IPC's bid to venture into AI bid lapses

SINGAPORE (Nov 20): Hotel owner and property developer IPC Corporation’s proposed deal to acquire a majority stake in a Chinese company in artificial intelligence has fallen through following the lapse of a heads of agreement, the company says on Monday.

The deal, which was first announced back in Sept 18, would have put IPC back to its former IT roots. The company had then planned to acquire a 51% stake in Beijing iJourney Technology Development for $5.1 million by issuing new shares at 40 cents each.

See: Oei Hong Leong setting up US$5 bil data centre firm; IPC to acquire stake in AI business

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