Over the four sessions through to the 7 May close, 16 primary-listed companies conducted buybacks with a total consideration of S$16.1 million. At the same time, more than 90 director interests and substantial shareholdings were filed for more than 40 primary-listed stocks. Directors or CEOs reported 12 acquisitions and 13 disposals, while substantial shareholders recorded 10 acquisitions and two disposals. This included CEO or director acquisitions filed for ASTI, Beng Kuang Marine, Dezign Format, Fuxing China, Huationg Global, Khong Guan, Nera Telecommunications, Vin's Holdings and YHI International.Avi-Tech: Strategic Stake Sale Resets Control On 6 May, Avi-Tech Holdings shares were transacted through a married deal in which Global Wave Venture acquired 51,142,766 shares, representing 29.9 per cent of the company, from founder Lim Eng Hong and his related parties for total consideration of S$17.0 million. This marked a shift in control at the listed entity and introduces a new strategic shareholder, resetting the ownership base for the next phase of capital allocation and positioning.The transaction is accompanied by a leadership transition at the listed company. Mr Lim, who founded Avi-Tech in 1981, stepped down as Executive Director, CEO and Executive Chairman, while Alvin Lim Tai Meng resigned as Executive Director and Chief Operating Officer. Both remain with the operating subsidiary Avi-Tech Electronics, continuing as CEO and Chief Operating Officer respectively, preserving execution continuity despite the reset at board level.Operationally, the group reported revenue of S$8.7 million for 1HFY26 (ended 31 December), with gross profit of S$0.7 million and a net loss of S$1.0 million, reflecting weaker engineering demand and project deferments. Liquidity remains a key support, with cash of S$37.5 million and total assets of S$55.1 million against total liabilities of S$5.6 million, providing flexibility through the cycle.From a value perspective, the reset sits alongside a net cash balance and low leverage, with capital preserved through the decision not to declare an interim dividend. This supports operational stability and allows redeployment into efficiency improvements and selective growth areas. Looking ahead, supported by its new strategic shareholder and refreshed leadership structure, the Group is well-positioned to drive sustainable growth and deliver long-term value creation for shareholders.Beng Kuang Marine: Ownership Rotation as ASOM Deal Lifts Earnings CaptureOn 6 May, Amova Asset Management and Tokio Marine Life Insurance Singapore as well as oil &amp; gas veteran Mr Tan Kim Seng, alongside other investors, acquired 9.98 million shares for S$4.8 million that were divested by one of Beng Kuang Marine founder's Chua Meng Hua.The Company's Executive Chairman acquired 578,286 shares and the CEO took 500,000 shares. Beng Kuang Marine said the sale reflects the founder stepping back from an executive role, with ownership rotating into institutional and management hands. It added that the shareholder base broadened, liquidity improved and management alignment increased as the Group continues to execute on offshore lifecycle services supported by a growing base of recurring work.On 26 February, Beng Kuang Marine announced the proposed acquisition of the remaining 49 per cent stake in ASOM, which already anchors the Group’s earnings base, with FY25 revenue of about S$75 million against Group's revenue of S$98 million, and standalone profit after tax of around S$14.9 million. The acquisition does not change revenue, which is already consolidated, but increases earnings attributable to shareholders through the removal of minority interests. Based on FY25, this lifts attributable profit by roughly S$7 million, with no change to the underlying operating base.ASOM is the core of the Group’s FPSO segment, supporting 19 vessels across 7 countries and securing about S$27.6 million of FY26 revenue with a high level of repeat work. The work is driven by inspection, maintenance, and life extension cycles of FPSOs, providing recurring demand and anchoring earnings visibility. With most of FY26 revenue already supported by a confirmed order book of around S$51.2 million, the acquisition brings the Group’s main earnings