Amova Asset Management, one of the cornerstone investors in UI Boustead REIT, has averaged down its stake by acquiring more units on the trading debut.
According to an SGX filing on March 17, Amova acquired 966,400 units at $787,229.44, or an average of 81.46 cents.
This brings Amova's total stake in the REIT to more than 68.69 million units, equivalent to 5.029%, up from 4.958% previously.
In a separate filing on March 17, Wong Fong Fui, chairman and group CEO of Boustead Singapore, had on March 12 bought one million units at an average of 80.7 cents, giving him a direct stake of 35.09 million units, or 2.56%. In addition, via Boustead, Wong has a deemed interest in another 21.56% of the REIT.
UI Boustead REIT's IPO was sold at 88 cents and it ended its debut trading day at 80.5 cents, amid growing market jitters with the war in the Middle East, before recovering a tad in the subsequent days.
UI Boustead REIT units closed on March 17 at 83.5 cents.
