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
25-Feb-2021 17:47:27
Status
New
Announcement Sub Title
Announcement Pursuant to Rule 706A of the SGX-ST Listing Manual
Announcement Reference
SG210225OTHROQ6N
Submitted By (Co./ Ind. Name)
Theresa Sim
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
On 11 November 2020, UOB acquired 2,000,000 ordinary shares in the capital of Avatec.ai (S) Pte. Ltd. (Avatec), a subsidiary of UOB, from Pintec Technology Holdings Limited (Pintec) for a cash consideration of S$1.00. The net asset value per share of Avatec as at 31 December 2019 was $0.76434. Following the acquisition, the percentage shareholding of UOB in the issued and paid-up capital of Avatec has increased from 60% to 80%. The remaining 20% shareholding in Avatec is held by Pintec.