HPL surges 5%; SGX RegCo requests explanation
[SINGAPORE] Shares of Hotel Properties Ltd (HPL) climbed as high 5.3 per cent in morning trading on Friday (May 16), prompting queries from Singapore Exchange Regulation (SGX RegCo) for the company to explain the surge.
The hospitality company, whose founder Ong Beng Seng has been embroiled in legal and health troubles in recent years, saw its shares jump S$0.23 to S$4.55 at 9.57 am, after closing at S$4.32 on Wednesday.
At about 10.11 am, the share price had calmed to S$4.52 or a 4.6 per cent rise, with a total of 167.9 million shares changing hands.
The market regulator issued a query regarding the stock's 'unusual price movements' to the company on Friday morning. Any previously unannounced materially sensitive information that may explain the trading should be disclosed promptly, SGX RegCo's query stated.
The regulator also requested if the company was aware of other possible explanations for the trading activity, while asking HPL to affirm its compliance with listing standards.
HPL had announced on Apr 14 that Ong, 79, would be relinquishing his position as managing director to manage a medical condition – multiple myeloma, a form of white blood cell cancer. He had also stepped down as a director of the company after not seeking re-election at the company's annual general meeting on Apr 29.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
The business magnate is embroiled in the high-profile conviction of former transport minister S Iswaran for accepting gifts as a minister and obstructing justice.
On Apr 24, the court granted Ong permission to leave Singapore for over two weeks to allow the businessman time to obtain further reports from his doctors on his medical condition. A spokeperson said he would travel to England, the US and Italy between Apr 28 and May 16 for both medical and work-related purposes.
The hotelier and property magnate was named in some charges to which Iswaran pleaded guilty, including abetting a public servant in obtaining gifts, and one charge of obstruction of justice.
The Malaysian had previously been scheduled to plead guilty to both charges on Apr 2. The hearing was rescheduled to Apr 25, then again to Jun 10.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
2 hours ago
- Straits Times
Fatal bus crash in Malaysia: Transport Minister warns driver to stop making unverified claims
Fifteen university students died in an accident on the East-West Highway near Gerik, Perak on June 9, 2025. PHOTO: THE STAR/ASIA NEWS NETWORK Gerik, PERAK - Malaysian Transport Minister Anthony Loke has warned the bus driver involved in the fatal June 9 highway crash in Gerik, Perak, to stop making unverified claims. The minister said the claim by the driver that the brake system of the bus had stopped working was not yet proven via a technical test by Malaysia's national vehicle inspection company Puspakom. 'I am not sure whether the claim was made to protect himself or not (but) it cannot be taken at face value,' Mr Loke said in a press conference after visiting the crash site and checking on the bus at the Gerik police headquarters on June 12. 'I want to warn the driver not to simply say things that may not be true, because it can be proven via mechanical tests. 'Puspakom has already conducted a check on the brake system of the bus, with the report expected to be out in one or two days,' he added. Mr Loke also reminded all public transport operators to perform their own inspections and safety audits (Jisa) before the Road Transport Department (JPJ) comes knocking. According to the Transport Minister, Jisa, which is different from the mandatory six-month vehicle inspection, is meant to enhance the safety aspect of a vehicle. The bus carrying the students was travelling from Jerteh, Terengganu, and is believed to have lost control before colliding with the rear of a multi-purpose vehicle (MPV). PHOTO: THE STAR/ASIA NEWS NETWORK '(Jisa) is not something new to them. They know about it, but compliance is weak,' he said. Mr Loke also said enforcement on Jisa would be beefed up. 'We will have a large-scale Jisa inspection on all public transport operators, including buses and lorries,' he said. In the tragic incident on June 9 , 15 Universiti Pendidikan Sultan Idris students died and seven were seriously injured after the bus they were in overturned in an accident at 1.15am. The bus carrying the students was travelling from Jerteh, Terengganu, and is believed to have lost control before colliding with the rear of a multi-purpose vehicle (MPV). A total of 48 people were involved in the crash – 42 students, four who were in the MPV, a bus driver and an attendant. Thirteen students died at the scene, while another two died at the hospital, the authorities said. Thirty-three people had injuries ranging from broken arms and legs to minor wounds. THE STAR/ASIA NEWS NETWORK Join ST's Telegram channel and get the latest breaking news delivered to you.
