Ong Beng Seng acquires 150,000 more shares in Hotel Properties for S$537,000

PROPERTY tycoon Ong Beng Seng has acquired 150,000 shares in Hotel Properties Limited (HPL) via an off-market transaction for S$3.58 per share.

Following the transaction, his stake in the company increased to 60.22 per cent, up from 60.19 per cent previously, according to a bourse filing on Thursday (Jan 9).

Ong now holds a deemed interest in 206,479,232 shares in HPL, of which he is the founder and managing director.

This comprises 179,020,924 shares held by 68 Holdings; 23,457,308 shares held by his spouse Christina Ong; 2,951,000 shares held by Comojo Holdings; and 1,050,000 shares held by Reef Holdings.

Cuscaden Partners holds a controlling interest in 68 Holdings and is therefore deemed to be interested in HPL’s shares held by 68 Holdings.

Ong Beng Seng holds a controlling interest in Cuscaden and is therefore also deemed to be interested in HPL’s shares held by 68 Holdings.

Christopher Lim, a director of HPL, also acquired 900,000 shares in the company for S$3.24 per share after exercising employee share options. Therefore, he now holds a 0.17 per cent stake after having none previously.

Following the transaction, Lim now holds 3.5 million options and 3.5 million unissued shares in the company.

Shares of HPL closed at S$3.55 on Thursday, down S$0.01 or 0.3 per cent, before the announcement.