Yanlord-led consortium’s 33.5% stake in UEL triggers takeover

SINGAPORE (July 14): A consortium led by Yanlord Land Group and Perennial Real Estate has acquired a 33.5% stake in United Engineers Ltd (UEL) at S$2.60 (RM8.11) per share and a 10% stake in WBL Corp for S$2.07 per share from OCBC Bank, Great Eastern Holdings and other vendors for S$729.7 million.

The Business Times report said the move has triggered a mandatory takeover for UEL.

The consortium said it may acquire another 19.9% stake in WBL at S$2.07 per share at a later date.

This article first appeared in The Edge Financial Daily, on July 14, 2017.

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