General Announcement::Acquisition of 28.66% Interest in Hoe Leong Corporation Ltd

Issuer & Securities

Issuer/ Manager
UNITED OVERSEAS BANK LIMITED
Securities
UNITED OVERSEAS BANK LTD - SG1M31001969 - U11
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
09-May-2018 20:47:36
Status
New
Announcement Sub Title
Acquisition of 28.66% Interest in Hoe Leong Corporation Ltd
Announcement Reference
SG180509OTHR998C
Submitted By (Co./ Ind. Name)
Theresa Sim
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of United Overseas Bank Limited ( "Bank" ) wishes to announce that the Bank has acquired a 28.66% interest, comprising 1,610,543,486 shares ("Shares" ), in Hoe Leong Corporation Ltd ("HLC") pursuant to a scheme of arrangement. The Shares were allotted to the Bank at the price of S$0.0115 per Share, or the aggregate price of $18,521,250. Following the acquisition, HLC will become an associated company of the Bank.

The transaction is not expected to have any material impact on the net tangible assets or earnings per share of the Bank for the financial year ending 31 December 2018.