Oei Hong Leong stakes draw on 98 Holdings
Indonesian businessman Oei Hong Leong bought another worth of $20 million shares yesterday however shrank his demand to the stock market's surprise, by cutting down his orders following this purchase. Currently the only party holding a general offer is 98 Holdings. The company led by hotelier Ong Beng Seng holds 25% shares of NatSteel for the time being. Oei Hong Leong, with his last purchase increased his stake to 23.06% however; his pulling back from purchasing further shares raises several theories by the market observers. It is assumed that with such attitude he is aiming to let the sellers unload their shares. Meanwhile industry specialists keep wondering what keeps Oei Hong Leong from making a general offer instead. Oei Hong Leong is granted time until December 13 in order to clarify his intention with his offer by Singapore Exchange's watchdog The Securities Industry Council (SIC). Validity of 98 Holdings expire on December 4, however the company is entitled to extend its deadline on the same day.