On Apr 11, Hai Leck Holdings : BLH -9.09% executive chairman and CEO Cheng Buck Poh acquired 302,900 shares at S$0.38 per share. This increased his total interest in the provider of project and maintenance services to the oil and gas and petrochemical industries from 88.8 per cent to 88.94 per cent. This comprises a 51.02 per cent direct interest and a 37.92 per cent deemed interest.  

 

The deemed interest stems from his 31.68 per cent shareholdings in Cheng Capital Holdings. His previous trade on Dec 12 saw a more significant tranche of 8.9 million shares acquired, also at S$0.38 per share, representing 3.93 per cent of the outstanding shares. He has gradually built his total interest in the stock over the past seven years from 83.48 per cent.

 

Hai Leck Holdings provides engineering, procurement and construction services to the oil and gas, petrochemical, pharmaceutical and utilities industries. Cheng is also the founder of the group and responsible for charting and reviewing corporate directions and strategies for the group. He oversees management and development of the group&rsquo s business, locally and overseas and is also responsible for sales and marketing for the group&rsquo s business.

 

The group operates through two business segments &ndash project and maintenance services, and contact centre services. It has a presence in Singapore and Thailand, and commands a workforce of 2,200 employees. In February, it reported that its revenue for its H1 FY2024 (ended Dec 31) decreased by approximately S$1.3 million to S$31.4 million, from S$32.8 million recorded in H1 FY2023.

 

This was attributed to lower maintenance and contact centre services revenue, partially offset by higher project revenue. The group noted that cash and cash equivalents as at Dec 31, 2023, was higher at S$65.8 million compared to S$60.2 million as at Dec 31, 2022.

 

As at Apr 18, the market capitalisation of the stock was S$87 million, with a price-to-book ratio of 0.77, a marginal discount to the five-year average of 0.78.