S$27.6 million in H1 FY24, attributed to slower project progress in Malaysia and Singapore. While projects revenue fell due to fewer new awards and contractor delays, O&M services grew on stronger post-project sales in Malaysia. However, H1 FY25 gross profit halved to S$2.6 million from S$5.1 million in H1 FY24, amid inflation and competition.

The group remains focused on strengthening recurring income streams and deepening its role in public sector environmental infrastructure. It previously secured a design, build and operate contract for a district PWCS project in Singapore in FY24, adding to its portfolio of 17 smart systems and reinforcing its role in the smart estate ecosystem. It has also sharpened operational focus in Malaysia through asset divestments and maintained its presence in Vietnam, while prioritising growth in its O&M segment for stable, recurring income.

The writer is the market strategist at Singapore Exchange (SGX). To read SGX’s market research reports, visit sgx.com/research