Yanlord acquires additional 19.9% stake in Shenzhen land for S$343 mil

SINGAPORE (Feb 7): Yanlord Land Group has acquired an additional interest of 19.9% in Shenzhen Long Wei Xin Investment Co. for RMB1.665 billion (RM1.08 billion).

Shenzhen Long Wei Xin holds a residential development site in Shenzhen’s Longgang district.

The acquisition was made through its wholly-owned subsidiary, Yanlord (Shenzhen) Investment Management Co.

Following the acquisition, Yanlord’s indirect interest in Shenzhen Long Wei Xin has increased to 94.9% from the initial 75% which was acquired in 2007 for RMB238.7 million.

As at end December, the net tangible asset value of the acquisition was RMB113 million.

The acquisition is not expected to have any material impact on the net tangible assets or earnings per share of Yanlord for the financial year ending Dec 31, 2017.

None of the directors nor controlling shareholder of the company has any interest, direct or indirect, in the acquisition.

Shares of Yanlord closed unchanged at S$1.40 on Tuesday. — theedgemarkets.com.sg

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