HPL shares pare earlier losses to decline slightly as Ong Beng Seng pleads guilty

[SINGAPORE] Shares of Hotel Properties Limited (HPL) tumbled in early trade on Monday (Aug 8) but pared losses as property magnate Ong Beng Seng pled guilty in a case involving the Formula 1 night race and former transport minister S Iswaran. 

As at 9.46 am, the counter had tumbled S$0.07 or 1.3 per cent to S$5.39 from its open price of S$5.46. By 10.19 am, it had risen to S$5.44, still nearly 0.4 per cent or S$0.02 down, with 19,800 securities changing hands.

Ong had notably been involved with former transport minister S Iswaran in an obstruction of justice case, involving the Formula 1 night race.

Earlier in April 2025, the business tycoon stepped down as managing director of HPL to care to existing medical conditions. It was announced that he would also not seek re-election as a director at the company’s annual general meeting on Apr 29.

Since he stepped down, HPL’s share price has soared over 50 per cent.