Terence Tea, executive chairman and managing director of Accrelist, has been buying back shares of his company on the open market. The most recent transaction filed was on Feb 10, when he acquired 100,000 shares at $4,826.

The purchase brings his direct holdings to around 67.5 million shares, equivalent to 22.22%. In addition, he holds a deemed stake of another 2.4 million shares. In total, Tea has an interest of 69.8 million shares, equivalent to 23% of the company. Earlier on Feb 1, Tea had bought another 100,000 shares for $4,778 on Jan 30, another 100,000 shares for $4,898.

Accrelist controls 53.31% of Jubilee Industries, an electronics manufacturer that is separately listed. 

Read more at The Edge Singapore.

 

Breakout 48 resistance with volume!

Holding 53.07% effective stake in Jubilee and will benefit from the recent and upcoming sales of Mechanical and Electronic Business Units. Jubilee Management said to unlock value and return the sale proceeds to Shareholders in the effective and cost-efficient manner, prompting a Special Dividend.

Going to retest 2 years high of 94 soon.

Between Jan 7 and 30, Accrelist : QZG 0% executive chairman and managing director Terence Tea Yeok Kian acquired 200,000 shares at an average price of S$0.05 per share.

 

With a consideration of S$9,742, this increased his total interest in the Catalist-listed investment holding company from 22.87 per cent to 22.94 per cent. This followed his acquisition of 1,082,000 shares on Jan 17, and 846,600 shares between Nov 30 and Dec 12, also at an average price of S$0.05 per share.

 

Tea is responsible for the overall growth of the group, leading the strategic direction of the group, including acquiring and nurturing new businesses. He is responsible for the overall growth of the group, leading its strategic direction, including acquiring and nurturing new businesses.

On Jan 17, Accrelist : QZG +2.27% executive chairman and managing director Terence Tea Yeok Kian acquired 1,082,000 shares at an average price of S$0.05 per share.

 

With a consideration of S$53,812, it increased his total interest in the Catalist-listed investment holding company from 22.51 per cent to 22.87 per cent.

 

This followed his acquisition of 846,600 shares between Nov 30 and Dec 12, also at an average price of S$0.05 per share.

 

Tea is responsible for the overall growth of the group, leading its strategic direction, including acquiring and nurturing new businesses.

 

On Jan 13, Accrelist reported H1FY23 (ended Sep 30) revenue of S$50.7 million, a decrease of S$60.9 million from S$120.6 million in 1HFY22.

 

This was mainly attributed to the decline in the electronic component distribution business unit (EBU) revenue on the sharp decline in the demand of smartphones in China, coupled with the global shortage in microcontroller units.

 

Accrelist noted that its H1FY23 group gross profit margin did improve to 14 per cent from 7.7 per cent in H1FY22 through the EBU&rsquo s greater cost containment efforts in view of rising logistics and transportation costs and the ability to capitalise margin on chip shortages as official distributors.

Between Dec 9 and 12, Accrelist : QZG -14.29%executive chairman and managing director Terence Tea Yeok Kian acquired 447,000 shares at an average price of 4.96 Singapore cents per share. With a consideration of S$22,187 this increased his total interest in the Catalist-listed investment holding company from 22.37 per cent to 22.51 per cent. This followed his acquisition of 266,900 shares at 4.7 Singapore cents per share between Dec 1 and 7 and 132,700 shares at 4.8 Singapore cents per share on Nov 30. Dr Tea is responsible for the overall growth of the Group and his main role is to determine the strategic direction of the Group, including acquiring and nurturing new businesses.

Between Dec 1 and 7, Accrelist : QZG +2.08% executive chairman and managing director Terence Tea Yeok Kian acquired 266,900 shares at 4.7 cents per share.

 

With a consideration of S$12,439 this increased his total interest in the Catalist-listed investment holding company from 22.28 per cent to 22.37 per cent.

 

This followed his acquisition of 132,700 shares at 4.8 cents per share on Nov 30.

 

Tea is responsible for the overall growth of the group and his main role is to determine the strategic direction of the group, including acquiring and nurturing new businesses.

On Nov 30, Accrelist : QZG -6.67% executive chairman and managing director Terence Tea Yeok Kian acquired 132,700 shares at 4.8 cents per share.

 

With a consideration of S$6,336 this increased his total interest in the Catalist-listed investment holding company from 21.24 per cent to 22.28 per cent.

 

Tea is responsible for the overall growth of the group and his main role is to determine the strategic direction of the group, including acquiring and nurturing new businesses.

Between Nov 21 and 22, Accrelist : QZG 0%executive chairman and managing director Terence Tea Yeok Kian acquired 210,400 shares at 4.7 cents per share.

 

With a consideration of S$9,828 this increased his total interest in the Catalist-listed investment holding company from 21.17 per cent to 22.24 per cent.

 

Tea is responsible for the overall growth of the group and his main role is to determine the strategic direction of the group, including acquiring and nurturing new businesses.

On Nov 16, Accrelist : QZG 0% executive chairman and managing director Terence Tea Yeok Kian acquired 200,000 shares at S$0.045 per share. With a consideration of S$9,000, this increased his total interest in the Catalist-listed investment holding company from 21.97 per cent to 22.03 per cent. Tea is responsible for the overall growth of the group and his main role is to determine the strategic direction of the group, including acquiring and nurturing new businesses. For FY2022 (ended Mar 31), Accrelist reported revenue of S$241.2 million, an increase of 59.4 per cent from FY2021. The three core segments of the group include the medical aesthetics business under AM Aesthetics and AM Skincare, as well as the electronics and mechanical business units under Jubilee Industries Holdings Ltd : NHD -2.44%, which Accrelist currently holds a 53.15 per cent controlling stake in. Despites challenges posed by the Covid-19 pandemic, A.M Aesthetics has grown its network of clinics over the years, from four local clinics when it was first acquired in 2018, to seven licensed medical clinics across Singapore, with another two overseas branches in Kuala Lumpur and Penang.

