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.