SINGAPORE: The Board of Directors of OUE Limited through its wholly-owned subsidiary, Beacon Limited, Tuesday acquired 959.861 million ordinary shares in the capital of Gemdale Properties and Investment Corporation Limited representing 6.0% of the issued share capital of Gemdale for an aggregate cash consideration of approximately HK$ 815.9 million.
Pursuant to the acquisition, OUE Limited has, through Beacon Limited, increased its shareholding in Gemdale Properties and Investment Corporation, an associated company, from approximately 21.8% to approximately 27.9%.
The Group’s investment in Gemdale 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.
The acquisition is not expected to have a material effect on the net tangible assets or earnings per share of the Group for the financial year ending 31 December 2019.
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