Travelite Holdings&rsquo founder and executive chairman Thang Teck Jong acquired 1 million shares for $155,000 or 15.5 cents apiece via an off-market transaction.

 

The transaction, which took place on Jan 8, brought Thang&rsquo s total stake to 63.57% from 62.52%. Thang is deemed to be interested in 38.57 million shares registered in several nominee accounts, y Phillip Securities Pte Ltd, UOB Kay Hian Private Limited, Maybank Securities Pte. Ltd. and United Overseas Bank (UOB) Nominees (Private). He is also deemed to be interested in 1.49 million shares held by his spouse, Kong Ling Ting @ Kang Ling Ting. Thang&rsquo s shares in UOB Nominees are jointly held by him and Kong.

 

On Dec 18, 2024, Thang bought 788,800 shares on the market for $126,208 or 16 cents per share, bringing his stake to 62.52%.

 

For the 1HFY2025 ended Sept 30, 2024, Travelite reported a loss of $68,000, reversing from earnings of $1 million in the corresponding period the year before.

On Oct 11, Travelite Holdings : BCZ 0% executive chairman Thang Teck Jong acquired 965,000 shares at S$0.15 per share.

 

This increased his total interest from 60.66 per cent to 61.68 per cent.

 

Thang formulates the group&rsquo s strategic directions and expansion plans. As the founder, he has been instrumental in the growth and development of the group since its inception in 1986.

 

For its FY24 (ended Mar 31), the group achieved record performance with revenue increasing by 1.4 per cent to S$47.1 million, driven by a strong rebound in international travel and tourism.

 

Gross profit margin improved to 51.5 per cent, while other gains decreased to S$500,000 due to lower inventory impairment reversals and government grants. Despite these changes, the group&rsquo s profit before tax rose to S$3.8 million, up from S$3.5 million in FY23.

 

Looking forward, Thang maintains that Travelite Holdings will leverage favourable market conditions in the global travel market by enhancing both its online presence and offline activities.

 

This includes participation in major luggage events and promotional atrium sales in shopping malls.

 

On the digital front, the group is collaborating with digital platform partners to offer exclusive deals and promotions, while also enhancing its retail presence through new concept stores and boutiques slated for completion in FY25.

 

Additionally, the group aims to maintain its growth trajectory by exploring new store locations, supporting its secured lending business, and seeking opportunities for acquisitions, joint ventures and new investments, while focusing on cost management and production efficiency.

 

Travelite Holdings announced on March 24 that it has entered into a sale and purchase agreement to acquire a 40% stake in a music company, Funkie Monkies Ventures from the major shareholders of Funkie Monkies.

 

The acquisition price is based on a formula but is likely to be no higher than $2.4 million, and no lower than $688,000. The proposed acquisition is subject to shareholders approval.

 

In the announcement, Travelite says the proposed acquisition is for diversification. Travelite is a distributor of travel-related accessories, menswear and ladies fashion.