HPL jumps almost 10% in heavy trade; SGX RegCo seeks explanation, suggests trading halt if needed
[SINGAPORE] Shares of Hotel Properties Ltd (HPL) jumped almost 10 per cent in active trading on Friday morning (May 16), prompting queries from Singapore Exchange Regulation (SGX RegCo).
At about 11.30 am, the counter was up 9.2 per cent to S$4.72 with over 350,000 shares traded, an unusual volume for the tightly held property and hotel group.
After news broke that founder and erstwhile managing director Ong Beng Seng was stepping down, there has been talk that new players may be keen on the company. Business Times columnist Leslie Yee has also argued that with Ong's exit, selling his stake is logical next step.
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.
On Friday, the local bourse regulator asked the company to explain the stock's 'unusual price movements'. 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.
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It added that if appropriate, the company might want to request a trading halt.
Ong, known for bringing in the F1 night race to Singapore, 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.
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