United Overseas Land Ltd has completed the sale of exchangeable bonds & shares in its parent company, United Overseas Bank Ltd, paving the way for the bank to sell down its 49% holding in the property company without an unwanted investor getting its foot in the door at the bank.
United Overseas Land’s sale to institutional investors this week brought it $S506.22 million for its bonds and $S284.15 million for its shares in the bank.
The Singapore Government requires the country’s banks to sell out of non-finance interests by 2006.
The Government-controlled Temasek Holdings Pte Ltd tried to buy the bank’s interest in the property development & investment company twice earlier this year, offering $S710 million, but was rejected.
6 May 2004: Temasek bids for United Overseas Land