Ascapia Capital mulling over partial takeover of Datapulse Technology

Singapore-based hedge fund Ascapia Capital is mulling over a possible partial takeover offer of cash-rich Datapulse Technology, in which it already owns some 410,000 shares.

"We want 27 per cent (stake) so we can have a say," Ascapia's portfolio manager Wesley Widjaja told The Straits Times.

Ascapia, a registered fund management company , has an investment portfolio of 25 to 30 firms across the world.

ST understands the Securities Industry Council has given the go-ahead to Ascapia for the partial offer.

If that materialises, it could add another dimension to the Datapulse saga.

In November, Ms Ng Siew Hong, a 51-year old accountant, emerged with a 29 per cent stake in the digital media storage-maker after she picked up the block from Datapulse's co-founder Ng Cheow Chye at a premium of 55 cents per share versus the stock price then of around 36 cents. The stock closed yesterday at 34 cents, up 1.5 cents or 4.6 per cent.

After the sudden ownership change, the company found itself in a full-blown shareholder feud.

Yesterday, the Datapulse story took a legal turn with the company announcing it had filed a writ of summons against Ascapia.