SINGAPORE - With its stake in United Engineers edging towards the critical 90 per cent mark, Chinese developer Yanlord Land Group now plans to delist UE, it said in an update on Monday .
Since then, the offeror and its concert parties have built up an interest of about 81.06 per cent of ordinary shares in UE, including those agreed to be acquired. It also holds sway over about 99.16 per cent of the company's preference shares, which are not counted in the free float requirement. A slew of listed firms have gone private in Singapore over the last few years as major shareholders, institutional investors and industry peers buy up companies, with low valuations being one driving factor.
With the most recent decision by the offeror, the close of the offer has now been extended from Dec 26 to Dec 30 at 5.30pm, or any later date that the offeror may still announce.
Source: News Formal (newsformal.com)
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