Southern Capital gains 81.15% control of UE E&C

Singapore

ONE day before its offer ends, private equity firm Southern Capital (SC), which is trying to take over and privatise mechanical engineers UE E&C Ltd, on Monday announced that it has managed to secure 81.15 per cent control of the company.

This is well short of its targeted 90 per cent, raising various scenarios for the future of UE E&C's shares - including that they remain listed but illiquid.