On March 10, Hanwell Holdings non-executive chairman and non-independent director Sam Goi Seng Hui acquired 1,085,000 shares of the company for a consideration of S$408,752.

 

At an average price of 37.7 cents per share, this took his total interest in the leading provider of consumer essentials from 22.36 per cent to 22.55 per cent.

 

Two days prior, on March 8, Hanwell Holdings had appointed Mr Goi non-executive chairman and non-independent director.

 

On Feb 25, the group reported FY20 (ended Dec 31) total revenue of S$471.4 million, an increase of 2.2 per cent from FY19.

 

Mainly attributed to higher revenue achieved by its Singapore consumer business, the group observed higher demand for its products such as rice and tofu during the year.

 

The group' s net profit after tax for FY20 was S$33.1 million compared to S$11.8 million reported for FY19.

 

In its outlook for FY21, the group noted that its consumer business foresees challenges due to increase in the cost of raw materials and shortage of containers affecting ports in Asia, and the former may also impact the packaging business results.

 

In view of this, the group reiterated that the packaging business has been proactive in controlling costs and conserving cash to mitigate any potential adverse impact from the crisis posed by Covid-19.

 

Mr Goi is also the executive chairman of Tee Yih Jia Food Manufacturing and Mainboard-listed GSH Corporation. He is also the vice-chairman of other Mainboard-listed companies, namely Envictus International Holdings, JB Foods and a non-executive and non-independent director of Catalist-listed company, Tung Lok Group Restaurants (2000).