United Overseas Bank Limited's (SGX:U11) ongoing voluntary unconditional offer for Silverlake Axis (SGX:5CP) shares has sparked concerns about the company's free float, according to a Monday filing on the Singapore Exchange.
UOB's shareholding has climbed significantly, now controlling 90.53% of Silverlake Axis following valid acceptances and recent market purchases.
This substantial increase in ownership raises red flags regarding the company's listing status on the Singapore Exchange.
Should UOB's stake surpass the free float threshold, it could lead to potential suspension of trading, as the minimum free float requirement is essential for maintaining a public listing.
Price (SGD): S$0.37, Change: S$-0.0050, Percent Change: -1.35%
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