UOL announces cash offer for remaining Singland shares

It acquired statutory control of UIC which holds 99% of Singland shares.

UOL Group Limited has announced a mandatory unconditional cash offer for all remaining shares in Singapore Land (SingLand) at $11.85 per share.

According to a filing at the SGX, UOL has purchased an aggregate of 730,978 shares in UIC in a series of on-market and off-market acquisitions.

UOL has achieved statutory control of UIC which in turn holds 99.68% of SingLand’s shares under the Singapore Code on Take-overs and Mergers, as its aggregate interest in UIC represents 50.025% of the total number of shares.

“Accordingly, the UOL Concert Party Group has, by acquiring statutory control of UIC, acquired effective control of SingLand,” the statement added.