UOL Group To Increase Stake In United Industrial Corp To 42% From 32.3%

DJ UOL Group To Increase Stake In United Industrial Corp To 42% From 32.3%
23 Dec 2010 07:15

SINGAPORE (Dow Jones)--Singapore property company UOL Group Ltd. (UOLGY, U14.SG) is increasing its stake in United Industrial Corp. (U06.SG) to 42% from the current 32.3% for a total consideration of S$320.5 million.

UOL has agreed to acquire 133.6 million UIC shares from United Overseas Bank (UOVEY, U11.SG) at S$2.40 a share, UOL said in a filing late Wednesday.

The acquisition will be funded by bank borrowings and internal resources.

With the stake increase, UOL will become the single largest shareholder in UIC, which is one of Singapore's largest office landlords in the central business district and has some interest in three five-star hotels in Singapore.