UIC increases stake in Marina Centre Holdings for $485m

The company will be buying 10% of MCH’s shares from OUE, 10.27% from Finnegan and 4% from Mackmoor.

United Industrial Corporation Limited through its subsidiary, SL Development, acquired shares of Marina Centre in issue from OUE Limited, Finnegan Investments Limited and Mackmoor for $485m.

Specifically, UIC will be buying 10% of MCH’s shares from OUE for $200m, 10.27% from Finnegan for $205m and 4% from Mackmoor for $80m.

As at 31 December 2018, the net asset value of the MCH sale shares was $5.64 apiece.

On completion of the MCH Acquisition, UIC will hold in aggregate approximately 77.34%, up from its current 53.07% stake, of the MCH Shares in issue. The remaining 22.66%. of the MCH Shares are held and will continue to be held by UOL.

Furthermore, MCH will also acquire 25% of the issued ordinary shares in the capital of Aquamarina Hotel Private Limited (AHPL), an associated company of MCH and the UIC Group, from Hotel Investment (Marina) Private Limited (HIMPL), a subsidiary of OUE, for an aggregate consideration of $190m.

MCH will then be able to increase its stake in AHPL from 50% to 75% after the said acquisition.