Company Briefs: Vard Holdings

Vard Holdings

Shipbuilder Vard Holdings has signed a letter of intent (LOI) with Swiss-based river cruise company Viking to design and build two cruise vessels in a deal worth some 4.5 billion Norwegian kroner (S$755 million).

There is an option for two more vessels in the LOI, Vard's media statement said, with both firms having a "common intention" to enter into the final contract by the middle of this year.

The vessels are developed by Vard Design in Norway and will be built at Vard's Romania shipyard. They will be delivered in the second quarter of 2021 and 2022 to Viking, which presently operates a fleet of 60 vessels and describes itself as "the world's leading river cruise line".

IPC Corporation

A conditional offer for the Ngiam family's shares in mainboard-listed IPC Corporation has been terminated "with mutual consent", the board of directors said yesterday.

Chief executive Patrick Ngiam, his wife and executive director Lauw Hui Kian, managing director Benjamin Ngiam and executive director Alfred Ngiam had earlier accepted an offer from Asia-Pacific Strategic Investments (APSI) for 11.9 million of their shares, or a 13.95 per cent stake in IPC.

Catalist-listed APSI had also made a bid for 28.1 million shares, or a 32.96 per cent interest, from tycoon Oei Hong Leong. The move would have triggered a mandatory unconditional offer for the rest of IPC's shares - but Mr Oei withdrew his acceptance of the offer on March 2.


Datapulse has been given until April 11 to reappoint independent professionals to conduct an independent review of the company's internal controls and corporate governance, the Singapore Exchange (SGX) said yesterday.

In a statement, SGX said Datapulse had failed to disclose certain information when it announced last month the appointment of RHTLaw Taylor Wessing (RHTLaw) as the independent reviewer.

SGX said RHT Capital, a company within the RHT Group of companies that also includes RHTLaw, has been the continuing sponsor of Catalist-listed OEL Holdings since Feb 18, 2012.

Mr Low Beng Tin, an independent director and chairman of the board of OEL Holdings, was the founder and executive director of OEL from Sept 15, 1984 to Oct 18, 2016. He is also the current chairman of Datapulse.

A version of this article appeared in the print edition of The Straits Times on April 05, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe