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United Engineers to divest stake in UES Holdings
UNITED Engineers (UE) has entered into a conditional share purchase agreement with Giant Maze to sell 62 million shares in UES Holdings (UESH) for S$16 million.
The deal is subject to the restructuring of UESH's businesses which are not related to its environmental engineering business.
Meanwhile, UE's wholly owned subsidiary, UE UMC, has also entered into a conditional share purchase agreement with Giant Maze to divest interests in UE Envirotech, UE Asia Pacific (Beijing) Co and Hengyang City Songmu Water Co for S$30 million.
After the UESH restructuring, the book values of the UESH sale shares and UE Envirotech sale shares will be around S$8.8 million and S$22.1 million respectively as at March 31, 2016.