Oei Hong Leong offloads entire IPC stake

TYCOON Oei Hong Leong has sold his entire 32.96 per cent stake in mainboard-listed IPC Corporation through married deals on Tuesday, for a total of S$11.2 million, or an average of 40 Singapore cents per share.

Picking up some of his shares were IPC chairman and chief executive Patrick Ngiam and his family.

Mr Ngiam's direct stake rose from 1.25 per cent to 5.06 per cent. His wife Lauw Hui Kian's direct stake rose from 1.36 per cent to 4.29 per cent. His brother and managing director Benjamin Ngiam's direct stake rose from 1.24 per cent to 7.1 per cent.

Executive director Bernard Ngiam's stake rose from 1.29 per cent to 2.02 per cent. Executive director Alfred Ngiam's direct stake rose from 1.24 per cent to 1.97 per cent.

In addition, Mr Patrick Ngiam and Mr Benjamin Ngiam together have a deemed interest in IPC through Essex Investment, which amounts to another 8.86 per cent stake in IPC.

So in sum, the Ngiams now control about 29.3 per cent of IPC, just below the 30 per cent threshold that would trigger a mandatory general offer for IPC.

In April, an offer by Asia-Pacific Strategic Investments (ASPI) to acquire the Ngiam family's 13.95 per cent stake in IPC was terminated. Mr Oei pulled out first, scuppering a deal that would have triggered a mandatory unconditional offer for the rest of IPC's shares.

ASPI had planned to pay for the proposed acquisition by issuing 133 new ASPI shares for every IPC share. The benchmark price of 133 ASPI shares back then would have been S$0.532, based on the last traded price per share of S$0.004 on Jan 26.

IPC's businesses include property investment and development as well as investment holding.

IPC shares rose 2.5 per cent or one Singapore cent on Tuesday to close at S$0.41.