Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  Oversea-Chinese Banking Corp. Limited    OCBC   SG1S04926220

SummaryChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets
The feature you requested does not exist. However, we suggest the following feature:

Yanlord, Perennial's offer for Singapore's United Engineers fails

share with twitter share with LinkedIn share with facebook
share via e-mail
0
09/20/2017 | 05:32am CEST

A plan to acquire Singapore's United Engineers Ltd (>> United Engineers Limited) by Yanlord Land Group (>> Yanlord Land Group Limited) and Perennial Real Estate Holdings (>> Perennial Real Estate Holdings Limited) that valued the century-old property group and a stake in a subsidiary at $1.4 billion has failed on low shareholder acceptance.

A plan to acquire Singapore's United Engineers Ltd (>> United Engineers Limited) by Yanlord Land Group (>> Yanlord Land Group Limited) and Perennial Real Estate Holdings (>> Perennial Real Estate Holdings Limited) that valued the century-old property group and a stake in a subsidiary at $1.4 billion has failed on low shareholder acceptance.

The consortium agreed in July to buy a one-third stake in United Engineers owned by Oversea-Chinese Banking Corp  (>> Oversea-Chinese Banking Corp. Limited) and its group companies at S$2.6 per share, triggering a mandatory offer for the remaining shares - a deal that was set to be one of the biggest property takeovers in Singapore in recent years.

After the S$1.83 billion ($1.4 billion) offer was announced below market price at the time, Singapore property firm Oxley Holdings (>> Oxley Holdings Ltd) swooped in and accumulated a stake of more than 14 percent in the target company from the open market at above S$2.6 per share.

The offer was extended twice but in the end it only received shareholder acceptances representing just 1.4 percent of United Engineers' ordinary shares, Yanlord, a China-based real estate developer and Singapore's Perennial said in a joint statement late on Tuesday.

On Wednesday, United Engineers' shares fell 1.5 percent to S$2.7.

The Yanlord-led group, however, did complete a purchase of OCBC and its group firms' roughly one-third stakes in United Engineers and its property firm WBL Corp.

Separately, United Engineers said its chairman, group managing director and directors had resigned and it had made new appointments, but did not elaborate on the reasons.

United Engineers' property businesses are located mainly in Singapore and China. Yanlord and Perennial also mainly own and manage sizeable portfolios in the same countries.

($1 = 1.3461 Singapore dollars)

(Reporting by Anshuman Daga in Singapore; Additional reporting by Ambar Warrick in Bengaluru; Editing by Edwina Gibbs)

By Anshuman Daga

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on OVERSEA-CHINESE BANKING CO
09/20 Yanlord, Perennial's offer for Singapore's United Engineers fails
08/17 OVERSEA CHINESE BANKING : Increase in Shareholding in Great Eastern Holdings Lim..
08/03 OVERSEA-CHINESE BANKING CORP. LIMITE : ex-dividend day for interim dividend
07/26DJOVERSEA CHINESE BANKING : 2Q Profit Rises 22% On Year
07/13DJGroup Led by Yanlord, Perennial Offers to Buy United Engineers
07/13 China's Yanlord Land, Perennial to acquire Singapore property group for $1.3 ..
07/13 OVERSEA CHINESE BANKING : Divestment of Shareholdings in United Engineers Limite..
07/12 OVERSEA CHINESE BANKING : OCBC Group's Shareholdings in United Engineers Limited..
07/05 Great Eastern Energy Corporation Limited - Full Year Results Year ended 31 Ma..
06/29 GREAT EASTERN : OCBC Al-Amin`s bancatakaful business to expand with maiden takaf..
More news
News from SeekingAlpha
2016 OCBC Offers Growth At A Reasonable Price
2016 Quality Concerns Front-And-Center At DBS Group
2015 DBS Group Gives You What You Pay For
Financials ( SGD)
Sales 2017 9 246 M
EBIT 2017 4 952 M
Net income 2017 3 901 M
Debt 2017 -
Yield 2017 3,29%
P/E ratio 2017 12,05
P/E ratio 2018 10,95
Capi. / Sales 2017 5,06x
Capi. / Sales 2018 4,76x
Capitalization 46 761 M
Chart OVERSEA-CHINESE BANKING CO
Duration : Period :
Oversea-Chinese Banking Co Technical Analysis Chart | OCBC | SG1S04926220 | 4-Traders
Technical analysis trends OVERSEA-CHINESE BANKING CO
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 24
Average target price 11,8  SGD
Spread / Average Target 5,4%
EPS Revisions
Managers
NameTitle
Samuel Nag Tsien Group CEO & Non-Independent Executive Director
Sang Kuang Ooi Chairman
Ching Wei Hong Chief Operating Officer
Siew Peng Tan Chief Financial Officer & Executive Vice President
Khiang Tong Lim Head-Group Operations & Technology
Sector and Competitors
1st jan.Capitalization (M$)
OVERSEA-CHINESE BANKING CORP. LIMITED24.72%34 770
JP MORGAN CHASE & COMPANY9.63%333 703
INDUSTRIAL AND COMMRCL BANK OF CHINA LTD31.29%309 577
WELLS FARGO-2.47%269 294
BANK OF AMERICA13.39%263 976
CHINA CONSTRUCTION BANK CORPORATION24.82%229 468