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 dilution.

Fast forward three months and sentiment is completely different. Without any formal marketing at all, chairman Stephen Riady sold a 12.3% stake in the company last night at the top of the indicated price...

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