UE E&C

UE E&C: Southern Capital Group has obtained 75.9% valid acceptances on its voluntary conditional offer, of which the majority came from United Engineers (68.2%), its chairman- Chua Hock Tong (5.9%), and minority shareholders (1.8%). The group has disclosed that there will be no revision for the offer price of $1.25/share. We previously highlighted that UE E&C's second largest shareholder, Singapore Tong Teik, has been increasing its stake by snapping up shares over the market at prices above the offer price, suggesting its view that the current offer price is too low, and points to the possibility of a higher counter-offer. According to latest filings on SGX, Singapore Tong Teik currently has a 8% stake in the company. The offer will remain open till 5.30pm on 28 Jan.