Offer for IPC goes on but not mandatory after Oei Hong Leong pulls out

Singapore

CATALIST-listed Asia-Pacific Strategic Investments (APSI) has said it will proceed to acquire shares in IPC Corp from certain existing shareholders, notwithstanding tycoon Oei Hong Leong's withdrawal from the offer.

Without Mr Oei's stake, however, APSI would only assume control of 11.9 million shares, or about 13.95 per cent of IPC's share capital.