* Lippo buys OUE stake from Malaysia's Ananda Krishnan's
* Lippo doubles effective stake in OUE to 88.52 pct
* Says will maintain OUE as listed firm
(Adds details, background)
SINGAPORE, March 9 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 S$957
million ($683.6 million).
A Lippo spokeswoman said the Indonesian group raised its
effective stake in OUE to 88.5 percent from around 44 percent
after buying a 23.85 percent direct stake in OUE along with a
40 percent stake in a firm called OUE Realty from firms linked
OUE Realty, whose other shareholder is Lippo, owned 51.2
percent of OUE, which owns hotels in Singapore, Malaysia and
The deal values OUE at S$11 per share and the deal is
S$957 million, Lippo said in statement, adding it intended to
retain OUE's listing on the Singapore Exchange.
Shares of OUE, whose best-known properties are the
five-star Meritus Mandarin and Marina Mandarin hotels in
Singapore, rose 33 percent following news of the transaction.
Lippo is an Indonesian conglomerate whose businesses range
from property to pay TV; while Krishnan, Malaysia's richest
man, controls several businesses including Malaysian mobile
operator Maxis (MXSC.KL).
Bank of America's Merrill Lynch (BAC.N) advised Lippo in
(Reporting by Kevin Lim; Editing by Saeed Azhar)