SINGAPORE (Dec 30): Yanlord Investment (Singapore) announced Monday it is extending the closing date of its mandatory conditional cash offer for United Engineers’ (UEL) shares to 5.30pm on Jan 20, 2020.
The offer had been scheduled to close at 5.30pm today, after an extension from Dec 26.
A wholly-owned subsidiary of China-based property developer Yanlord Land Group, Yanlord Investment had offered to pay $2.70 for each UEL share, valuing the property firm at $1.72 billion.
As at Dec 27, Yanlord says it now owns, controls or has agreed to acquire 91.43% of UEL.
The group last Friday announced that UEL’s publicly held shares has fallen below the 10% threshold required for it to maintain its listing status, and reiterated that it would delist the company.
Yanlord urged UEL shareholders to consider accepting the offer or exercising their rights under Section 215(3) of the Companies Act so as not to hold shares in an unlisted company.
See: Yanlord marches closer to delisting of United Engineers as free float falls under 10% threshold
As at 3.53pm, shares in Yanlord Land are trading 1 cent higher at $1.21.
