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.

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.

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