General Announcement::Acquisition of 28.66% Interest in Hoe Leong Corporation Ltd
Issuer & Securities
UNITED OVERSEAS BANK LIMITED
UNITED OVERSEAS BANK LTD - SG1M31001969 - U11
Date &Time of Broadcast
Announcement Sub Title
Acquisition of 28.66% Interest in Hoe Leong Corporation Ltd
Submitted By (Co./ Ind. Name)
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.