Lippo selling 120.5m OUE shares

Golden Concord, a wholly-owned Indonesian unit of Lippo Group, is selling its shares in Singapore's Overseas Union Enterprise for up to 120.5 million, or around S$2.70 to S$2.80 a piece, according to Reuters.

The company’s share represents 12 percent of OUE’s capital. OUE, which focuses on property development and hotel operations in Singapore, last traded its shares yesterday at S$3.05, a 2 percent increase from the previous session.

The company’s bookrunners for the share sale include Credit Suisse, CIMB, Morgan Stanley, Standard Chartered and Bank of America Merrill Lynch.