driver fully in-house and improves visibility over earnings contribution.UOB Kay Hian and Lim &amp; Tan have initiated coverage with BUY calls with recently raised target price of S$0.75 and S$0.69 respectively, pointing to recurring FPSO lifecycle demand from an ageing global fleet and the earnings uplift from full consolidation of ASOM. The report highlights that inspection, repair and life extension work remains essential across offshore assets, and notes potential for strong earnings growth as ASOM is fully consolidated within an asset-light, service-led model, with ASOM forming the core of its recurring earnings base.From a value perspective, the transaction reflects three points. First, it increases earnings attributable to shareholders as the Group moves to full ownership of its core FPSO lifecycle platform. Second, the stake is acquired at around 8 times FY25 earnings, consistent with comparable offshore lifecycle service providers. Third, it simplifies the ownership structure, with ASOM fully in-house and improving visibility over earnings contribution. Overall, the transaction shifts the focus to earnings contribution, strengthening alignment between ownership and operations without changing the underlying operating base.ASTI Holdings: CEO Acquires Controlling Stake Through Off‑Market TransactionASTI Holdings announced that its Executive Chairman and CEO, Eddie Ng Yew Nam, acquired 40.0 million shares on 6 May at S$0.09 per share via an off‑market transaction, committing S$3.6 million and increasing his direct stake to 15.65 per cent from 10.54 per cent. The acquisition was executed at a 4.25 per cent discount to the last traded price prior to the trading halt and establishes him as the controlling shareholder. Mr Ng previously founded iTrue Technologies in 2005 and with experience in semiconductor inspection and manufacturing systems and prior involvement with ASTI’s operating subsidiaries before taking on the CEO role in January 2024. He stepped into the position following a period of governance lapses and trading suspension, with an initial focus on restoring compliance, stabilising operations and re engaging customers. His increased stake further aligns management with the Group’s capital base as the business transitions into a more stable operating phase.The increase in his stake follows ASTI’s trading resumption in January 2026 after completing a two‑year restructuring, with the Group emerging with a debt free balance sheet following restructuring and a refocused strategy centred on semiconductor backend services including tape‑and‑reel packaging and integrated circuit programming. For FY25, ASTI reported revenue of S$36.9 million, up 11.8 per cent year‑on‑year, with gross margin expanding to 26.9 per cent from 11.5 per cent. The Group returned to profitability with net profit attributable to shareholders of S$1.1 million, compared to a net loss of S$24.5 million in FY24. The Group also generated operating cash flow of S$5.0 million and ended FY25 with S$16.5 million in cash and positive working capital of S$21.8 million, following the repayment of approximately S$8.6 million in borrowings.From a value perspective, the increase in ownership aligns control with a balance sheet that has been reset and an earnings base that has returned to profitability. It reflects a business that has stabilised post‑restructuring, with further value dependent on execution and the scalability of its semiconductor services platform.Fuxing China: CEO Increases Stake as Dividend Policy Anchors PayoutsFuxing China's CEO, Hong Shao Lin, increased his deemed interest in the company through a series of on market transactions on 4 and 5 May 2026. Across four trades, he acquired a total of 87,000 shares for S$81,085, raising his deemed shareholding to 0.43 per cent of issued share capital. The purchases were conducted via the open market and increase the CEO’s ownership in the company.For FY25, Fuxing reported net profit of RMB20.5 million, up from RMB0.9 million in the previous year, supported by improved cost discipline and lower financing costs. Gross profit rose 8 per cent to RMB49.5 million, with gross margin improving to 7.4 per cent.As the 4th largest zipper manufacturer globally in terms of sales value, the Group’s revenue remains centred on the zipper segment, which accounted for 61.3 per cent of FY25 revenue, alongside contributions from Trading and Processing. While overall revenue declined, the Processing segment delivered improved margins on higher efficiency and automation, supporting gross margin expansion. A site visit by KGI Securities in January 2026 highlighted the group’s integrated manufacturing base in Jinjiang with headcount reducing to about 1,100 from around 3,000 in 2007, reflecting increased automation across production lines to improve operating margins.On 31 March, Fuxing announced a dividend policy targeting a minimum annual payout of 15 per cent of profit attributable to equity holders for FY26 through FY28. For FY25, the Board has recommended a final dividend of RMB0.15 per share, amounting to approximately RMB3.0 million and representing about 15 per cent of profit attributable to shareholders. The policy formalises capital allocation discipline alongside the Group’s improving earnings base and cash flow generation.From a value perspective, the disposal of Jianxin generated proceeds of RMB45.6 million and a gain of RMB20.2 million. In addition, the dividend policy introduces a minimum 15 per cent payout for FY26 through FY28. Borrowings declined by RMB91.0 million, with the Group moving into a net cash position of RMB62.6 million, alongside operating cash flow of RMB76.2 million.<table><tbody><tr><td>Share Buybacks by Primary-listed Companies by way of Market Acquisition (May 4 to May 7) </td><td>Number of Shares/Units Purchased </td><td>Buyback Consideration (incl stamp duties &amp; clearing charges) S$   </td><td>Avg price paid per share S$</td></tr><tr><td>KEPPEL </td><td>800,000</td><td>$8,780,933</td><td>$10.98</td></tr><tr><td>UNITED OVERSEAS BANK </td><td>76,000</td><td>$2,787,958</td><td>$36.68</td></tr><tr><td>SEATRIUM </td><td>830,000</td><td>$1,962,365</td><td>$2.36</td></tr><tr><td>HONG FOK CORPORATION </td><td>1,198,400</td><td>$1,247,847</td><td>$1.04</td></tr><tr><td>PAN-UNITED CORPORATION </td><td>260,000</td><td>$401,869</td><td>$1.55</td></tr><tr><td>MICRO-MECHANICS (HOLDINGS) </td><td>100,000</td><td>$318,303</td><td>$3.18</td></tr><tr><td>HOTUNG INVESTMENT HLDGS </td><td>135,700</td><td>$213,454</td><td>$1.57</td></tr><tr><td>CHUAN HUP HOLDINGS </td><td>723,400</td><td>$180,678</td><td>$0.25</td></tr><tr><td>A-SONIC AEROSPACE </td><td>127,000</td><td>$72,319</td><td>$0.57</td></tr><tr><td>ASPIAL CORPORATION </td><td>500,000</td><td>$71,626</td><td>$0.14</td></tr><tr><td>OXLEY HOLDINGS </td><td>380,000</td><td>$30,814</td><td>$0.08</td></tr><tr><td>NEW TOYO INTERNATIONAL HOLDINGS </td><td>86,000</td><td>$18,392</td><td>$0.21</td></tr><tr><td>INTRACO </td><td>27,700</td><td>$10,542</td><td>$0.38</td></tr><tr><td>G.H.Y CULTURE &amp; MEDIA HOLDING CO</td><td>78,000</td><td>$10,118</td><td>$0.13</td></tr><tr><td>SARINE TECHNOLOGIES </td><td>10,000</td><td>$2,035</td><td>$0.20</td></tr><tr><td>AP OIL INTERNATIONAL </td><td>1,700</td><td>$277</td><td>$0.16</td></tr><tr><td>Total</td><td>5,333,900</td><td>$16,109,530</td><td> </td></tr></tbody></table>Inside Insights is a weekly column on The Business Times, read the original version.Enjoying this read?<ul><li>Subscribe now to our SGX My Gateway newsletter for a compilation of latest market news, sector performances, new product release updates, and research reports on SGX-listed companies.</li></ul>

Over four sessions until May 7, 16 primary-listed companies executed buybacks totaling S$16.1 million, while over 90 director interests were filed for more than 40 stocks. Notable transactions included Avi-Tech's strategic stake sale, shifting control to Global Wave Venture, and Beng Kuang Marine's ownership rotation with significant share acquisitions by management and institutional investors. Analysts from UOB Kay Hian and Lim & Tan initiated coverage on Beng Kuang Marine with BUY ratings, citing strong earnings potential from its FPSO segment and the consolidation of ASOM, enhancing earnings visibility and growth prospects.

Avi-Tech Hldg

Beng Kuang

Ascent Solar Tech

Dezign Format

Fuxing China

Huationg Global

Khong Guan

NeraTel

King Wan

Tokio Marine Holdings, Inc.

UOB Kay Hian

Buybacks, Director Transactions and Stake Realignments