On May 30, Bonvests Holdings executive chairman Henry Ngo acquired 227,000 shares at an average price of S$0.90 per share. The acquisitions were made through Allsland, which is wholly owned by Ngo.

 

This increases his total interest in Bonvests Holdings from 84.75 per cent to 84.80 per cent.   His preceding acquisition was in November 2024 with 101,000 shares acquired at the same price. He has gradually increased his total interest in the group from 82.93 per cent in August 2018. Ngo noted in April that the rental division remains stable, while the hotel division faces rising competition, costs, and global uncertainty despite industry recovery. He added that the industrial division improved in FY24 (ended Dec 31) but continues to face headwinds in its contract cleaning and waste disposal segments due to stiff competition, rising material costs, and wage pressures. Ngo maintained that despite these challenges, the division remains focused on preserving cash and enhancing operational efficiency.
 

On Jun 19, Bonvests Holdings : B28 -0.51% executive chairman Henry Ngo bought 9,400 shares at S$0.96 per share. The purchases were made through Allsland, which is wholly owned by Ngo.

 

His total interest in Bonvests Holdings is 84.71 per cent. His preceding acquisition was on Jun 11, with 11,300 shares purchased also at S$0.96 per share.

 

Ngo has gradually increased his total interest in the group from 82.93 per cent in August 2018. The five revenue segments of the group are rental, hotel, industrial, investment and property development.

Bonvests Holdings&rsquo chairman and managing director, Henry Ngo, acquired 30,000 shares in the company for $28,703.10 &ndash or 95.677 cents per share &ndash via the market.

 

The shares were acquired on April 16 via Allsland Pte Ltd, an entity wholly owned by Ngo.

 

After the purchase, Ngo has a total stake of 84.71% in the company, up from 84.7% previously.

 

For the FY2023 ended Dec 31, 2023, Bonvests reported earnings of $7.2 million, 65.4% lower y-o-y.

Between Oct 23 and 25, Bonvests Holdings : B28 -2.91% executive chairman Henry Ngo acquired 272,700 shares at S$1.00 per share. The acquisitions were made through Allsland Pte Ltd, which is wholly owned by Ngo.

 

This increased his total interest in Bonvests Holdings from 84.60 per cent to 84.67 per cent.

 

Ngo has gradually increased his total interest in the group from 82.93 per cent in August 2018.

 

The five revenue segments of the group span rental, hotel, industrial, investment and property development.

 

The hotel division contributed the most to the group&rsquo s H1FY23 (ended Jun 30) revenue, at 74 per cent of the S$105.37 million total revenue, followed by the industrial division contributing 17 per cent and the rental division contributing 9 per cent.

 

Ngo is the founder of Bonvests and stepped down as managing director, while continuing as executive chairman in 2022.

 

Under his leadership, the group had developed the property arm and diversified into waste management as well as hotel development and operations overseas.

On Sep 21, Bonvests Holdings : B28 0% executive chairman Henry Ngo acquired 16,000 shares at S$1.00 per share. The acquisition was made through Allsland Pte Ltd, which is wholly owned by him. His total interest in Bonvests Holdings is 84.60 per cent. Ngo has gradually increased his total interest from 82.93 per cent in August 2018. The three core businesses of the group span property development and investment, hotel ownership and management, and waste management and contract cleaning of buildings.

On May 30, Bonvests Holdings : B28 +0.52% executive chairman Henry Ngo acquired 486,000 shares in a married deal at S$1.00 per share. The acquisition was made through Allsland, which is wholly owned by Ngo, while lead independent director Chew Heng Ching was on the other side of the married deal. Ngo also made a small market acquisition of 1,500 shares on May 30.

 

The two acquisitions saw his total interest in Bonvests Holdings increase from 84.41 per cent to 84.54 per cent.

 

Ngo has gradually increased his total interest in the group from 82.93 per cent in August 2018.

 

The three core businesses of the group span property development and investment, hotel ownership and management, and waste management and contract cleaning of buildings.

 

Between Mar 23 and 24, Bonvests Holdings : B28 0% executive chairman Henry Ngo acquired 550,000 shares at an average price of S$0.960 per share.

 

The acquisition was made through Allsland, which is wholly owned by Ngo and increased his total interest in Bonvests from 84.27 per cent to 84.41 per cent. Ngo has gradually increased his total interest in the group which has three core business, from 82.93 per cent in August 2018.

 

The three core businesses span property development and investment, hotel ownership and management, and waste management and contract cleaning of buildings.

On Mar 22, Bonvests Holdings : B28 +9.89% executive chairman Henry Ngo acquired 200,000 shares at an average price of S$0.960 per share.

 

The acquisition was made through Allsland, which is wholly owned by him.

 

This increased his total interest in Bonvests from 84.22 per cent to 84.27 per cent.

