SINGAPORE (July 12): Yanlord Land Group, the China-focused developer, is partnering with Perennial Real Estate Holdings in a bid for century-old Singapore property group United Engineers, people with knowledge of the matter said.

A consortium including Perennial and Yanlord plans to announce an agreement as soon as Thursday to buy Oversea-Chinese Banking Corp.’s stakes in United Engineers and its WBL Corp. subsidiary, the people said, asking not to be identified because the information is private. It then plans to make an offer for the rest of United Engineers, which has a market value of $1.73 billion, the people said.

The investor group is moving ahead with the deal after obtaining clarifications from Singapore’s takeover council on the procedures for making a simultaneous bid for the two companies, according to the people. Shares of United Engineers, Perennial and Yanlord were halted from Singapore trading Wednesday, pending announcements.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook