Asset Acquisitions and Disposals::Divestment of stake in Associated Company

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
10-Dec-2024 17:46:16
Status
New
Announcement Sub Title
Divestment of stake in Associated Company
Announcement Reference
SG241210OTHR78Y7
Submitted By (Co./ Ind. Name)
Jeffrey Beh
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
On 10 December 2024, United Overseas Bank Limited (UOB) signed an agreement for sale of its entire 20% stake, comprising 600,000 ordinary shares (Shares), in the share capital of ORIX Leasing Singapore Limited (OLS) to ORIX Corporation for a cash consideration of approximately $17 million based on 0.72 times of OLS book value (unaudited) as at 31 October 2024, subject to a final price adjustment post completion based on OLS book value (unaudited) as at 31 December 2024 (Divestment). The consideration was arrived at on a willing-buyer willing-seller basis. As at 31 October 2024 the book value of the Shares was $23 million. Following the Divestment, OLS will cease to be an associated company of UOB.