Intraco

Intraco: Businessman Oei Hong Leong announced that he had sold his entire stake of ~20.98m shares in the co to another businessman, Mr Tony Chew. The Straits Times notes the deal was done at $0.56/sh, which would give a profit of ~$1.25m. Recall Oei had purchased his shares at ~$0.50/sh in a series of open market and married deal transactions last month. Oei said he was selling the shares because “there is no liquidity in the counter”. Yet prior to this, he was believed to have been in the running to buy a controlling stake, in view of his surprise foray into the co, just days after Tat Hong Investment inked an agreement to buy a 29.9% stake in Intraco. Intraco closed +2.5% at $0.61 yday. The buyer was said to be Tony Chew, the executive chairman of Asia Resource Corporation and chairman of the Singapore Business Federation. The reason for disposal was not succeeding in obtaining a controlling stake in Intraco which would make holding the shares meaningless. Tat Hong’s controlling family is also an interested party in a stake of 29.89% in Intraco for $0.62 from Hanwell, pending shareholder approval.