Yanlord marches closer to delisting of United Engineers as free float falls under 10% threshold

Stanislaus Jude Chan
Stanislaus Jude Chan12/27/2019 11:30 AM GMT+08  • 2 min read
Yanlord marches closer to delisting of United Engineers as free float falls under 10% threshold
SINGAPORE (Dec 27): Yanlord Investment (Singapore), a wholly-owned subsidiary of China-based property developer Yanlord Land Group, announced Friday that it now owns, controls or has agreed to acquire 90.27% of United Engineers (UEL) as at 5pm on Dec 26.
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SINGAPORE (Dec 27): Yanlord Investment (Singapore), a wholly-owned subsidiary of China-based property developer Yanlord Land Group, announced Friday that it now owns, controls or has agreed to acquire 90.27% of United Engineers (UEL) as at 5pm on Dec 26.

This means that UEL’s publicly held shares has fallen below the 10% threshold. Singapore listing rules require that at least 10% of a company's shares remain in free float to maintain listing status.

As UEL has lost its free float, the Singapore Exchange (SGX) will suspend the trading of UEL shares at the close of the offer on Dec 30.

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