SINGAPORE/JAKARTA (Sept 19): Southeast Asia’s billionaire Riady family is reshuffling its health-care holdings as its core property business grapples with the emerging-market rout.

OUE Lippo Healthcare Ltd., a hospital operator backed by the family, agreed to buy 10.6% of Singapore-listed First REIT, according to a statement Tuesday, which confirmed an earlier Bloomberg News report. It will buy the stake for about $103 million from PT Lippo Karawaci, an Indonesian developer controlled by the Riadys, it said in a Singapore exchange filing.

The company plans to raise about $150 million in a rights issue to fund the purchase, the filing shows. OUE Lippo Healthcare will offer existing investors 1 new share for each share they already own at 6.75 Singapore cents apiece, representing a 28% discount to the stock’s theoretical ex-rights price.

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