THE new owner of the 22.29 per cent Intraco stake sold by businessman Oei Hong Leong has said that the investment will be a strategic part of its long-term portfolio.

The buyer is Asia Resource Corporation (ARC), an unlisted investment holding company with businesses across the region.

Its executive chairman, Mr Tony Chew, said: 'We are pleased to be able to add this strategic stake in Intraco to our portfolio of long-term investments.'

He added that the group is 'proud to be associated with Intraco, which played an important role in Singapore's early nation- building and was its foremost trading company in those days'.

Intraco was listed on the Singapore Exchange (SGX) in 1972, the same year that ARC started as a trading company.

Mr Chew, who is also the chairman of the Singapore Business Federation, said: 'We believe there is intrinsic value in Intraco's history and pedigree, and there is good potential for the organisation to rebuild itself going forward.

'We hope to be able to contribute towards the growth and future development of Intraco, and we welcome an opportunity to explore this with its management.'

In recent months, Intraco has seen several changes in its key shareholders.

Earlier, listed Hanwell Holdings agreed to sell its 29.89 per cent stake to the family that controls crane giant Tat Hong Holdings. Soon after, Mr Oei became Intraco's second-largest shareholder with his purchase. Now, things have changed again with ARC buying his stake.

The sale to TH Investment has not been completed. One of the conditions was that Hanwell had to get approval from its shareholders. It had asked SGX for a waiver from having to get shareholder approval, but on June 21, SGX said it was not granting the waiver.

LEE SU SHYAN