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

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.

A delisting will also allow SingLand to save on expenses related to the maintenance of its listing status, added UIC.

SingLand owns Singapore Land Tower and Clifford Centre in Raffles Place and about 280,000 square feet at SGX Centre on Shenton Way. It also owns The Gateway on Beach Road, and Abacus and Tampines Plaza in Tampines Central.

The company also has stakes in Marina Square, West Mall and Novena Square.

Register here to get free digital access to The Straits Times until Aug 9, 2015.
Comments