 

In February, the group reported FY22 (ended Dec 31) revenue of S$209.02 million, an increase of 55.5 per cent from S$134.41 million in FY21.

 

While the hotel division&rsquo s revenue increased by 111 per cent as countries relaxed their border controls and travel restrictions, Bonvests Holdings noted that the operating environment in the countries in which the division operates are expected to remain challenging.

 

Construction of the hotels in Douz, Tunisia and Medina of Tunis, Tunisia are ongoing and barring any unforeseen circumstances, both hotels are scheduled for operational completion in the second half of 2023 and 2024 respectively.

 

Bonvests Holdings has proposed to acquire the remaining shares it does not own in Colex Holdings, with an offer of 23 cents per share in cash and an intention to delist the latter.

 

Catalist-listed Colex Holdings is the 78.94%-owned subsidiary of Bonvests Holdings.

 

According to the joint statement released by Bonvests and Colex, the offer comes as Colex faces an &ldquo increasingly challenging operating environment ahead&rdquo .

 

The challenges include increased competition in participation for the National Environment Agency&rsquo s (NEA) tenders for public waste collection (PWC) licences for domestic and trade premises in Singapore with the next tender cycle only commencing in 2025. According to both Bonvests and Colex, there is &ldquo no certainty&rdquo of the latter returning to profitability in the near-term.

 

Other challenges include increased competition in the contract cleaning segment, as well as Colex&rsquo s loss-making year in the FY2021 ended Dec 31, 2021. The overall profitability of the company is expected to face &ldquo further downward pressures&rdquo .

 

In addition, Colex&rsquo s listing status serves &ldquo limited purpose&rdquo , according to both companies, as it has not tapped on the equity capital markets to raise funds and is unlikely to do so, in addition to incurring the costs of maintaining its listed status.

 

To be sure, Colex&rsquo s costs of remaining listed come close to $150,000 a year, which is &ldquo significant&rdquo relative to its current earnings.

 

Finally, privatisation will allow Colex&rsquo s management more flexibility to manage the business and facilitate the implementation of any operational change (if required), without the corresponding costs and regulatory restrictions associated with a listing on the Singapore Exchange Securities Trading Limited (SGX-ST), reads the statement.

 

Scheme consideration a premium to last traded price

 

The scheme consideration of 23 cents per share premium of 25.0%, 13.9%, and 13.3% to the last traded price, as well as the one-month, and three-month adjusted volume weighted average price (VWAP) up to and including the last trading date, which was on Oct 12.

 

The offer is also a total return of 80.2% for Colex&rsquo s shareholders if they had acquired shares in the company three years (or 36 months) prior to Oct 12.

 

In addition, the offer represents a price to net asset value (P/NAV) of 1.62x. According to Bonvests and Colex, this exceeds the average P/NAV of regional precedent waste management transactions and listed regional waste management peers of 1.44x and 1.20x respectively.

 

As at Colex&rsquo s last-traded share price of 18.4 cents on Oct 12 and the company&rsquo s NAV per ordinary share of 14.23 cents as at June 30, Colex&rsquo s P/NAV is around 1.29x.

 

&ldquo Considering the low historical trading liquidity of [Colex&rsquo s shares] on SGX-ST, the proposed privatisation represents an opportunity for shareholders who may otherwise find it difficult, to exit their investment immediately,&rdquo say Bonvests and Colex.

 

&ldquo Trading volumes on [Colex&rsquo s shares] have been low with no trades being done for the majority of trading days with the counter experiencing low average daily trading volumes and average daily turnover,&rdquo they add.

 

Ding Chek Leh, executive director of Colex Holdings says, &ldquo We recognise the challenging operating environment ahead and the uncertainties facing Colex Holdings Limited. Together with Bonvests Holdings Limited, the proposed privatisation provides us the best chance of navigating Colex Holdings Limited through this period.&rdquo

 

&ldquo Having evaluated the offer put forth by Bonvests Holdings, we believe that the proposed privatisation is the best option for scheme shareholders to immediately realise their investment,&rdquo he adds.

 

Gary Xie, joint managing director, Bonvests Holdings, says that the privatisation offer is a &ldquo credible&rdquo one for Colex&rsquo s shareholders to consider.

 

&ldquo We believe that the privatisation of Colex Holdings is necessary in providing it with the operational and financial flexibility to navigate this challenging operating environment,&rdquo he adds.

 

On Aug 22, Bonvests Holdings : B28 +0.51% executive chairman and managing director Henry Ngo acquired 1,676,900 shares at an average price of 98.0 cents per share. The acquisition was made through Allsland, which is wholly owned by him and increased his total interest in Bonvests from 83.80 per cent to 84.21 per cent. His preceding acquisitions were on Aug 10, with 4,100 shares acquired at 98.0 cents per share and between May 11 and 17, with 86,300 shares acquired at 95.9 cents per share.

