OUE sells its 33% stake in GIC-backed Nuvest Capital to founder for US$1m

📆 4/23/2019 5:05 AM
📰 BusinessTimes

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PROPERTY developer OUE has sold its 33 per cent stake in GIC-backed investment firm Nuvest Capital to the latter’s founder Aje Kumar Saigal for US$1 million. Read more at The Business Times.

PROPERTY developer OUE has sold its 33 per cent stake in GIC-backed investment firm Nuvest Capital to the latter’s founder Aje Kumar Saigal for US$1 million.

The sale was made through its subsidiary OUE Investments , the group said in a regulatory filing on Monday night. As at Dec 31, 2018, the net asset value of Nuvest Capital attributable to the equity stake stood at S$1.37 million. Following the disposal, Nuvest Capital will cease to be an associated company of OUE Limited. The group added that the disposal is not expected to have a material effect on the net tangible assets or earnings per share of the group for fiscal 2019.

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