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Oei Hong Leong disposes entire IPC stake to Ngiam family after end of APSI deal

PC Lee Published on Tue, Sep 11, 2018 / 10:31 PM GMT+8

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SINGAPORE (Sept 11): Asset trader Oei Hong Leong on Tuesday sold his entire 32.96% stake in IPC Corporation via married deals to the latter's chairman and CEO Patrick Ngiam and his family.

According to a Tuesday night filing, Oei sold roughly 21.8 million IPC shares for a total of $11.2 million. This works out to an average of 40 cents for each IPC share.

In February, Asia-Pacific Strategic Investments (APSI) entered into a conditional letter of offer to acquire a 46.91% in IPC from existing shareholders including Oei and the Ngiams.

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Oei Hong Leong disposes entire IPC stake to Ngiam family after end of APSI deal