Frencken Group’s chairman and president Gooi Soon Chai and Dennis Au have raised their stake in the company by acquiring shares on the open market, according to bourse filings dated Apr 4.
Gooi acquired 200,000 ordinary shares for a total sum of $197,000, while Au acquired 100,000 ordinary shares for $98,500.
This brings Gooi’s total stake in the company to 23.69%, up from the 23.65% previously. Au’s stake has similarly increased to 0.96%, up from the 0.94% previously.
Frencken Group reported earnings of $37.1 million for the FY2024 ended Dec 31, 2024, up 14.3% y-o-y. It said that it expects to post higher revenue in 1HFY2025 compared to the previous quarter.
The group anticipates sequential improvement in revenue for its semiconductor business in Europe which has continued to grow even during the recent industry downturn. In Asia, the semiconductor segment is also expected to benefit from a pick-up in demand and the group’s efforts to drive wallet share expansion with key customers in the front-end equipment sector.
Analysts from CGS International, DBS Group Research and Maybank Securities have all raised their target prices for the company following its full year results, on the back of stronger outlook.
See also: Centurion’s executive director Loh acquires another 100,000 shares; total stake at 59.793%
Shares in Frencken closed 3 cents lower or 2.97% down at 98 cents on Apr 4.
