DIRECTORS' TRADES

A DIRECTOR of two wholly owned subsidiaries of MFS Technology sold 181,000 shares on the open market on Tuesday, cashing in on the stock's strong growth over the past 12 months.

Mr Peter Tan exercised 96,000 share options at the price of 76 cents on April 24, according to Singapore Exchange (SGX) filings.

MFS Tech, which designs, manufactures and distributes flexible printed circuit boards, is the subject of a $500 million takeover by sister company Nasdaq-listed Multi-Fineline Electronix. If successful, it will create the world's second-largest components maker.

Both companies make circuit boards for Motorola, the world's second-largest mobile phone company, and are units of Singapore-based WBL Corp. WBL makes electronic components, distributes luxury cars such as Jaguar and Volvo and develops real estate.

MFS Tech shares have nearly doubled in the past year, hitting a high of $1.30 on April 7 before retreating to $1.21 at yesterday's close.

Despite the pullback, the stock has still climbed 92 per cent in 12 months. The firm reported that second-quarter earnings for the three months ended March 31 rose 19 per cent to $9.6 million on a 13.3 per cent rise in sales to $101.4 million.

It said in its SGX filing on Monday: "Business environment in which the group operates, continues to remain competitive."

The group listed here in January 2002 at an issue price of 18 cents a share.