SINGAPORE Feb 24 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
($1 = 1.2676 Singapore dollars)
(Reporting by Rujun Shen; Editing by Christopher Cushing)