Asset Acquisitions and Disposals::Announcement pursuant to Rule 706A of the SGX-ST Listing Manual

Issuer & Securities

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

Announcement Details

Announcement Title
Asset Acquisitions and Disposals
Date &Time of Broadcast
23-Feb-2023 06:53:10
Status
New
Announcement Sub Title
Announcement pursuant to Rule 706A of the SGX-ST Listing Manual
Announcement Reference
SG230223OTHRLK4K
Submitted By (Co./ Ind. Name)
Theresa Sim
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
On 1 November 2022, United Overseas Bank (Thai) Public Co., Ltd (UOBT), a subsidiary of United Overseas Bank Limited (UOB), purchased 100% share capital of UOB Capital Services Co., Ltd (UOBCAPS) for a cash consideration of THB 7,291 million, subject to final settlement in April 2023. The net asset value of UOBCAPS as at 1 November 2022 was THB 2,986 million. The price was arrived at on a willing buyer-willing seller basis. Following the acquisition, UOBCAPS is now a wholly-owned subsidiary of UOBT.