HANWELL Holdings' non-executive chairman Sam Goi Seng Hui on Monday acquired 39.4 million shares of the company for some S$16.5 million, via an off-market transaction.

This brings his stake in Hanwell to around 29.8 per cent, up from 22.7 per cent previously, the consumer products provider disclosed during Tuesday's mid-day break.

Mr Goi had bought the shares held by former director Tang Cheuk Chee, said another bourse filing on Tuesday.

The mainboard-listed stock climbed 11.4 per cent or five Singapore cents to finish Tuesday at 49 cents on a volume of 67.2 million shares following the announcements.

Dr Tang ceased to be an executive director of the company in April as she was not re-elected to the board during the annual general meeting.

At the time, she owned a 19.4 per cent stake; she sold all her Hanwell shares on Monday and in another transaction last Friday.

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The 12.3 per cent interest she disposed of last Friday was snapped up by Sin Huat Company, which emerged as a new substantial shareholder of Hanwell.

Sin Huat bought the 68 million shares for close to S$28.6 million in an off-market transaction, DM0 : DM0 0%  disclosed on Monday evening.

The two shareholders of Sin Huat are Bernard Cheng Koh Chuen, Prima Group's executive director, and Primus Cheng Chih Kwong, Prima Group's chairman and chief executive officer. The core businesses of Prima Group include flour milling, food manufacturing and bakery franchising.

On Friday morning, the Singapore Exchange queried Hanwell about "unusual price movements" in its shares. Hanwell responded in the evening that a possible explanation for the trading activity could be Dr Tang's sale of the 12.3 per cent stake that day.

Hanwell's stock rose 7.1 per cent or three Singapore cents to finish at 45.5 cents last Friday, with 77.4 million shares changing hands. The counter fell 3.3 per cent at Monday's close, and then rallied on Tuesday.

READ MORE:

• Sam Goi re-elected to Hanwell's board; two other directors ousted

• New Hanwell chair, Sam Goi, ups stake