IOI Properties Evaluates JV Proposal by CEO for Shenton House Amid Conflict Concerns
IOI Properties Evaluates JV Proposal by CEO for Shenton House Amid Conflict Concerns
IOI Properties Group Bhd (IOIPG) has received a proposal today from its CEO and major shareholder, Lee Yeow Seng (LYS), regarding a potential joint development venture for Shenton House, a commercial property located at 3 Shenton Way, Singapore.
IOI Properties Group Bhd（IOIPG）今天收到其首席执行官兼主要股东李耀星（LYS）关于潜在的Shenton House商业地产联合开发计划的提议，该地产位于新加坡3 Shenton Way。
The proposal aims to address potential conflicts of interest due to LYS's dual roles in both IOIPG and Shenton 101 Pte Ltd.
该提议旨在解决LYS在IOIPG和Shenton 101 Pte Ltd.两个公司中担任双重职务可能导致的潜在利益冲突。
Shenton 101, owned by LYS, emerged as the sole bidder for Shenton House at the close of the collective sale tender on November 1, 2023, offering the reserve price of SGD 538 million.
2023年11月1日，Shenton 101（由LYS拥有）在集体销售招标结束时成为Shenton House的唯一竞标者，提供了新加坡币5.38亿的保留价。
LYS has informed IOIPG that his involvement in the redevelopment of Shenton House through Shenton 101 may conflict with IOIPG's interests, given its own activities in property development and investment in Singapore.
LYS已通知IOIPG，通过Shenton 101参与Shenton House的重新开发可能会与IOIPG的利益产生冲突，考虑到IOIPG在新加坡房地产开发和投资方面自己的活动。
The redevelopment project, slated to commence by the end of 2025 in Singapore's central business district, intends to transform the 3,377-square-meter property, potentially increasing its gross plot ratio from 11.2 to 14 to create a premier commercial and mixed-use development.
该重新开发项目计划于2025年底在新加坡市中心的开展，旨在将这块3377平方米的地产进行改造，潜在地将其总建筑面积比率从11.2增加至14，打造一处一流的商业和混合用途开发项目。
The proposed acquisition price for shares in Shenton 101 will reflect the actual investment costs incurred by LYS and Shenton 101, encompassing the acquisition of Shenton House, consultants' fees, application costs, and financing, with no personal gain intended for LYS.
Shenton 101股票的拟定收购价格将反映LYS和Shenton 101实际投资成本，包括Shenton House的收购成本、顾问费用、申请费用和融资成本，LYS不会从中获得个人收益。
LYS has assured IOIPG that Shenton 101 is prepared to proceed with the development under the tender terms and is actively securing funding.
LYS向IOIPG保证，Shenton 101已准备按招标条件进展，并正积极寻求资金支持。
He has proposed the venture to IOIPG to resolve potential conflicts of interest.
他向IOIPG提议创业公司解决潜在的利益冲突。
The proposal is classified as a related party transaction under Bursa Malaysia Securities Bhd's Main Market Listing Requirements.
该提议属于Bursa Malaysia Securities Bhd的主要市场上市要求下的关联方交易。
Both LYS and Datuk Lee Yeow Chor (DLYC), another major shareholder, will abstain from board deliberations and voting.
LYS和另一位主要股东Datuk Lee Yeow Chor（DLYC）将在董事会审议和投票时弃权。
The IOIPG board, excluding LYS and DLYC, said it will review the proposal and consider other suitable alternatives to manage the potential conflict of interest.
IOIPG董事会（不包括LYS和DLYC）表示会审查提议并考虑其他适当的方案来管理潜在的利益冲突。
It added that it will engage professional advisors for guidance and notify Bursa Securities promptly of any significant updates.
它补充说，将聘请专业顾问进行指导，并及时通知Bursa Securities任何重要的更新。
The proposal is initially valid for four months, with the possibility of a two-month extension upon mutual agreement.
该提议最初有效期为四个月，如果得到双方同意，则可能延长两个月。