SINGAPORE (Dec 17): Yanlord Land Group said it will delist United Engineers Ltd (UEL) should its free float fall below the listing threshold.
This comes after Yanlord had acquired more than 80% of UEL's ordinary shares since making its buyout offer in October.
See: Yanlord Land revives $2.60 per share offer to buy over United Engineers
Yanlord has offered to pay $2.70 for each UEL share, valuing the property firm at $1.72 billion.
In the offer document, Yanlord had said it did not intend to delist the company but that it could re-evaluate its position later.
Singapore listing rules require that at least 10% of a company's shares remain in free float to maintain listing status.
In its Monday night filing, Yanlord also said it would extend the closing date of its offer to Dec 30 from Dec 26.
The acquisition of UEL is a part of Yanlord's plan to strengthen its position in Singapore and China.
As at Dec 17, shares in Yanlord are trading at $2.69.
