UOB monetizes UOL stake

The Singaporean bank delivers a special dividend and exchangeable bond to reduce its stake in its affiliated property company.
March 31, 2005

UOB yesterday took a big step towards reducing its stake in United Overseas Land (UOL) with a combined share placement and exchangeable bond. UOB currently owns 35% of UOL and by law must reduce this holding down to below 10% by July 2006.

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