SINGAPORE (Apr 1): Oei Hong Leong is making a cash offer of 17 cents each for all the issued and paid-up ordinary shares in the capital of IPC Corporation.

The offer price is 2.41% more than the last traded price of 16.6 cents on Mar 31. The offer also values IPC at $145 million, based on its total number of shares of 853 million.

Indonesian-born tycoon Oei currently controls 30.56% of IPC.

IPC derives most of its revenue from developing residential apartments and investing in business hotels in Japan.

In FY14 ended Dec, IPC reported a 57.1% rise in earnings to $28.6 million from $18.2 million a year ago, due to higher other gains of $38.8 million from the revaluation as well as disposal of investment properties in Japan. Revenue however decreased to $33.4 million from $46.9 million.

Net asset value per share came in at 24.4 cents as at Dec 31, 2014.

“It is the intention of the Offeror that the Group will continue to develop and grow its existing business,” says CIMB Bank which is acting on behalf of Oei for the acquisition.