Corporate digest

United Engineers Limited

THE takeover offer for United Engineers Limited (UEL) closed on Tuesday, but the offer for UEL's ordinary shares has lapsed due to insufficient takers. As the minimum acceptance condition for the ordinary share as at the offer closing date needs to be more than 50 per cent, the ordinary share offer has not become unconditional and has lapsed, Perennial said. The resultant shareholding for Yanlord Perennial Investment (Singapore), the offeror, came up to 34.8 per cent for ordinary shares.

ST Engineering