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UE forks out S$9m to increase WBL stake
UNITED Engineers (UE) has expanded its equity holding in WBL by acquiring for S$9 million, shares held by OCBC Bank and some independent third parties.
UE said, after Wednesday trading close, it has acquired over 4.3 million shares in WBL Corporation from OCBC Bank and its subsidiaries as well as other independent third parties.
The deal valued at S$9 million priced WBL shares at S$2.07 per piece, compared to WBL's net asset value per share of S$2.64 as at Dec 31,2017.
Following the completion of the acquisition, UE's equity stake in WBL has increased to 69.13 per cent from 67.59 per cent.
The acquisition is funded by internal resources and not expected to have a material impact on UE's earnings per share and net tangible assets per share for the financial year ending Dec 31, 2018.