OUE Exits South Korea Investment
Jakarta. OUE, a Singapore-listed real estate owner, developer and operator, has exited an investment in an integrated resort project in Incheon, South Korea, the company said in a Singapore Stock Exchange filing on Tuesday (18/04).
The company, affiliate of Indonesia's property conglomerate Lippo Group, owned 40 percent right in a new township managed by the Korean government. However, the government granted Caesars Entertainment, the Las Vegas based casino operator, a license to operate an integrated resort project.
As a result OUE had a 40 right to the project and formed a consortium with Caesars in 2014 to develop the project.
"After careful consideration and a long process, OUE has exited its investment in the project and is no longer a shareholder in the integrated resort project," OUE said in the statement.
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