OUE Ltd. acquired 959.86 million shares, or an around 6 percent stake, in Gemdale Properties and Investment Corp. (GPI) for HK$0.85 each for a total of around HK$815.9 million (S$144.36 million or US$103.98 million), the Singapore-listed developer said in a filing to SGX Wednesday.
“The group’s investment in GPI allows the group to maintain access and exposure to the real estate market in China and provide the group a continued opportunity to leverage on future potential collaborations and partnerships with the GPI group,” OUE said.
The acquisition, which will be paid for in cash, was made via OUE’s wholly owned subsidiary Beacon Ltd., the filing said.
The deal brought Beacon’s stake in associated company GPI to around 27.9 percent from 21.8 percent previously, OUE said.
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