UIC's stake in SingLand crosses 90% threshold

United Industrial Corp (UIC)'s stake in Singapore Land has crossed the threshold for a delisting.

UIC, linked to banking tycoon Wee Cho Yaw, controlled 90.15 per cent of SingLand's shares as of Wednesday.

Singapore Exchange listing rules require a company to keep at least 10 per cent of its shares in public hands.

UIC owned 80.4 per cent of SingLand when it lodged a general offer for the property developer's shares in February.

It had planned to take SingLand private if its offer succeeded.

The buyout, at $9.40 per share, could cost UIC about $761 million.