UIC plans to take Singapore Land private
SINGAPORE Feb 24 (Reuters) - Singapore's United Industrial Corporation Ltd said it plans to take complete ownership of Singapore Land Ltd by buying shares worth about S$762 million ($601 million), and that it intends to take the company private.
Property developer UIC, which owns 80 percent of Singapore Land, said it aims to delist Singapore Land to allow the group more management flexibility and to save on the cost of maintaining the listing.
UIC, in a filing with the Singapore Exchange on Monday, said it will make an unconditional cash offer for 81 million shares at S$9.40 each.
The offer gives investors an opportunity to exit Singapore Land, whose shares have been trading in low volumes over the past year, said UIC, of which banking tycoon Wee Cho Yaw owns 49 percent and JG Summit Holdings Inc owns 37 percent.
Trading of shares in Singapore Land was suspended on Feb. 20 pending an announcement. The shares closed Feb. 19 at S$8.45, a year-to-date increase of 0.6 percent.
UIC shares, which were also halted, ended Feb. 19 down 0.7 percent year-to-date. ($1 = 1.2676 Singapore dollars) (Reporting by Rujun Shen; Editing by Christopher Cushing)