Ong Beng Seng's stake in Hotel Properties rises to over 60% as he acquires 150,000 more shares

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Ong Beng Seng's stake in Hotel Properties rises to over 60% as he acquires 150,000 more shares
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SINGAPORE: Billionaire businessman Ong Beng Seng has further solidified his control over Hotel Properties Limited with the acquisition of an additional 150,000 shares.

According to a bourse filing on Jan 9, the transaction was conducted off-market at a price of $3.58 per share, bringing Ong’s stake in the company to 60.22%.

Given Cuscaden Partners’ controlling stake in 68 Holdings, the firm is deemed to have an indirect interest in HPL’s shares held by 68 Holdings. This development further consolidates Ong’s influence in HPL, a company known for its portfolio of high-end hotels and luxury properties. Ong has been charged with abetting a public servant to obtain gifts and obstruct justice. The charges against him involve one count under Section 165 of the Penal Code and another under Section 204A.

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