OUE buys 49.7% stake in F&B player from related Riady investment vehicle

OUE buys 49.7% stake in F&B player from related Riady investment vehicle

PC Lee
17/03/19, 09:07 pm

SINGAPORE (Mar 17): OUE, the property group controlled by Stephen Riady, has acquired a 49.7% stake in Superfood Retail for $7.53 million.

Superfood Retail is the operator of eateries in Singapore and Hong Kong.

The vendor is Silver Creek Capital, an investment vehicle which is owned by Riady and son-in-law Andy Adhiwana.

The acquisition price represents a valuation of approximately 6.9 times of Superfood's ebitda for the fiscal year ended Dec 31, 2018.

The remaining 50.3% of Superfood is indirectly held by Hong Kong-listed Lippo China Resources Limited, a member of Lippo Group, which is managed by Riady and his brother James.

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.

Shares in OUE closed one cent lower at $1.65 on Friday.

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