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...

To continue reading, please login or register for free

Click for more on: uob | monetizes | uol | stake

Print Edition

FinanceAsia Print Edition