AsiaOne
3 hours ago
- AsiaOne
JB road rage incident: Singaporean man pleads guilty, fined $2,770, Malaysia News
A Singaporean man who was involved in a road rage incident in Johor Bahru pleaded guilty and has been fined RM9,100 (S$2,770), Malaysian media reported. Cheng Kuan Poh, 40, a human resource manager, pleaded guilty to two charges on Thursday (June 12), reported The Star. For the first charge, Cheng was fined RM4,300 for committing mischief resulting in property damage, and subsequently fined RM4,800 for hurling vulgarities at the victim, Ng Yeow Meng. Cheng pleaded for leniency, saying that he has no prior record in Malaysia, is supporting his elderly parents, and earns $2,000 a month. According to Malay Mail, both offences carry the possibility of fines or jail terms — up to three months' imprisonment for mischief and up to five years for insulting behaviour. Cheng was arrested by the Johor police on June 8, a day after he was involved in an altercation that resulted in him causing damage to Ng's car. In a statement, the North Johor Bahru District Police said that they received a report on June 7 from a 31-year-old local man, concerning an incident that occurred at about 2.40pm while he was driving a BMW in Johor. According to the statement, the complainant Ng was honked at several times by Cheng who was driving a Toyota Altis with a Singapore-registered licence plate. A verbal argument then ensued, during which Ng's car was damaged. Videos of the incident later went viral on social media. [[nid:718870]]
Online Citizen
3 hours ago
- Online Citizen
Xiaohongshu users share tips on applying for BTO while retaining overseas properties
On social media platforms, particularly Xiaohongshu (XHS), numerous posts are sharing detailed advice on how individuals can apply for Singapore's Build-To-Order (BTO) public housing while retaining ownership of overseas properties. These guides appear to target new Singapore citizens and permanent residents (PRs), addressing the demand from applicants who wish to keep overseas properties, particularly in neighbouring Malaysia, while securing a new HDB flat in Singapore. Several users provide specific strategies for applicants who are reluctant to part with their Malaysian properties. One commonly suggested method involves transferring the ownership of the overseas property to family members, typically parents, while the original owner continues to service the existing mortgage. Paid services offered on XHS to help applicants navigate BTO rules and retain overseas properties Some XHS users have openly claimed that they offer professional services to facilitate these processes. These services allegedly include assisting families in retaining overseas properties, shortening waiting periods of 15 to 30 months, and securing housing loans and grants in Singapore. XHS user details lengthy nine-month process to obtain HDB approval for property retention A user documented her nine-month journey navigating HDB's policies. The user explained that she applied to retain their Malaysian private residential property with HDB in June 2023. Over the following months, she consistently followed up via email and repeatedly submitted supporting documents. Eventually, in March 2024, HDB approved the application. In response to queries in the comment section, the user revealed that her elderly, unemployed parents were residing in the Malaysian property, which may have contributed to HDB's approval of their retention application. However, the complexities of the policy have led to further questions and debates among users. Some raised concerns about potential contradictions with Singapore's public housing rules if, after transferring ownership to parents, the property is later reclaimed by the original owner. A property agent on the platform addressed these concerns, stating that after fulfilling the Minimum Occupation Period (MOP) of their HDB flat, the original owners could transfer ownership of the Malaysian property back to themselves. The agent further promoted his services, offering assistance with ownership transfer processes, will drafting, and legal advice for new citizens regarding their overseas properties. User reminds strict enforcement of HDB's rules on overseas property ownership Nonetheless, not all experiences shared on XHS have been positive. Some users highlighted the strict enforcement of overseas property policies by HDB. One user recounted his friend's predicament. According to the user, the friend had declared ownership of a Malaysian apartment during the HDB flat application process two years ago. Due to a decline in property value, selling the Malaysian apartment would not cover the outstanding loan. The friend delayed selling the property, assuming that declaring it would suffice. However, HDB later issued a final notice, instructing the friend to dispose of the Malaysian apartment within six months or face repossession of the HDB flat. The user mentioned that the friend regretted declaring the property initially, as it might have triggered the stringent review. Further, the same user shared that he was assisting another client with a property ownership transfer, prompted by the client's relative having their HDB flat confiscated after HDB discovered undeclared overseas property ownership. In his post, the user cautioned others against assuming that undeclared properties would go unnoticed, emphasising that declaring overseas assets triggers a review period, while failing to declare carries its own risks. Some comments on the platform advised that it would be more prudent to resolve overseas property ownership matters before converting to Singapore citizenship, to avoid complications during HDB applications. Under existing HDB regulations, applicants for BTO flats, resale Plus or Prime flats with CPF housing grants, or HDB housing loans, must not own private residential property overseas or locally within 30 months before the application for an HDB Flat Eligibility (HFE) letter. The 30-month period is counted from the legal completion date of the property sale. Public housing as a fallback? Reddit questions BTO access for new citizens with no long-term plans Earlier, on 9 June 2025, a Reddit thread reignited public discourse about the accessibility of BTO flats for new citizens. The original poster alleged that a Malaysian colleague, who had recently become a Singaporean citizen, was applying for a BTO flat with a partner holding PR status. The couple, both in their late 20s, reportedly admitted that they had no long-term plans to reside in Singapore, instead viewing the BTO flat as an investment or a fallback option. The Reddit post criticised the lack of policies requiring a minimum citizenship tenure before BTO eligibility and the absence of checks to verify applicants' intentions to settle in Singapore. The poster contrasted the situation with that of native Singaporeans who have completed national service, paid taxes, and demonstrated long-term commitment, yet face difficulties securing affordable housing. While some comments described the couple's approach as financially astute, others deemed it ethically questionable. Additional voices pointed out that certain Singaporeans similarly maintain PR status for their Malaysian spouses to optimise housing and tax benefits in both countries. Several comments proposed policy reforms to tighten BTO eligibility criteria, such as introducing a longer citizenship period before application eligibility and stricter assessments of applicants' long-term settlement intentions.
