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| WRITTEN BY THE EDGE |
| FRIDAY, 25 OCTOBER 2013 08:40 |
UOB sends requisition letter to UIS to convene EGM for winding up United Overseas Bank announced it has sent a letter to the board of directors of United International Securities to requisition UIS to convene an extraordinary general meeting to wind up UIS. UOB holds 49.39% of UIS. As at Sept 30, UIS? net asset value was $1.49 compared with its last traded price of $1.125. Laxey Partners, a fund manager which has twice attempted to wind up UIS albeit unsucessfully, is no longer a major shareholder.
24-Oct-2013 19:43:54
REQUISITION FOR EXTRAORDINARY GENERAL MEETING
Announcement of requisition received from UOB and UOB's letter dated 24 Oct 2013.
http://infopub.sgx.com/Apps?A=COW_CorporateAnnouncement_Content& B=AnnouncementLast3MonthsByCompanyNameAndCategory& F=1019596#.Um0q5_lTSSo
chongpin ( Date: 27-Oct-2013 22:31) Posted:
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UOB proposes winding up of UIS
Singapore
UNITED Overseas Bank (UOB) has proposed the winding up of its associate, United International Securities (UIS), to avoid more onerous responsibilities that will result from an impending new financial reporting standard (FRS).
But the move, which will also give UIS shareholders a chance to realise their investments, was greeted with cheer by the market, which pushed UIS shares up 27 cents at the close yesterday.
UOB this week announced the proposed winding up of UIS - in which it is deemed to own 49.4 per cent - because of the greater responsibilities that will be placed on the bank as a result of FRS 110. This comes just days after Singapore Exchange sent out a reminder that FRS 110 would be coming into effect soon, for annual periods beginning on or after Jan 1, 2014.