OUE Lippo Healthcare increases First Reit stake to 15.4%

OUE Lippo Healthcare (OUELH) has been allotted about 163.3 million units of the rights issue of First Real Estate Investment Trust (First Reit), OUELH said in a bourse filing on Wednesday evening.

Following the completion of the rights issue, OUELH indirectly owns approximately 15.4 per cent of the total number of First Reit units in issue, or about 246.9 million units.

First Reit Management, the manager of First Reit, is an associated company of OUELH.

OUELH submitted its acceptance for about 81.9 million rights units and applied for 81.3 million excess rights units through its wholly-owned subsidiary OUE Healthcare Investments, for an aggregate consideration of about S$32.7 million. It received the full allotments at the close of the rights issue, amounting to about 20.6 per cent of the total number of rights units issued.

OUELH shares closed at S$0.039 on Wednesday, up 0.2 cent or 5.41 per cent. Units of First Reit closed down 0.5 cent or 2.38 per cent to S$0.205.