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Some SGX company CEOs have raised their stakes in May

SINGAPORE - The chief executives of several Singapore Exchange (SGX) companies have raised stakes in their firms this month, bourse filings show.

Between May 5 and May 8, iFast chairman and chief executive Lim Chung Chun acquired 22,700 shares in the global digital banking and wealth management platform at an average price of $4.29 per share.

iFast shares, which closed on Friday at $4.26 each, are down from a 2023 high of just over $6 in January.

This increased Mr Lim’s total interest in iFast to 20.15 per cent. He last acquired shares in the company in the open market on July 26, 2022, with 34,100 shares acquired at an average price of S$3.80 per share, according to data provided by the SGX.

The move comes despite a 48.1 per cent fall in net profit to $3 million for the three months ended March 31, due partly to start-up losses at its United Kingdom-based subsidiary.

Still, Mr Lim has said that iFast’s e-pension business in Hong Kong should boost revenue and earnings for the next three years, while growth is also expected to come from the company’s new global digital banking services business in the longer term.

Meanwhile, Oxley Holdings executive chairman and chief executive Ching Chiat Kwong on May 5 acquired 20 million shares at 14 cents each, which is the level the shares closed at on Friday. The shares are down by 6.6 per cent since the start of the year.

This takes his direct stake in the Singapore property developer to 43.59 per cent.

Between May 4 and May 10, YKGI executive chairman and executive director Seah Boon Lock acquired 350,000 shares in the Yew Kee Duck Rice operator at an average price of 14.4 cents per share.

The move raises Mr Seah’s deemed interest in YKGI to 76.91 per cent. The company’s shares closed on Friday at 13 cents each, which is down by more than 27 per cent since they debuted on Catalist at 20 cents each on Feb 6.