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United Industrial Corp makes offer for Singapore Land at $9.40 per share

Published on Feb 24, 2014 12:15 PM

United Industrial Corporation (UIC) on Monday made a general offer for the rest of its 80 per cent-owned subsidiary, property developer and office landlord Singapore Land (SingLand).

The offer price of $9.40 per Singapore Land share is 11 per cent higher than the last traded price of $8.45 last Wednesday. The counter has been halted since last Thursday morning and will resume trade at 1 pm on Monday.

UIC said it intends to delist SingLand from the Singapore Exchange if its offer is successful.

It cited the generally low trading liquidity of SingLand shares, and said that privatising SingLand will give it more flexibility and optimise the use of its management and capital resources.

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