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IPC to pay S$1.60 a share in capital reduction after sale of seven hotels

IPC Corp plans to pay out S$1.60 per share as part of a capital reduction excercise after the company completed the 14.9 billion yen (S$172.2 million) sale of seven hotels in Japan.

The sale of the seven hotels was completed on Thursday, said IPC, a property investment and development company. Net proceeds from the disposal will be used to fund the capital reduction payouts.

The proposed payout will represent a total payment of S$136.467 million. No shares will be cancelled. The current share capital of the company is about S$169.983 million.

IPC will call a general meeting to seek approval from shareholders.