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OEL controlling shareholder sells off 29.6% interest for S$6.04m

THE controlling shareholder of property management group OEL (Holdings) has sold off his entire stake in the company, the board disclosed on Friday evening.

Jeffrey Hing divested his 29.56 per cent interest to six individual buyers on Dec 16 for S$6.04 million altogether, or about 3.06 Singapore cents a share. OEL shares last changed hands at 0.4 centĀ apiece (see amendment note), before the company called a trading halt on Thursday.

The buyers - who, according to OEL, are related neither to Mr Hing nor, to the best of his knowledge, the company - also undertook to repay Mr Hing his outstanding shareholder loan of S$606,000, by March 5, 2020.

With the latest off-market transactions, businessman Zhang Jian, who is one of the six buyers, has become a new substantial shareholder of OEL with a 20.7 per cent interest.

The board said that Mr Zhang has represented himself as the chief executive and managing director of Singapore-registered firm Eminence Investment. Corporate records list Eminence Investment as a general management consultancy set up in 2015, with an office at Suntec City.

The remaining five buyers each bought interests of less than 5 per cent from Mr Hing, OEL's board added. The share sales are expected to go through by Dec 23.

Amendment note: A previous version of this story wrongly stated the last traded price for OEL shares. It has since been corrected.