UOB monetizes UOL stake

The Singaporean bank delivers a special dividend and exchangeable bond to reduce its stake in its affiliated property company.

UOB yesterday took a big step towards reducing its stake in United Overseas Land UOL with a combined share placement and exchangeable bond. UOB currently owns 35% of UOL and by law must reduce this holding down to below 10% by July 2006.

The share placement will take the form of a special dividend of UOL shares to be paid out to UOB shareholders. For every 1,000 shares of UOB they own, they will receive 100...

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