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IPC soars on news of Oei Hong Leong bid

Stock hits 3-year high of S$0.20, against S$0.17 offer

Ven Sreenivasan

Published Thu, Apr 2, 2015 · 09:50 PM

Singapore

THE stock of IPC Corp shot up on Thursday to its highest level of S$0.20 in three years on news of an offer by Singapore billionaire Oei Hong Leong to buy the remaining shares in the property developer that he does not already own.

The mandatory offer of S$0.17 a share was triggered by Mr Oei's Wednesday share purchases, which raised his stake to 30.56 per cent from 29.82 per cent. The bid is conditional on the tycoon garnering more than 50 per cent of IPC.

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