SG Digest: OUE sells Nuvest stake for $1m; PTE ups stake in Thakral Corp

Singapore. Photo by cegoh/pixabay

Singapore-listed property developer OUE Limited has sold its entire 33 per cent stake in GIC-backed Nuvest Capital Pte Ltd for $1 million, while a Thakral family-owned unit has received shareholder nod to raise its holding in Thakral Corp to 50.20 per cent.

OUE divests stake in GIC-backed Nuvest

Property firm OUE Ltd has sold its 33 per cent stake in GIC-backed fund management company Nuvest Capital to Aje Saigal.

Saigal is the founder of Nuvest Capital and currently manages the Nuvest Real Return Fund.

OUE’s stake in Nuvest was held through its subsidiary, OUE Investments (OUEI). As of December 31, 2018, the net asset value (NAV) of Nuvest attributable to OUEI’s 33 per cent stake was approximately S$1.37 million ($1.01 million).

Nuvest Captial was founded in July 2012 and offers a multi-asset platform using an institutional-style investment process. The fund management company is currently run by four employees, including Saigal, and targets annual returns of 4-5 per cent above US inflation (or 8-10 per cent in US dollar terms) with low volatility in all economic conditions.

Thakral family unit bags shareholder nod to increase holding in Thakral Corp

Singapore-listed Thakral Corporation has disclosed that a voluntary conditional cash partial offer issued by a Thakral family-owned investment vehicle, Prime Trade Enterprises Limited (PTEL), to acquire 26.5 million ordinary shares in the issued and paid-up capital of the company has been accepted unconditionally and closed.

In early March, PTEL had offered to acquire the shares in Thakral Corporation to raise its holding in the company to 50.20 per cent. The offer was priced at $0.50 for each share, or about S$13.25 million ($9.7 million). PTEL had owned 29.95 per cent of the issued ordinary share capital of Thakral Corp prior to the cash offer.

W Capital, which is representing PTEL, disclosed in an SGX filing that at the end of the market trading day on April 22, it had received a total of 92.22 million shares, representing 70.48 per cent of the number of issued shares, including PTEL’s 29.95 per cent stake prior to the launch of the partial cash offer. The total number of valid acceptances received as of 5:30 pm Singapore Time on April 22 totalled 53.03 million shares, representing 40.53 per cent of issued capital.