Informatics saga ends with ‘win-win’ deal

SINGAPORE: A dramatic dinner date Tuesday night turned tycoons Oei Hong Leong and Tan Sri Vincent Tan Chee Yioun from rivals to partners in the tussle for control of beleaguered education services provider Informatics Holdings Ltd. 

Sealed in “one minute” over dinner at the Raffles Town Club, the “win-win” deal involves Informatics making a new one-for-four rights issue at 25 cents per share to raise S$19.6mil, the Straits Times reported. 

Tan, who is chairman and chief executive of Berjaya Group Bhd, burst onto the scene last Friday after paying S$30.97mil for 80.745 million Informatics shares to become the largest shareholder, with a total 28.2% stake. 

”Although I get less shares in the end, I think the deal is fair and reduces confusion for minority shareholders. It's a win-win proposal for everyone. This is why when Tan showed me the proposal, I agreed within one minute,” Oei said.  

Tan said it was never his intention to go head-to-head with Oei. 

“I have the highest regard for Oei,” Tan said .  

“He is an astute business tycoon who has enhanced shareholder value in many of the companies he has invested in.” 

“Analysts are negative about the company, but they are not business people. Yes, there are problems and they have made mistakes, but the company is still valuable and Singapore should be proud of Informatics,” he added. – Bernama 

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