[SINGAPORE] Shares of Ho Bee Land jumped more than 5 per cent this morning (June 10) after the company said founder and executive chairman Chua Thian Poh upped his stake in the real estate company over the weekend.
As at 11.02 am, shares of Ho Bee Land rose 5.82 per cent or S$0.100 to S$1.990, with 413,000 shares changing hands, ShareInvestor data showed.
The company’s shares were also up around 5 per cent or S$0.090 on Monday (June 9). It last closed at S$1.8 on Friday (June 6).
On Jun 5, Ho Bee Holdings, a vehicle controlled by Chua, acquired 137,900 shares for S$248,220, or S$1.80 per share, raising his stake in the company to around 75.68 per cent, from 75.66 per cent.
Both Chua, 76, and his son Nicholas Chua, 49, who is chief executive officer, have been accumulating shares in the last few months. Since May 14, the elder Chua has bought a total of 366,100 shares for a total of S$652,763. This translates to an average price of S$1.783 per share.
Ho Bee Land holds almost S$5.2 billion in investment properties, of which S$2.8 billion worth are freehold, and is widely known as the pioneer of luxury residential developments in Sentosa Cove. Its assets include The Metropolis, a Grade A office building in the one-north commercial hub.
In its latest annual report, it noted that its UK portfolio of eight prime London office buildings is valued at £1.7 billion (S$3 billion).
Ho Bee Land also holds property in Australia, and 1 per cent of its portfolio is in China.
