Yanlord to ditch UEL listing if it loses free float status

It currently holds 81% of UEL’s ordinary shares.

Yanlord will no longer plan to preserve the listing status of United Engineers (UEL) if the company falls short of fulfilling the free float requirement, according to an SGX filing.

Otherwise, Yanlord intends to maintain UEL’s current listing status in the mainboard, and currently does not plan to exercise its right of compulsory acquisition under Section 215(1) of the Companies Act.

“However, in the event that UEL does not meet the Free Float Requirement at the close of the UEL Offers, the Offeror reserves the right to re-evaluate its position, including its right of compulsory acquisition (if applicable)," the filing stated.

Also read: Yanlord hikes up cash offer in UE to $2.70 per share

SGX’s rulebook requires issuers to have at least 10% of the total number of issued shares, excluding treasury shares, to be held by the public.

Currently, Yanlord holds 516.77 million or 81.06% of ordinary shares in UEL. It also controls 867,635 or 99.16% of preference shares in the firm.