United Engineers to divest stake in UES Holdings
Add BT as a preferred source
Nisha Ramchandani
DeeperDive is a beta AI feature. Refer to full articles for the facts.
UNITED Engineers (UE) has entered into a conditional share purchase agreement with Giant Maze to sell 62 million shares in UES Holdings (UESH) for S$16 million.
The deal is subject to the restructuring of UESH's businesses which are not related to its environmental engineering business.
Meanwhile, UE's wholly owned subsidiary, UE UMC, has also entered into a conditional share purchase agreement with Giant Maze to divest interests in UE Envirotech, UE Asia Pacific (Beijing) Co and Hengyang City Songmu Water Co for S$30 million.
After the UESH restructuring, the book values of the UESH sale shares and UE Envirotech sale shares will be around S$8.8 million and S$22.1 million respectively as at March 31, 2016.
Copyright SPH Media. All rights reserved.
TRENDING NOW
From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?
Middle East-linked energy supply shocks put Asean Power Grid back in focus
Beijing’s calculated silence on the Iran war
DPM Gan warns of 3 structural shifts to the global system that will bring greater challenges – and opportunities
