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Singapore's OUE, partner dissolve agreement to buy shares in Hong Kong company

A subsidiary of Singaporean OUE Ltd., OUE Baytown Pte. Ltd., ended its partnership with Epoch Thrive Ltd. signed Dec. 31, 2014, pursuant to which the two had agreed to purchase shares in Hong Kong-based Gemdale Properties and Investment Corp. Ltd. through OUE Lippo Ltd.

As per agreed terms, OUE Lippo will repay the roughly HK$1.17 billion aggregate outstanding balance of shareholders' loans to OUE Baytown by transferring an about 14.83% interest in Gemdale to a unit of OUE.

Additionally, OUE Baytown will divest its 50% stake in the joint venture company OUE Lippo to Epoch for an aggregate consideration of approximately HK$52.7 million.