United Overseas Bank (SGX:U11) agreed to divest its entire 20% stake in ORIX Leasing Singapore for a cash consideration of SG$17 million to ORIX Corp. (TYO:8591), a filing with the Singapore Exchange said on Tuesday.
The consideration is subject to a final price adjustment following the completion of the divestment based on ORIX Leasing's book value as at Dec. 31.
Following the divestment, ORIX Leasing will cease to be an associated company of the lender.
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