IPC surges on news of acquisition of AI business, Oei’s One Belt One Net plan

SINGAPORE (Sept 19): Shares in IPC Corporation surged as much as 41% on Tuesday on news that Oei Hong Leong, the billionaire businessman who owns a 32.55% stake in the company, is planning a US$5 billion ($6.7 billion) data centre business called One Belt One Net.

In a press release on Monday, Oei says the investment will mainly go towards the building of the facility, the procurement of machinery and equipment, cloud computing services and software architecture, as well as the recruitment and training of employees.

As at 12.30pm, shares in IPC were up 13.5 cents to 51 cents with some 333,600 shares changing hands, giving it a market cap of $47.8 million.

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