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Hot stock: Hotel Properties shares jump 7.6%, prompting SGX query
THE Singapore Exchange on Tuesday queried Hotel Properties Ltd (HPL) on "unusual price movements" in its shares after the counter jumped as high as 7.6 per cent to S$3.82 in morning trade.
HPL shares were up S$0.21 or 5.9 per cent to S$3.76 before the market closed for its midday break.
In its latest company announcements, HPL disclosed that 68 Holdings Pte Ltd had acquired 3 million HPL shares on Sept 27 for S$10.35 million at S$3.45 per share. The acquisition raised the total interest of HPL's managing director, Ong Beng Seng, in the company from 58.11 per cent to 58.69 per cent.
Mr Ong is the co-founder of HPL and has more than 30 years of experience in the hotel and property development, hotel management, real estate and retail industries. He is responsible for all aspects of the group's strategic planning and business development activities.
Also on Sept 27, HPL non-executive and non-independent director David Fu Kuo Chen acquired 1.7 million shares of the company for S$5.87 million at S$3.45 per share. This took Mr Fu’s total interest in HPL to 4.99 per cent from 4.67 per cent.