On Oct 9, Innopac announced it had found new investors willing to subscribe 8.4 billion new shares at 0.1 cent each to raise gross proceeds of $8.4 million. In conjunction with the new investments, CEO Wong will also buy over a clutch of subsidiaries now owned by the listed company for $100,000.
SINGAPORE (Nov 16): Innopac Holdings, one of the companies linked to John Soh Chee Wen, the alleged mastermind behind the 2015 penny stock crash, has agreed to engage a valuer to assess a clutch of businesses to be sold to CEO Wong Chin Yong at a steep discount.
This comes after the Singapore Exchange recently raised more queries over the interested person transaction (IPT). It was only on Nov 5 that Innopac had responded to earlier SGX queries that it would not engage a valuer to assess the IPT due to cost reasons.
