From metals to meta
Bernard Ng, executive chairman and group CEO of Meta Health, started buying shares of the company from the open market. On Aug 15, he acquired two million shares for $59,036 or 2.95 cents each. On Aug 17, he bought another two million shares for $61,100 or 3.06 cents each. His total of four million shares is equivalent to 0.74% of the company’s share base.
Meta Health was previously known as Metal Component Engineering, before it expanded into the healthcare business with the acquisition of various related entities. This was funded by new shareholders, one of whom was Yong Yean Chau, CEO of the manager of ParkwayLife REIT.
On Aug 12, Meta Health reported a loss of $2.8 million for 1HFY2022 ended June, versus earnings of $11,000 a year ago. Excluding oneoff expenses related to the shutdown of one of its factories in Thailand, stock-based compensation and professional fees incurred for the investments in the new healthcare business, Meta Health recorded an adjusted net loss of $1.5 million for 1HFY2022. Revenue was down 7.3% y-o-y to $18.7 million, as its old metals parts business generated lower sales.
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On the other hand, the new healthcare business started contributing to the top line meaningfully, with $2.3 million reported for 1HFY2022.
Lo and behold
Wee Teng Wen, a non-independent, non-executive director of United Hampshire US REIT, raised his stake in the REIT by buying from the open market. On Aug 16 and 17, he acquired 660,000 units at 63 US cents each and another 726,000 units at 63.15 US cents each respectively. This brings his total stake to 1.585 million units. He first bought into the company on July 8, when he acquired 193,000 shares for 62 US cents each.
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Wee is the son of Wee Ee Cheong, CEO of United Overseas Bank, and better known as the managing director of The Lo and Behold Group, which runs various F&B outlets. One of the sponsors of United Hampshire is UOB Global Capital LLC, a global asset management subsidiary of the bank.
On Aug 12, United Hampshire announced a DPU of 2.91 US cents ($0.0406) for 1HFY2022 ended June, down 4.6% y-o-y. Net property income for the period in review was up 10.6% y-o-y from US$20.5 million to US$22.7 million.
Separately, Wee Ee Cheong, has been buying shares of the bank from the market recently too, spending some $2 million over three trading days. On Aug 19, Wee acquired 25,000 shares for $26.80 each. On Aug 22, he bought another 25,000 shares, paying $26.7227 each. On Aug 16, he acquired 50,000 shares for $26.95. He now holds a direct stake of around 3.18 million shares, equivalent to 0.19% of the company. In addition, he has a deemed interest in another 173.7 million shares. Altogether, this gives him a total interest of nearly 176.89 million shares, equivalent to 10.56%.
