OUE Limited buys 49.7% stake in Superfood Retail Limited for $7.5m

Superfood operates cafes and restaurants in SIngapore and Hong Kong.

OUE Limited has announced that subsidiary Oddish Ventures has acquired 49.7% stake or 4,970 ordinary shares in Superfood Retail Limited from Silver Creek Capital and Goldstream Capital for $7.5m.

The consideration paid is based on a valuation of approximately 6.9 times of the earnings before interest, tax and depreciation/amortisation (EBITDA) of the Superfood group for the financial year ended 31 December 2018 and adjusted for cash.

Following the acquisition, the remaining 50.3% of the total issued and paid-up capital of Superfood is indirectly held by Lippo China Resources Limited.

Superfood has become an associated company of OUE.

Superfood is engaged in the business of the set-up and operation of cafés and/or restaurants in Singapore and Hong Kong and the provision of any other related services.