Yanlord now has a 35.27% interest in UE, one of Singapore's oldest companies with businesses in property and hospitality sectors, after buying over Perennial Real Estate Holdings’ (PREH) and Heng Yue Holdings’ stakes in the company for a total of $229.7 million.
SINGAPORE (Oct 29): OCBC Investment Research believes Yanlord Land Group’s mandatory general offer for all the shares in United Engineers (UE) that it does not hold is “unlikely to gain many acceptances”.
China-based property developer Yanlord on Oct 25 had made a $2.60 per share offer to buy over UE, valuing the company at $1.66 billion.
