OUE Investments (OUEI), part of OUE, has divested its 33% stake in Singaporean fund manager Nuvest Capital.

The deal involved the sale of 792,000 ordinary shares.

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The stake was sold to Nuvest founder Aje Kumar Saigal, with the deal valued at $1m.

Before the sale, Saigal held a 67% stake in the firm.

OUEI first purchased the 33% stake almost four years ago, following which Nuvest Capital became an associated company of OUE.

OUE said that the sale will not have a material impact on the net tangible assets or earnings per share for financial year 2019.

Nuvest Capital manages the Nuvest Real Return Fund, which aims to offer stable returns by diversifying across varied investment classes.

The vehicle was introduced in 2012 using the seed capital of sovereign wealth fund GIC.

OUE said in a statement: “The consideration was arrived at on an arms’ length willing-seller-willing-buyer basis after taking into account various factors such as the financial performance, financial position and business prospects of Nuvest Capital.

“The consideration will be wholly satisfied in cash.

“As at 31 December 2018, the net asset value of Nuvest Capital attributable to the equity stake of 33% of the issued share capital of Nuvest Capital held by OUEI recorded in the Group’s statement of financial position was approximately S$1.37 million.”