Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

UOL Group to Buy 9.7% UIC Stake From United Overseas

Dec. 22 (Bloomberg) -- UOL Group Ltd. has agreed to buy a 9.7 percent stake in United Industrial Corp. for S$320.5 million ($245 million) from United Overseas Bank Ltd., UOL said in a statement to the Singapore Stock Exchange today.

UOL will pay S$2.40 a share for 133,553,900 United Industrial shares in cash, boosting its stake to 42 percent from 32.3 percent, it said in the statement.

The purchase will make UOL the single largest shareholder in the property developer, according to the statement. The acquisition will be financed by bank borrowings and internal funds, the company said.

Shares of United Industrial rose 0.42 percent to S$2.41 today while UOL stock rose by 0.65 percent to S$4.62 on the Singapore Stock Exchange.

The UIC Group has a portfolio of more than 2 million square feet of office space and more than 1 million square feet of retail space in Singapore, according to the statement.

To contact the reporter on this story: Dinakar Sethuraman in Singapore at dinakar@bloomberg.net

To contact the editor responsible for this story: Lars Klemming at lklemming@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.