Singapore billionaire firm UOL takes control of SingLand

Property investor UOL Group said it acquired full control of its subsidiary Singapore Land through a mandatory unconditional cash offer of S$11.85 a share.

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A view of the Supreme Court building in the backdrop of the skyline of Singapore's central business district 27 May 2016 (Edgar Su/File Photo/Reuters)

Property investor UOL Group said it acquired full control of its subsidiary Singapore Land through a mandatory unconditional cash offer of S$11.85 a share.

UOL now owns 99.683 percent of Singapore Land or SingLand, which went private in August, 2014.

The obligation for UOL to make a mandatory offer for SingLand was triggered under Singapore's takeover code after UOL's stake in United Industrial Corp (UIC) crossed 50 percent.

Singapore-listed UOL said it bought 730,978 shares in UIC at an average S$3.30875 per share on Tuesday, representing 50.025 percent stake in UIC.

According to Singapore takeover rules, a company needs to have more than 50 percent shareholding in the target firm for a full control.

With statutory control of UIC, UOL has also attained effective control of SingLand, the company said.

Investor and hotel operator UOL owns the Pan Pacific and Parkroyal brands, while United Industrial has built high-end office and residential buildings in Singapore. United Industrial has been controlled by Wee and Philippine billionaire John Gokongwei, who is aged 90.

UOL shares rose 0.6 percent in early Singapore trading while United Industrial added 1.5 percent.

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