OUE buys stake in F&B player from Riady investment vehicle

MAINBOARD-LISTED OUE has picked up food and beverage outlet operator Superfood Retail as a new associate company, in a transaction announced on Friday night.

The property group paid about S$7.53 million for a 49.7 per cent interest in Superfood through its Oddish Ventures unit, with the price tag representing a valuation of roughly 6.9 times of Superfood's earnings before interest, tax, depreciation and amortisation for the year to Dec 31, 2018.

The rest of Superfood, which opens and runs eateries in Singapore and Hong Kong, is indirectly held by Hong Kong-listed Lippo China Resources, which shares a chairman - tycoon Stephen Riady - with OUE.

Dr Riady was deemed interested in investment vehicle Silver Creek Capital, one of the vendors in the deal.

The Superfood acquisition is not expected to have a material effect on OUE's net tangible assets or earnings per share for the year to Dec 31, 2019, said the board in its bourse filing.