Stock News: Robinson selling stake for 203 mlm sgd!

Robinson and Co Ltd may gain after Auric Pacific Group unit Red Oasis Pte Ltd agreed to buy a 29.9 pct stake, or 25.71 mln shares, in the retailer for 203 mln sgd, or 7.90 sgd per share. Auric Pacific is paying 17 pct premium above Robinson's closing price of 6.75 sgd on Thursday. The Robinson shares are being sold collectively by Oversea-Chinese Banking Corp Ltd and its units Great Eastern Holdings Ltd, the Overseas Assurance Corp and Orient Holdings Pte Ltd. The proposed acquisition is subject to approval by shareholders of OCBC and its units. Upon completion of the divestment, OCBC and its units' stake in Robinson will be reduced to 6.1 pct from the current 35.96 pct. "Selling this stake in Robinson meets several objectives. The transaction allows us to comply with regulations requiring us to divest our non-core assets, achieves a healthy gain for our shareholders and adds to our resources for investing in our core financial services businesses," OCBC chief executive David Conner said. The OCBC group will realize an exceptional gain of 98 mln sgd from the divestment.