UE E&C bidder cracks holdout, garnering stake of 92.61%

Singapore

PRIVATE equity firm Southern Capital has garnered a stake of 92.61 per cent in UE E&C, paving the way for it to compulsorily acquire the rest of the engineering and construction company.

The offeror's late announcement on Tuesday meant that it had acquired an additional interest of 11.46 per cent since Monday, when it had just 81.15 per cent of shares in its control.

The largest holdout as at end-Monday was Singapore Tong Teik, a private vehicle linked to rubber businessman Oei Hong Bie, which held a 9.2 per cent shareholding in …