As UEL has lost its free float, the Singapore Exchange (SGX) will suspend the trading of UEL shares at the close of the offer on Dec 30.
SINGAPORE (Dec 27): Yanlord Investment (Singapore), a wholly-owned subsidiary of China-based property developer Yanlord Land Group, announced Friday that it now owns, controls or has agreed to acquire 90.27% of United Engineers (UEL) as at 5pm on Dec 26.
This means that UEL’s publicly held shares has fallen below the 10% threshold. Singapore listing rules require that at least 10% of a company's shares remain in free float to maintain listing status.
