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United Engineers to lose listing status after closing of Yanlord Land offer

United Engineers Ltd. is set to lose its listing status after China's Yanlord Land Group Ltd. secured valid acceptances for roughly 90.27% of the Singapore-based company's ordinary shares as at Dec. 26 as part of its S$2.70 per-share takeover offer.

The Singapore bourse will suspend trading in United Engineers shares at the close of Yanlord Land's offer. Yanlord Land said it intends to take steps to delist United Engineers from the Singapore bourse following the scheduled closing its offer at 5.30 p.m. Singapore time on Dec. 30.

As at 5 p.m. Singapore time on Dec. 26, Yanlord Land unit Yanlord Investment (Singapore) Pte. Ltd. obtained valid acceptances for 575,464,147 United Engineers shares, or 90.27% of its total shares. As a result, United Engineers fell short of meeting a requirement that at least 10% of a listed company's total shares should be held by the public, according to a Dec. 27 filing.

As of Dec. 26, US$1 was equivalent to S$1.35.