Weekly | E5H, 558, E28, NTDU & BCV Lead Stake Increases

Over the five sessions through to 29 October, more than 80 filings relating to directors’ interests and substantial shareholdings were filed for over 40 primary-listed stocks. Directors or CEOs reported 23 acquisitions and one disposal, while substantial shareholders filed 14 acquisitions and two disposals. 

The five sessions through to 29 October also saw 19 primary-listed companies conduct buybacks with a total consideration of S$12.8 million. Singapore Technologies Engineering led the buybacks with S$5.1 million, matching its total for the preceding week.   

1. $Golden Agri-Res(E5H.SI)$

Kopernik Raises Golden Agri-Resources Stake Above 8%

On 23 October, Kopernik Global Investors acquired 5.5 million Golden Agri-Resources shares through a market transaction at S$0.275 per share, for approximately S$1.51 million. The acquisition increased its deemed interest to 8.02% from 7.98% previously. Kopernik’s deemed interest arises from its discretionary power over the disposal of shares held as an investment adviser. 

The filing extends a longer period of accumulation. Kopernik Global Investors became a substantial shareholder in June 2023 when its deemed interest increased to 5.43% from 5.00%, before increasing to 6.07% in June 2025 and 7.07% in July 2026. The latest purchase takes its deemed interest to 1.02 billion shares, or 8.02%. 

2. $UMS(558.SI)$

Amova Rebuilds UMS Stake Above 6%

On 22 October, Amova Asset Management increased its deemed interest in UMS Integration to 6.08% from 5.99% following the acquisition of 882,000 shares through a market transaction for S$1.96 million, at an average price of S$2.2262 per share. The acquisition increased its deemed interest to 57.22 million shares from 56.34 million shares previously. Sumitomo Mitsui Trust Group, which has a controlling interest in Amova Asset Management, reported the same deemed interest. 

The increase follows UMS Integration’s placement of 52.94 million new shares on 9 October, which enlarged the company’s share base and diluted Amova Asset Management’s deemed interest to 5.85% from 6.15%, despite the number of shares held by its managed portfolios increasing to 55.03 million from 54.62 million. Separately, Amova Asset Management Asia acquired 402,000 shares on-market for S$1.12 million on the same day, but its percentage interest nevertheless declined to 5.72% from 6.01% because of the enlarged share base.

3. $Frencken(E28.SI)$

Amova Crosses 9% Frencken Stake

On 22 October, Amova Asset Management increased its deemed interest in Frencken Group to 9.05% from 8.91% following the acquisition of 634,100 shares through a market transaction for S$1.34 million, at an average price of approximately S$2.112 per share. The acquisition increased its deemed interest to 42.84 million shares from 42.20 million shares previously. Sumitomo Mitsui Trust Group, which has a controlling interest in Amova Asset Management, reported the same deemed interest. 

The increase continued a series of stake increases by entities associated with Amova Asset Management, which first became a substantial shareholder in March when its interest exceeded 5%, before subsequently crossing the 6% threshold in June, 7% in August and 8% in September. 

4. $NTT DC REIT USD(NTDU.SI)$

T. Rowe Price Raises NTT DC REIT Stake Above 6%

On 15 October, T. Rowe Price Associates, Inc.'s deemed interest in NTT DC REIT increased above the 6% threshold. The investment manager became aware of the threshold crossing on the morning of 16 October and subsequently submitted the notification. Its deemed interest arises through investment funds and other accounts for which it or its affiliates act as investment adviser.

The increase builds on T. Rowe Price's participation in NTT DC REIT's IPO. On 14 July 2025, it acquired 53.6 million units through the placement for US$53.6 million, resulting in a deemed interest of 5.2%. The latest filing therefore represents a further increase in a position established at listing, rather than T. Rowe Price becoming a substantial unitholder for the first time.

5. $Qian Hu(BCV.SI)$

Ang Hao Yao Raises Qian Hu Stake Above 6%

On 26 October, Ang Hao Yao acquired 396,000 shares in Qian Hu Corporation through a market transaction for S$39,679.20, or about S$0.10 per share. The purchase increased his direct interest from 6.62 million shares, or 5.83%, to 7.01 million shares, or 6.179%

The transaction represents a further increase in a substantial shareholding established in January 2023. On 10 January 2023, Ang acquired 110,000 shares on-market for S$27,494.50, lifting his direct interest from 4.926% to 5.023% and making him a substantial shareholder.