SINGAPORE (Apr 22): OUE announced it had sold its 33% stake in Nuvest Capital for US$1 million ($1.36 million).

The buyer was Aje Kumar Saigal who owns the other 67% of Nuvest Capital.

OUE acquired its 33% stake in Nuvest Capital in 2015 for US$1 million, so it has neither made a gain nor a loss.

But in 2014, OUE invested US$200 million in Nuvest Real Return Fund which is managed by Nuvest Capital.

Last Nov, OUE’s executive chairman had told analysts that the company plans to redeem the fund soon as it had not been profitable.

In its FY2014 annual report, OUE's investment in the Nuvest Real Return Fund was valued at $268.9 million.

The mutual fund was revalued at $168.7 million in FY2017, and at just $12.4 million in FY2018’s annual report.

It is unclear if OUE had redeemed some of the fund or if the mutual fund is open-ended in which case it is subjected to inflows and outflows.

On Apr 17, OUE completed the sale of its stake in Marina Centre Holdings and Aquamarina, which owns Marina Mandarin Hotel, for $200 million and $190 million, respectively.

See: United Industrial Corp raises stake in Marina Centre to 77.34% with $675.3 million deal

This is significantly higher than the book value of MCH ($154 million) and Aquamarina ($52 milion).