Yanlord's cash offer for UEL shares comes to an end

It will have control of 96% of UEL’s ordinary shares.

The acceptance of Yanlord’s mandatory cash offer for all issued and paid-up preference shares in United Engineers (UEL) has closed on 20 January, according to an SGX filing.

By the end of the offer, Yanlord received valid acceptances of 278.59 million ordinary shares and 12,642 preference shares in UEL. These represented about 43.7% and 1.44% of the total, respectively.

With this, Yanlord will have control of 611.47 million or 95.91% of ordinary shares, and 867,635 or 99.16% of preference shares in UEL.

Losing its free float status, Yanlord intends to take steps to delist UEL from the SGX-ST following the closing of the offer. Under the Listing Manual, UEL is required to have at least 10% of the total number of its ordinary shares in public hands to remain listed.