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Yanlord Perennial to push through with WBL stake buy

UE Centennial Venture Pte. Ltd.'s offer to buy an additional 19.9% stake in fellow United Engineers Ltd. subsidiary WBL Corp. Ltd. lapsed Feb. 23, and so a formal offer for the unit will not be made.

As such, Yanlord Land Group Ltd.'s Yanlord Perennial Investment (Singapore) Pte. Ltd. will acquire the stake comprising 55,958,925 WBL shares from relevant vendors for S$2.07 apiece, as stated in a supplemental agreement signed Dec. 18, 2017.

WBL will become an associated company of Yanlord Perennial when the deal closes March 1.

Yanlord Perennial is a consortium comprising Yanlord Land, Perennial Real Estate Holdings Ltd and Heng Yue Holdings Ltd., which in July 2017 launched its now-closed offer to buy United Engineers and up its stake in WBL.

As of Feb. 26, US$1 was equivalent to S$1.32.