On 18 November 2005, Summit Top and its concert parties had only acquired an additional 0.21% of UIC shares. The Offer period was extended for a further two weeks and garnered an additional 0.1%, bringing total acceptances to 30.31%. At the close of the Offer on 2 December 2005, the Offer lapsed as the acceptances received by Summit Top had not reached the conditional 50% of the share capital of the Company.
OUTLOOK FOR 2006 The Singapore economy is expected to grow by 4% to 6% in 2006 and the property market is expected to improve further. There is likely to be a higher demand for office space, particularly in the Central Business District. A tightening supply of space has been projected with only 2.3 million square feet of new supply coming onto the market between now and 2008. This limited supply, coupled with growing demand, is likely to improve capital and rental values over the next few years.
In Singapore, the Group will continue to focus on building up its residential pipeline. Outside Singapore, the Group will continue sourcing actively for development projects in the region, especially in China, Malaysia and Vietnam.
ACKNOWLEDGEMENTS On behalf of the Board, I would like to thank all our shareholders, tenants, business associates and customers for their continued support, and to the Management and staff of the Group for their hard work and dedication. I wish also to express my appreciation to the Board members for their invaluable counsel and guidance.
Wee Cho Yaw Chairman Singapore, 24 February 2006
- United Industrial Corporation Limited summary financial report 2005