KUALA LUMPUR (Sept 5): Victor Chin Boon Long, the key shareholder of Ingenuity Solutions Bhd (Ingens), said Wednesday that he is not selling his 29.15% stake in the company to Ninetology Marketing Sdn Bhd.

Ingens shares, which had been swinging wildly in early trade before the announcement, fell just before the morning session ended.

Chin told a press conference on Wednesday while the offer appeared "high and friendly", it was not as he had not been approached directly by Ninetology's Sean Ng.

Last week, little-known technology firm Ninetology offered to acquire a 39.44% stake in Ingens at 55 sen per share. The offer, which expires today, values Chin's 29.15% stake at about RM90 million.

If the deal had gone through, it would trigger a mandatory general offer to for Ingens.

Chin said that he knew Sean Ng, the managing director of Ninetology, from two years ago, as Ninetology was a supplier to 1Utopia, in which he also hold 12% shares.

Chin assured Ingens shareholders that he would continue to hold his stake in Ingens for the next two years at least, since 1Utopia depended heavily on its synergy with Ingens.

He added he would not be increasing his stake in Ingens as he lacks the fund. A substantial portion of Chin's stake in Ingens was funded by share financing from various banks.

These recent events have attracted trading interest in Ingens. But market scepticism over the takeover deal has caused it to fall. At noon break, Ingens — the third most actively traded stock — fell 1.5 sen or 6.7% to 21 sen, on turnover of 51.88 million shares amid weak market conditions.