Indonesia’s Lippo Group has taken sole control of Singapore hotel operator Overseas Union Enterprise (OUE) (OVES.SI) after buying out its partner Malaysian billionaire Ananda Krishnan in a deal valued at $957 million.
A Lippo spokeswoman said the Indonesian group raised its effective stake in OUE to 88.5% from around 44% after buying a 23.85% direct stake in OUE along with a 40% stake in a firm called OUE Realty from firms linked to Krishnan.
