OUE chairman returns with another sell-down

Coming three months after the last sale, the upsized placement raises $257 million and improves the free-float to 33%.

What a difference a few months can make. Back in June investors viewed with scepticism a plan by Singapore-listed diversified real estate developer Overseas Union Enterprise OUE to increase its free-float through a placement of existing shares and raise fresh capital through a convertible bond.

After more than a week of marketing, the share offering had to be reduced by 40% due to insufficient demand and the CB was scrapped altogether as investors were supposedly not happy with the potential...

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