Boon Swan Foo, Global Investments’ chairman, and single-largest shareholder with holdings of more than 19%, recently increased his stake. Boon, a former CEO of ST Engineering, chose to receive his dividends in scrip instead of cash. With the additional 9.89 million shares, Boon now holds nearly 306.5 million shares.
Global Investments has been actively buying back its shares on the open market this past month. The most recent was on April 26 when the listed fund acquired 500,000 shares at an average of 10.6 cents each. This brings the total bought back under the current mandate to nearly 50.1 million shares, equivalent to 3.1859% of the total share base.
Earlier in April, it had bought back shares on April 20, 21, 24, and 25. On each of these days, the volume of shares bought back ranged between 300,000 and 500,000 shares. Global Investments paid an average daily price of between 10.43 cents and 10.597 cents.