 

On Aug 8, Bonvests Holdings reported group 1H22 revenue of S$93.17 million, an increase of 55.4 per cent from 1H21. The group&rsquo s 3 core businesses are property development and investment, hotel ownership and management, waste management and contract cleaning of buildings.

 

The hotel division&rsquo s 1H22 revenue increased by 122.8 per cent over the same period last year as countries relaxed their border controls and travel restrictions. The group&rsquo s property - rental division&rsquo s revenue decreased marginally by 0.3 per cent over the same period last year. Meanwhile, the group&rsquo s industrial division registered lower revenue mainly due to fewer new contracts secured, non-renewal of contracts upon expiry and rollover effects of contracts expired during FY21 for both the waste disposal and contract cleaning businesses.

 

Between May 11 and 17, Bonvests Holdings : B28 0% executive chairman and managing director Henry Ngo acquired 86,300 shares of the company for a consideration of S$82,737, at an average price of 95.9 cents per share.

 

The acquisition was made though Allsland, which is wholly owned by Ngo and increased his total interest in Bonvests from 83.77 per cent to 83.80 per cent.

 

Between May 6 and 10, Bonvests Holdings : B28 0% executive chairman and managing director Henry Ngo acquired 167,200 shares of the company for a consideration of S$158,340, at an average price of 94.7 cents per share. The acquisition was made though Allsland, which is wholly owned by Ngo and increased his total interest in Bonvests Holdings from 83.73 per cent to 83.77 per cent. His preceding acquisitions were between Mar 7 and 8, with 40,700 shares acquired at 92.0 cents per share.

 

Ngo is the founder of Bonvests and responsible for mapping out the corporate and growth strategy of the group, with Bonvests establishing itself as an experienced player in the property leasing and management industry for more than 30 years. The group&rsquo s revenue increased by 11.5 per cent to S$134.4 million in 2021 from S$120.6 million in 2020, mainly due to higher revenue from the hotel division.

 

Between Mar 7 and 8, Bonvests Holdings Bonvests: B28 +1.1% executive chairman and managing director Henry Ngo acquired 40,700 shares of the company for a consideration of S$37,440, at an average price of 92.0 cents per share.

 

The acquisition was made though Allsland which is wholly owned by Ngo and increased his total interest in Bonvests Holdings from 83.72 per cent to 83.73 per cent. Ngo is the founder of Bonvests and responsible for mapping out the corporate and growth strategy of the group.

 

On Nov 17, Bonvests Holdings Bonvests: B28 +1.04% executive chairman and managing director Henry Ngo acquired 820,700 shares of the company for a consideration of S$787,872 at 96.0 cents per share.

 

This increased his total interest from 83.52 per cent to 83.72 per cent.

 

Ngo is the founder of Bonvests and responsible for mapping out the corporate and growth strategy of the group.

 

Under his leadership, the group has developed the property arm and diversified into waste management as well as hotel development and operations overseas.

 

The group announced on Nov 3 the completion of the acquisition of properties by a subsidiary, in the Ubud area of Melinggih Kelod Village, Payangan District, Gianyar Regency, Bali, Indonesia.

 

Between Aug 19 and 25, Bonvests Holdings Bonvests: B28 -1.03% executive chairman and managing director Henry Ngo acquired 97,200 shares of the company for a consideration of S$92,340.

 

At 95.0 cents per share, this increased his total interest in Bonvests Holdings from 83.49 per cent to 83.52 per cent.

 

Mr Ngo' s preceding acquisitions included 18,300 shares at 94.9 cents per share between Aug 11 and 12, 422,000 shares at S$1.00 per share on May 3, 16,000 shares at 91.0 cents per share on March 23, and 28,900 shares at 91.0 cents per share on March 2.

 

Mr Ngo is also the founder of Bonvests and responsible for mapping out the corporate and growth strategy of the group.

 

On Aug 5, Bonvests Holdings reported that its H1FY21 (ended June 30) group revenue at S$59.94 million decreased by 14.5 per cent from S$70.10 million in H1FY20.

 

The company also noted that the property development division obtained development approval for properties in Perth, Australia and is in the initial planning stages of development.

 

On May 3, Bonvests Holdings executive chairman and managing director Henry Ngo acquired 422,000 shares of the company in a married deal at S$1.00 per share.

 

This increased his total interest in Bonvests Holdings from 83.38 per cent to 83.49 per cent.

 

Mr Ngo' s preceding acquisitions included 16,000 shares at 91.0 cents per share on March 23, and 28,900 shares at 91.0 cents per share on March 2.

 

In the Bonvests Holdings Annual Report 2020, Mr Ngo noted that market conditions in the countries in which the hotel division operates expect to remain challenging, and added that construction for both hotels in Tunisia are ongoing and barring any unforeseen circumstances, scheduled for operational completion in 2022.

