Shares of Ong Beng Seng's HPL jump more than 9%, prompting SGX query
Ong Beng Seng stepped down as HPL's managing director on April 29 but is still HPL's controlling shareholder. PHOTO: ST FILE
SINGAPORE - Shares of Hotel Properties Limited (HPL) rose as much as 9.3 per cent to $4.72 in active trading on May 16, prompting a query from Singapore Exchange Regulation (SGX RegCo).
The counter was up 8.8 per cent at $4.70 at the midday trading break. About 388,000 shares had changed hands, well above the stock's recent trading volume. Trading data also showed the price rally began on May 15.
SGX RegCo asked the company to explain the 'unusual price movements', and to promptly disclose any previously unannounced materially sensitive information that might account for the trading activity.
The regulator also asked if HPL was aware of any other possible reasons for the trading activity, and to confirm its compliance with listing standards. It added that if appropriate, the company could consider requesting a trading halt.
The surge in HPL's share price follows Ong Beng Seng stepping down as managing director on April 29 by not seeking re-election at the company's annual general meeting held that day. The property tycoon is still HPL's controlling shareholder.
The Edge Singapore in a report on May 5 said that with Ong's exit from the helm of the company, HPL 'with its freehold Orchard Road landbank that is undervalued by the market, is primed as a takeover target or opening the door for new capital partners'.
Ong is known as the man who brought Formula One (F1) to Singapore in 2008 – the first night race in the sport's history. He is set to plead guilty in a court case linked to former transport minister S. Iswaran.
He was granted permission to travel overseas from April 28 to May 16 for work and medical reasons. Ong is reportedly being treated for multiple myeloma, a form of white blood cell cancer.
In 2024, Ong was charged with one count of abetment under Section 165, which makes it an offence for a public servant to accept anything of value from any person with whom he is involved in an official capacity without payment or with inadequate payment.
HPL has interests in 41 hotels across 17 countries as at end-2024, according to its annual report. Its famous brands include Como Hotels & Resorts, Concorde Hotels, Four Seasons Hotels & Resorts, Hard Rock Hotels and Marriott International.
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