SINGAPORE: Billionaire businessman Ong Beng Seng has further solidified his control over Hotel Properties Limited (HPL) 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%.
Following this latest purchase, Ong holds a deemed interest in 206.4 million shares of HPL. His holdings include 179 million shares owned by 68 Holdings, a company controlled by Cuscaden Partners.
Additionally, 23.45 million shares are held by his wife, Christina Ong; 2.95 million by Comojo Holdings; and 1 million by Reef Holdings.
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 is best known for bringing F1 to the country, launching the Singapore Grand Prix in 2008. Being a friend of F1 boss Bernie Eccleston, Mr Ong helped seal the deal in 2007 that brought the race to Singapore.
He was arrested on July 11, 2023, in connection with the scandal involving former Transport Minister S Iswaran, who pleaded guilty to to receiving gifts while in office and began serving a one-year jail term last October.
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.
HPL previously confirmed that Ong would continue as managing director of Hotel Properties Limited (HPL) despite the ongoing court case.
The company noted that Ong “continues to be suitable to carry out his duties and responsibilities as Managing Director” despite the legal proceedings.
The Board of Directors and the Nominating Committee at HPL emphasized that they are closely monitoring the situation and will “continue to reassess the suitability of Mr Ong’s continued appointment” as the case progresses.
The company added that Ong is currently seeking legal counsel regarding the charges filed against him.
Hotel Properties has not commented further on how the legal case may impact the company’s operations or Ong’s long-term future with the group, but it has reassured stakeholders that the Board and Nominating Committee will provide updates as needed.
