By Saurabh Chaturvedi
SINGAPORE--A consortium led by Singapore-listed property developers Yanlord Land Group Ltd. (Z25.SG) and Perennial Real Estate Holdings Ltd. has offered to buy United Engineers Ltd. (U04.SG) and a stake in one of its subsidiaries.
The consortium, which also include a private investor, has agreed to buy a 33.5% stake in United Engineers from Oversea-Chinese Banking Corp (O39.SG) and the bank's insurance arm Great Eastern Holdings Ltd. (G07.SG), according to a joint statement issued by Yanlord and Perennial to the Singapore Exchange. This triggers mandatory offers for the remaining stake in United Engineers, a property company founded in 1865.
The consortium has acquired a 10.0% stake in United Engineers' unit WBL Corporation Ltd. and may additionally acquire another 19.9% stake in the firm.
The group's offers value 100% of United Engineers and 29.9% of WBL together at about S$1.83 billion (US$1.33 billion), the statement said.
Yanlord owns 49% of the consortium, while Perennial owns 45%. A private investor owns the remaining 6% stake.
Write to Saurabh Chaturvedi at firstname.lastname@example.org