Corporate digest

OUE Limited

AN indirect associate of mainboard-listed property firm OUE Limited has raised its stake in Hong Kong-listed real estate developer Gemdale Properties and Investment (GPI), the group said in a Singapore Exchange filing on Thursday, adding that this would boost its access to China's property market. OUE Lippo has agreed to buy 1.16 billion shares of GPI at HK$0.553 apiece, from three sellers. The total sum works out to about HK$641.53 million.

Completing the purchase of these shares will raise OUE Lippo's stake in GPI from 19.15 per cent to 26.8 per cent, OUE Limited said. OUE Limited holds 50 per cent of OUE Lippo, via its wholly owned unit OUE Baytown.