What’s next for Ong Beng Seng’s HPL?
Fresh share-buyback mandate, stepped-up business plans raise questions on the group’s future direction
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[SINGAPORE] While Hotel Properties Ltd (HPL) maintains a “business as usual” stance after founder Ong Beng Seng’s exit from management and his obstruction of justice trial, could privatisation be on the cards as the company navigates a handover?
On Monday (Aug 4), Ong pleaded guilty to abetting the obstruction of justice in a case involving former transport minister S Iswaran. The prosecution granted judicial mercy in sentencing Ong for his involvement in the case, as he has an incurable cancer.
Ong stepped down as HPL managing director in April, but remains controlling shareholder of the tightly held company. Together with his wife Christina, Ong controls a roughly 60 per cent stake. An HPL spokesperson said in April that board members Christopher Lim and Stephen Lau would continue to manage the company as executive directors, while Ong would provide strategic oversight and direction.
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