UIC offers to take SingLand private with S$761.7m deal

The majority shareholder of Singapore Land (SingLand) is offering to take the company private by buying the remaining 19.64 per cent of shares in a deal valued at S$761.7 million.

SingLand is one of Singapore’s largest landlords.

Its properties include Singapore Land Tower and Clifford Centre in the heart of the central business district, SGX Centre which houses the Singapore Stock Exchange, and the Marina Square shopping centre.

United Industrial Corporation (UIC), which controls just over 80 per cent of SingLand, said it will pay S$9.40 for each SingLand share –11 per cent higher than SingLand’s last traded price of S$8.45.

UIC said buying out minority shareholders of SingLand would give it greater management flexibility.

The group would also save on compliance costs since SingLand will no longer be listed separately.

SingLand shares, which were suspended from trading on February 19, will resume trading at 1pm on Monday.

UIC is controlled by Singapore banker Wee Cho Yaw and Philippine tycoon John Gokongwei.

Source : Channel NewsAsia – 24 Feb 2014

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