UE closes WBL Corp offer with 96.3% control

UNITED Engineers (UE) has closed its general offer for WBL Corp with 56 per cent in valid acceptances.

These acceptances brought the combined shareholding of UE and its concert parties to 96.3 per cent of WBL.

UE said in a statement on May 29 that it does not intend to maintain the listing status of WBL, and will not undertake or support any action for any trading suspension of WBL securities to be lifted.

As the free float of WBL has dropped below the 10 per cent threshold set by the Singapore Exchange, this means that WBL is very likely to be delisted.

"We look forward to working with WBL management to integrate and harness synergies between the two companies and to enhance value for our shareholders," said UE chief executive Jackson Yap.