Hotel Properties Limited has an attractive land bank and other assets, but the issue of succession may arise if the CPIB probe leads to its managing director stepping down, a DBS Group Research analyst said.
The stock recovered slightly but was still down 4.14 per cent at S$3.70 in the afternoon. DBS previously said HPL has a target price of S$4.35.
As managing director, Mr Ong, 77, is the most senior executive in HPL and bears executive responsibility for the management of the company and the group, according to the company's annual report. "While we lack verified information to form a definitive opinion by the announcement made by HPL’s managing director Mr Ong Beng Seng being called up for a meeting with CPIB, we believe that the company is fundamentally strong," Mr Tan told CNA in an email.
"Where can we find such promising value for Singapore real estate? Apart from Bukit Sembawang, the developer of landed homes in Singapore, the next developer with such attractive 'landbank' is HPL," Mr Tan said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
HPL shares tumble with MD Ong Beng Seng caught up in CPIB probe involving IswaranThe counter, which is thinly traded, saw 174,000 shares trading hands. Read more at straitstimes.com.
Read more »
Billionaire property tycoon Ong Beng Seng issued notice of arrest over CPIB probe involving IswaranThe 77-year-old managing director of Hotel Properties Limited (HPL) will surrender his passport to the anti-graft agency upon his return to Singapore.
Read more »
Billionaire property tycoon Ong Beng Seng issued notice of arrest over CPIB probe involving IswaranThe 77-year-old managing director of Hotel Properties Limited (HPL) will surrender his passport to the anti-graft agency upon his return to Singapore.
Read more »
Hotelier Ong Beng Seng issued notice of arrest, out on bail for Iswaran-linked CPIB probeSINGAPORE – Hotelier Ong Beng Seng has been issued a notice of arrest by the Corrupt Practices Investigation Bureau (CPIB) and is cooperating with the anti-graft body to provide information in relation to his interactions with Transport Minister S. Iswaran. Hotel Properties Limited said in a statement to the Singapore Exchange at 7.30am on Friday that no charges have been...
Read more »
The man who brought F1 to Singapore: Who is billionaire hotelier Ong Beng Seng?The Singapore-based Malaysian tycoon owns a string of hotel, fashion and lifestyle brands with his wife Christina Ong.
Read more »
Ong Beng Seng, Iswaran and Formula One Singapore Grand Prix - Singapore NewsHe was questioned by the Corrupt Practices Investigation Board (CPIB) about his interactions with Singapore Transport Minister S Iswaran, who is also under investigation.
Read more »