POSTED: 10 Mar 2014 22:18 | CNA

SINGAPORE: United Industrial Corporation (UIC) has made a formal offer to take mainboard-listed Singapore Land (SingLand) private.

UIC announced last month that it wanted to buy over the remaining 19.64 per cent of shares in SingLand that it did not already own.

The deal is valued at S$761.7 million.

UIC is offering to pay S$9.40 for each SingLand share.

It said that buying out minority shareholders will give it greater management flexibility over SingLand.

SingLand is one of Singapore’s largest landlords.

Its properties include Singapore Land Tower and Clifford Centre in the heart of the central business district.

Shareholders have up to April 7 to accept the offer.

– CNA/gn