Tycoon Oei Hong Leong sold his entire 32.96 per cent stake in mainboard-listed IPC Corporation yesterday for $11.2 million or around 40 cents a share.
IPC chairman and chief executive Patrick Ngiam and his family were among the buyers.
Mr Ngiam's direct stake in the property firm rose from 1.25 per cent to 5.06 per cent while wife Lauw Hui Kian lifted her direct holdings from 1.36 per cent to 4.29 per cent.
Mr Ngiam's brother and IPC managing director Benjamin Ngiam increased his direct stake from 1.24 per cent to 7.1 per cent.
Executive director Bernard Ngiam's stake rose from 1.29 per cent to 2.02 per cent and executive director Alfred Ngiam boosted his position from 1.24 per cent to 1.97 per cent.
In addition, Mr Patrick Ngiam and Mr Benjamin Ngiam together have a deemed interest in IPC through Essex Investment, which amounts to another 8.86 per cent of IPC.
In total, the Ngiams now control about 29.3 per cent of the firm, just below the 30 per cent threshold that would trigger a mandatory general offer.
In April, an offer by Asia-Pacific Strategic Investments (ASPI) to acquire the Ngiam family's 13.95 per cent stake in IPC was terminated.
Mr Oei pulled out first, scuppering a deal that would have triggered a mandatory unconditional offer for the rest of IPC's shares.
ASPI had planned to pay for the proposed acquisition by issuing 133 new ASPI shares for every IPC share. The benchmark price of 133 ASPI shares back then would have been 53.2 cents, based on the last traded price per share of 0.4 cents on Jan 26.
IPC's businesses include property investment and development as well as investment holding.
The stock closed up one cent or 2.5 per cent to 41 cents yesterday.