SINGAPORE (Jan 31): Ong Bee Huat, founder, deputy chairman and CEO of property and agriculture company Hong Lai Huat Group, has resumed buying shares in his own company after a break of more than four months.

On Jan 16, Ong bought 36,000 shares at 18.7 cents each. The following day, Ong bought another 23,500 shares. For these, he paid 19 cents each for 23,300 shares, and 18.9 cents each for 200 shares. All in, he spent $11,197. Following the purchases, Ong’s stake, increased from just over 43.08 million shares to just over 43.1 million shares, which translates into a stake of 19.424%.

Regardless of which price Ong paid for the shares, he is buying them back at a time when they are undervalued. As of Sept 30, Hong Lai Huat had an NAV of 59.38 cents per share, up from 58.09 cents as at Dec 31 2018.

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