Southern Capital amasses 81.15% of UE E&C; will not extend Jan 28 offer deadline

SINGAPORE - The general offer by Southern Capital for all the shares of UE E&C will close in two days' time and the prospect of the mainboard-listed company retaining its listing is dimmer by the day.

As of Jan 26, the total percentage of issued share capital of UE E&C owned, controlled or agreed to be acquired by Southern Capital is 81.15 per cent.

Including the last disclosed stake of 9.2 per cent in UE E&C owned by Singapore Tong Teik, the public float of the shares has fallen below 10 per cent.

Under the listing rules, the Singapore Exchange may suspend trading if the free float of shares remains below 10 per cent.

Southern Capital's offer for UE E&C closes on Jan 28.

It said it does not intend to extend the closing date.