On April 4, 2022, Wilton Resources announced that it had agreed to sell a 4.78% stake of PT WMI – or 742 million ordinary shares – to Chong and Ong for a cash consideration of $3.5 million or 37.1 billion rupiah.
Shares in Wilton Resources fell by 0.2 cents or 7.4% to 2.5 cents when it opened on the morning of June 27.
The drop came after the company announced, on June 27, that it had entered into a deed of settlement with Chong Thim Pheng and Ong Kok Heng. Under the deed of settlement, all parties agreed to a “full and final settlement” of the sale of shares in Wilton Resources’ subsidiary, PT Wilton Makmur Indonesia (PT WMI). Chong is the executive chairman of Hotel Re! Singapore while Ong is his son-in-law and the executive director of Euro Asia Asset Management.
