WBL / STC

WBL / STC: STC acquires more stakes of WBL. Straits Trading Company (STC) continued to increase its stakes in WBL with less than a wk left until WBL Corporation shareholders decide whether to accept UE's SGD4.15-a-share takeover bid. Between March 4 to April 17, STC’s subsidiary, Malayan Securities, spent a total of $12.5m to purchase new securities. Now, STC’s stake in WBL has increased from 43.64% to 44.58%. Malayan Securities also owns convertible bonds that can be converted into another 0.13% of WBL stock. STC is still the largest shareholder of WBL. UE and its concert parties, on the other hand, own about 39.54% of WBL.