OUE Lippo Healthcare adds 2 board members, wraps placement to Itochu

OUE Lippo Healthcare’s Wuxi Hospital in China that is being expanded to an 800-bed facility.
OUE Lippo Healthcare’s Wuxi Hospital in China that is being expanded to an 800-bed facility. PHOTO: OUE LIPPO HEALTHCARE

SINGAPORE - Japanese conglomerate Itochu will add two nominees to the board of OUE Lippo Healthcare (OUELH) after completing its acquisition of 562.5 million new shares.

With the completion of this placement, Itochu becomes a strategic shareholder of OUELH with a 25.3 per cent stake. Singapore-listed OUE will continue to be the largest shareholder with a majority equity stake of 64.4 per cent.

The private placement priced the new shares in OUE Lippo Healthcare at 14 Singapore cents apiece.

Johji Sato, a director of Sumida Corp and former executive senior director (global Japanese business) at PricewaterhouseCoopers Co., Ltd., has joined OUE Lippo Healthcare's board as an independent director from Feb 15.

Masato Mohri, the executive vice president and chief strategy officer of Itochu Singapore as well as the chief strategy officer for Asia & Oceania Bloc of Itochu Corp, will take a board seat as an non-independent and non-executive director after he clears regulatory approvals.