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
Japan stocks look set for new highs in 2025 on earnings, reform
Beijing’s calculated silence on the Iran war
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
