UIC raises stake in SingLand to 97.27%

United Industrial Corporation (UIC) and its concert partners have raised their stake in Singapore Land to 97.27 per cent at the close of its takeover offer on Friday. This means UIC can now take the mainboard-listed firm private.

Under the regulations, UIC needs SingLand’s public float to fall below 10 per cent before it can delist the company from the Singapore Exchange (SGX).

In a late statement on Friday, UIC said it collectively controls a total of 401.2 million shares or 97.27 per cent of SingLand shares issued. It added that trading in the shares of SingLand will be suspended from Monday.

Source : Channel NewsAsia – 25 Apr 2014

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