STRAITS ASIA CEO RAISES DIRECT STAKE

STRAITS Asia Resources chief executive Richard Ong Chui Chat has been increasing his direct stake in the mining and resources group recently.

Singapore Exchange filings showed that Mr Ong bought a total of 725,000 shares on the open market this month.

His most recent purchase, announced on Monday, was made last Thursday when he bought 175,000 shares at $2.49 each.

This followed his acquisition of 275,000 shares at prices ranging from $2.86 to $3.16 on March 13.

He had also bought another 275,000 shares on March 10, paying between $3.10 and $3.20 apiece.

The series of trades has increased his direct stake from 2.7 million to 3.425 million.

He also holds a deemed stake of 810,000 shares.

Last month, Straits Asia reported a 40.7 per cent drop in 2007 net profit to US$28.56 million, due to higher administrative costs and lower revenue.

The same month also saw its shares hitting a record close of $4.30 on Feb 19 because of soaring coal prices brought about by supply shortages.

Following that, Straits Asia shares saw a sharp decline on concerns that a global economic slowdown would dampen demand for coal. They slumped to $2.54 last Thursday.

But the share price has enjoyed a slight rally this week, closing 21 cents higher at $2.90 yesterday on 5.38 million units traded.

ALVIN FOO