OUE pares stake in Gemdale Properties to 23.8%

OUE on Tuesday said it has pared its stake in associated company and Hong Kong-listed real estate developer Gemdale Properties and Investment Corporation from 27.8 per cent to 23.8 per cent, after selling about 635.5 million shares of par value HK$0.10 each at HK$0.91 apiece.

The aggregate consideration of about HK$578 million (S$100.2 million) will be paid wholly in cash.

The net asset value of each sale share was about HK$0.892 as at June 30, 2019, it said.

The disposal is not expected to have a material effect on the net tangible assets or earnings per share of the group for the financial year ending Dec 31, 2020, OUE added.