It has always planned to buy the company ever since it delisted in 2014.
United Engineers Limited (UEL), through its subsidiary UE Centennial Venture Pte. Ltd., offered to buy the shares it doesn't own in WBL Corporation Limited (WBL) for $2.07 per share.
According to an announcement, UEL currently holds 190.06 million shares, representing 67.59% of WBL's total shares.
WBL is an investment holding company that provides management services to related companies. It delisted on 18 February 2014.
"It has become difficult for the WBL shareholders to realise their investment in the shares given the lack of a public market for the shares," UEL said.
With their offer, WBL shareholders can realise the value of their shares in cash.
"It has always been UEL’s objective to, at the appropriate time, make the company its wholly-owned indirect subsidiary, as an integral part of its strategic plan for the next phase of its development," UEL added.
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