SINGAPORE (Nov 4): On Oct 25, Yanlord Land Group announced that it had acquired the 51% in Yanlord-Perennial Investment (Singapore) that it did not own and renamed the company Yanlord Investment (Singapore). Of this 51%, 45% belonged to Perennial Real Estate Holdings, and 6% to Heng Yue Holdings. In the process, Yanlord took over the stakes of United Engineers owned by PREH and Heng Yue, raising Yanlord’s stakes in UE and WBL Corp to 35.27% and 29.9% respectively. (WBL is owned by UE.)
At a price of $2.60 per UE share and $2.5947 per WBL share, Yanlord paid $202.68 million to Perennial and $27.02 million to Heng Yue.
Yanlord’s increased stake in UE has triggered a conditional general offer for the 412.7 million shares in UE it does not own. Hence, Yanlord is offering the shareholders of UE $2.60 apiece for their shares.