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Singapore : Oei mulls court action over scuttled Intraco deal
Publish Date : 18-Sep-2012
Veteran investor Oei Hong Leong said he is seeking legal advice on scuttled discussions to buy a 29.89 per cent stake in Intraco, according to an announcement on the Singapore Exchange.
Mr Oei took issue with Hanwell Holdings\' willingness to help secure major shareholder undertakings to support a sale of its Intraco shares to private investment vehicle TH Investments, after allegedly declining to coordinate similar undertakings for a higher-priced offer from Mr Oei.
\"I am very surprised and shocked that Hanwell has decided to enter, for a second time, into the sale and purchase agreement with TH Investments for the disposal, which is clearly not as favourable as my proposal to acquire Hanwell\'s 29.87 per cent shareholding interest in Intraco at S$0.70 per share,\" Mr Oei wrote in a letter to Hanwell.
TH Investment\'s deal, which was announced last week, is at 65 cents per Intraco share.
\"I am seeking legal advice to pursue all legal remedies in court available to me in this matter,\" Mr Oei wrote.
