In brief

UOB in move to privatise Far Eastern Bank

UNITED Overseas Bank (UOB) is looking to privatise Far Eastern Bank (FEB) by offering S$3.51 per share for the shares that it does not own in FEB, which could total up to S$74.15 million. UOB already holds a 78.88 per cent stake in FEB, a public unlisted company. The offer will provide shareholders the opportunity to realise their investment by unlocking the value of their unlisted and illiquid shares, UOB said in its offer announcement. Independent financial adviser Provenance Capital said the offer terms are fair and reasonable and recommends that independent shareholders accept it.

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