UOL makes mandatory offer for SingLand as stake in UIC crosses 50%

Singapore

UOL Group Limited has announced a mandatory unconditional cash offer for all the shares in Singapore Land (SingLand) that it does not already own, at S$11.85 apiece in cash.

The obligation for UOL to make a mandatory offer for the privatised Singapore Land, of which United Industrial Corporation (UIC) now owns 99.683 per cent, was triggered under Singapore's takeover code after the stake of UOL and its concert parties(See amendment note) in UIC crossed 50 per cent.