OUE subscribes for all shares of Indonesia investment holding firm for 11b rupiah

PROPERTY firm OUE has, through its subsidiaries, subscribed for all the shares of PT Deer Pine Indonesia, an investment holding company incorporated in Indonesia.

Its subsidiary Tengara Holdings has subscribed for 99.91 per cent of Deer Pine's shares for 10.99 billion rupiah (S$$1.1 million). The remaining 0.09 per cent was subscribed for by another subsidiary OUE Coral for 10 million rupiah.

Following the move, Deer Pine is now an indirect wholly owned subsidiary of OUE. The group said the subscription is not expected to have a material effect on the group's net tangible assets or earnings per share for the fiscal year ending Dec 31, 2019.

OUE shares closed at S$1.51 on Monday, down two Singapore cents or 1.31 per cent.