Indonesian firm 'buys stake in Singapore's OUE'

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Indonesian firm 'buys stake in Singapore's OUE'

10 Mar 2010

Indonesian company Lippo has doubled its stake in Singapore's Overseas Union Enterprises (OUE) in a deal worth an estimated $680 million.

Lippo will now control 88.5 per cent of the business, having purchased additional shares from a Malaysian conglomerate.

The deal for the hotel and real estate operator is said to be worth $7.87 per share.

OUE has assets in hotel, retail, residential and commercial sectors and is the operator of the Meritus Mandarin and Marina Mandarin projects in Singapore.

Recent figures suggest Singapore's economy could grow by 6.5 per cent in 2010 – higher than initially expected.

The Monetary Authority of Singapore has raised the figure from December's prediction of 5.5 per cent, with construction one of the sectors expected to be behind the resurgence.

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