Company briefs: Pan Ocean, UBS, McDonald's

Harim Holdings' exit offer for bulk shipping company Pan Ocean has turned unconditional after the latter's shareholders approved its voluntary delisting from the Singapore Exchange.

Valid acceptances and the total shares owned, controlled or agreed to be acquired by offeror Harim Holdings and its concert parties amounted to 54.71 per cent as at 6pm on Monday.

Pan Ocean intends to maintain its primary listing on the Korea Exchange. Singapore-registered shareholders can have their shares transferred to the South Korea register if they wish.

THE BUSINESS TIMES

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UBS

UBS Group has appealed against a court verdict that it helped wealthy French clients stash away undeclared funds in Swiss accounts, prolonging a period of legal uncertainty in the seven-year-old case. The Zurich-based bank filed an appeal with the French Supreme Court regarding the ruling, according to a statement issued late on Monday.

A French appeal court last week ordered the bank to pay €1.8 billion (S$2.77 billion) in penalties after it upheld a 2019 finding that UBS illegally laundered funds by providing customers with services to hide assets from tax authorities.

BLOOMBERG

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McDonald's

McDonald's Holdings Japan will offer french fries only in small sizes from Friday after flooding at a Vancouver port and the coronavirus pandemic have cut off supplies of one of its key offerings.

Elimination of the medium and large-size offerings was necessary "to ensure that as many customers as possible will have continued access to our french fries".

McDonald's hopes supply issues that will affect its 2,900 outlets in Japan will be resolved by New Year's Eve and said the move won't affect its hash-brown offerings.

BLOOMBERG