Lippo raises its stake in Overseas Union Enterprise

Lippo, through its investment unit, Golden Concord Asia, has raised its stake in Overseas Union Enterprise (OUE) in a deal worth S$957 million.

The acquired stake was previously held by a Malaysian conglomerate with interests in telecommunications, media, power and gaming.

Upon the completion of the transaction, Lippo will hold a 88.5 per cent stake in OUE.

OUE is a property and hospitality player in Singapore that develops, owns and manages a wide portfolio of assets in the hotel, retail, residential and commercial sectors.

Lippo said it strongly believes in the resilience and growth potential of the Singapore real estate and hospitality market.

This is especially so in light of new growth drivers such as the opening of the integrated resorts and the rejuvenation of Orchard Road.

The company said it acquired the additional shares in OUE to further strengthen its asset base in Singapore.

Source : Channel NewsAsia – 9 Mar 2010

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