 

Mr Ngo is also the founder of Bonvests and responsible for mapping out the corporate and growth strategy of the group.

 

Following the AGM on April 29, independent directors Tom Yee Lat Shing and Yeo Wee Kiong retired from their positions by not seeking re-election, as this was in accordance with the company' s constitution which stipulates retirement by rotation.

 

PROPERTY group Bonvests Holdings and fruit-juice manufacturer Zhongxin Fruit and Juice both sounded profit warnings on Tuesday for their respective full and half fiscal years ended Dec 31, 2020.

 

Bonvests said it expects to record a loss for FY 2020 due primarily to decline in revenue resulting from the adverse impact of Covid-19, and will disclose further details regarding its performance when it announces its financial results next month.

 

Zhongxin said it is expected to report a net loss for the first half of FY 2020 due to impairment of property, plant and equipment recognised by its subsidiaries relating to idle plant and machinery. It had also recorded a significantly lower share of profit from its joint-venture company Linyi SDIC Zhonglu Fruit Juice Co Ltd, compared to the corresponding period last year on the back of decreased sales volume, which in turn led to lower revenue and gross profit.

 

Zhongxin said further details will be disclosed when the company finalises and announces its unaudited financial results for the period on or before Feb 14.

 

Separately, it had received a trading query from the Singapore Exchange in the middle of Tuesday afternoon, after its share price nearly doubled on heavy trading.

 

The counter closed at 3.1 Singapore cents on Monday, and opened at 3.5 cents on Tuesday morning. It gained 51.4 per cent or 1.8 Singapore cents within the first 25 minutes of trading, and then fell back 20.8 per cent to 4.2 Singapore cents as at 9.40am.

 

Zhongxin made steady gains for the rest of the morning, and stood at 5.9 Singapore cents before the mid-day break. In the afternoon trading session, the counter gained a further 6.8 per cent as at 3.30pm, which prompted the bourse regulator to query the " unusual price and volume movements" . Some 65 million shares in Zhongxin had changed hands over the course of the day.

 

SGX asked whether the company knew of a possible explanation for the trading activity, including any information not previously announced, or the public circulation of information by rumours or reports. Zhongxin was also asked to confirm its compliance with the Catalist listing rules.

 

The company responded at 5.22pm, saying it was unaware of any information not previously announced which, if known, might explain the trading activity.

 

The board added it was unaware of any other possible explanation for the trading, save for its profit warning, and added that the " unusual trading activity cannot be conclusively attributable to this matter" . Zhongxin also confirmed its compliance with the listing rules.

 

Shares in Zhongxin closed at 6.4 Singapore cents on Tuesday, up 106.5 per cent or 3.3 cents. Shares in Bonvests ended the day at S$0.92, down 1.6 per cent or 1.5 Singapore cents.

 

MAINBOARD-LISTED Bonvests Holdings on Monday said its hotel division is experiencing a " significant" decline in revenue amid global travel restrictions. 

 

The group&rsquo s rental division has also been hit, mainly due to the " circuit breaker" restrictions in Singapore, said the group in a statement. 

 

Against this backdrop, it noted that it has sufficient cash holdings and undrawn credit facilities, and may further leverage unencumbered hotel properties for new credit facilities.

 

Most of the outstanding borrowings undertaken by the group are secured borrowings, for which the estimated market values of borrowings and pledged assets are in excess of the total facility amounts, said Bonvests. 

 

The group noted that it has received " indicative support" from its principal banks, which are prepared to waive certain loan covenants. 

 

Measures to keep costs down include the reduction of outsourced services and deferral of non-essential expenditures. Bonvests has also implemented temporary wage cuts and reduced the size of its workforce.

 

The group expects to report a loss-before-tax for the first half of the financial year ending Dec 31, 2020 (FY2020). It is still assessing the impact on earnings per share and net asset value per share of the group.

 

Earlier in March, it revoked its proposed dividend of one Singapore cent per share in FY2019 due to the negative impact of the virus outbreak on its business. 

 

The group said it will continue to implement measures to conserve cash resources to sustain its business operations and ongoing projects until the Covid-19 situation improves. It will also continue to contain costs and conserve cash, and is readying itself to receive customers and travellers when its businesses resume normal operations. 

https://www.businesstimes.com.sg/companies-markets/bonvests-holdings-sees-significant-fall-in-hotel-revenue-amid-travel-curbs

 

On April 2, Bonvests Holdings chairman and managing director Henry Ngo acquired 166,600 shares for a consideration of S$137,372, at an average price of 82.5 cents per share.

 

This increased Mr Ngo' s total interest in Bonvests Holdings from 83.33 per cent to 83.37 per cent.
https://www.businesstimes.com.sg/companies-markets/director-filings-at-a-more-measured-pace