Accrelist&rsquo s 53.07%-owned subsidiary Jubilee Industries Holdings has divested a 30% stake in Honfoong Plastic Industries Pte. Ltd. to Optium Gains International for a cash consideration of $1.5 million.

 

The move was made to &ldquo drive further growth and unlock value&rdquo , says Accrelist in an Oct 17 statement.

 

Honfoong Plastic Industries Pte. Ltd. is part of Accrelist&rsquo s mechanical business unit (MBU).

 

The consideration represents a premium of 42.9% over the total consideration for Jubilee&rsquo s initial acquisition of Honfoong in December 2017.

 

The sale of the stake in Honfoong was made through a sales and purchase agreement (SPA) entered into by Jubilee&rsquo s wholly-owned subsidiary, WE Total Engineering Sdn. Bhd. with Optium.

 

&ldquo To the fullest extent permissible under the laws, Jubilee intends to return the full amount of the sale proceeds to the shareholders in an effective and cost-efficient manner,&rdquo says Accrelist via its statement.

 

Optium Gains is a Hong Kong-incorporated company that produces, processes, and assembles electronic accessories.

 

In addition, Jubilee, on Oct 13, announced that it had entered into a shareholders&rsquo agreement (SHA) on Oct 11 with UPC Electronics Pte. Ltd. for the disposal of its 14% stake in WE Components.

 

The disposals of Honfoong and WE Components would &ldquo enable Jubilee to access new customers, deeper expertise and stronger financial resources through new synergies with Optium and UPC&rdquo , says Accrelist.

 

Jubilee&rsquo s MBU quadrupled its plastic injection moulding capacity following the acquisition of Honfoong in December 2017, increasing the range of products produced by Accrelist to serve various industries.

 

Jubilee&rsquo s MBU achieved a compounded annual growth rate of 39% in revenue between the FY2018 and FY2022 ended March 31. In addition, Jubilee&rsquo s EBU recorded a 67.4% increase in revenue from $119.9 million for FY2021 to $200.7 million for FY2022.

CATALIST-LISTED Accrelist has not been informed and is not aware if there are ongoing or outstanding investigations by the Corrupt Practices Investigation Bureau (CPIB) into the company or an indirect subsidiary, the board said in a bourse filing on Monday (Jan 17).

 

That' s even as it disclosed that 1 of 2 senior management executives has been charged in court since a previous response in March 2020 to queries from the Singapore Exchange (SGX).

 

Serene Tea, senior vice-president of the mechanical business unit, was charged in October 2021 with 1 count under the Prevention of Corruption Act, while there are no updates on the status of business development and project management executive Natasha Teh, the board said.

 

But the company reiterated a statement from Jan 11, 2022 that executive chairman and managing director Terence Tea - Serene Tea' s brother - " has been discharged" from the probe.

 

Tea has also not been charged, as far as he is aware, said the board.

 

Accrelist cited a phone call from a CPIB investigation officer to Tea " at about 2.36 pm" on that day. The caller " was the same investigation officer that had liaised with Dr Terence Tea since the beginning" , according to the board' s statement.

 

Bourse operator SGX had asked Accrelist to clarify whether the CPIB has confirmed that all potential charges against Terence Tea have been dropped, as well as whether Teh and Serene Tea are still assisting with CPIB investigations or have had charges brought against them.

 

Accrelist disclosed in 2020 that the CPIB was looking into the company, its subsidiary Jubilee Industries Holdings, and Honfoong Plastic Industries, which is 70 per cent owned by Jubilee.

 

The probe centred on a S$5,000 hongbao or red packet given by Honfoong to a customer, as well as Chinese New Year dinner and drinks expenses incurred with the customer present.

 

Other than the investigations into Teh and the Teas, Accrelist said that 2 other individuals have been charged in connection with the probe, to the best of the board' s knowledge - Wong Liang Tong, an employee of Honfoong, and Toh Mui Lan, who left Honfoong in January 2019.

 

To an SGX query on whether there are any outstanding investigations by the CPIB into the company, the board said: " The investigations by CPIB were focused on the actions of individuals in connection with or whilst under the employment of Honfoong, not into the company."

 

Catalist-listed Jubilee separately released a similar statement in response to the bourse queries.

THE board of Catalist-listed Accrelist announced on Tuesday (Jan 11) that its managing director and executive chairman Terence Tea had been discharged by the Corrupt Practices Investigation Bureau (CPIB).

 

Tea is also executive chairman and chief executive officer of Accrelist' s subsidiary Jubilee Industries Holdings. 

 

The investigations relate to a S$5,000 hongbao that Honfoong Plastic Industries, a Jubilee subsidiary, gave a customer at a dinner. The hongbao is part of a Chinese New Year tradition, and Jubilee understood that this gift of money had been Honfoong Plastic' s practice for several years.

 

Honfoong Plastic is 70 per cent owned by Jubilee, which is in turn wholly owned by Accrelist.

 

The CPIB also raised questions on a Chinese New Year dinner and drinks expense incurred during the gathering where the customer was present.

 

The boards of Accrelist and Jubilee Industries thanked shareholders of the company for their continued support as Tea continues to " lead the company forward" .

 

Formerly known as WE Holdings, Accrelist changed its name on Nov 11, 2016 to reflect its new focus on " corporate accretion services" .

 

Catalist-listed Jubilee' s main business is the distribution of electronics components, plastic injection moulding, mould design and fabrication services.