Company Briefs: United Engineers

United Engineers

United Engineers (UE) has made a pre-conditional voluntary unconditional cash offer for all the shares of WBL Corporation (WBL) it does not already own.

The move follows Yanlord Land Group and Perennial Real Estate's acquisition of a one-third stake in UE earlier this year.

UE has made the offer for WBL through its wholly owned subsidiary, UE Centennial Venture, which owns 67.59 per cent of WBL.

Its announcement said a formal offer will be made only upon the satisfaction of a pre-condition: The approval of the deal by UE shareholders deemed to be disinterested for the purposes of this offer.

Yanlord Perennial Investment (Singapore) - the consortium led by Yanlord Land Group and Perennial Real Estate, which acquired a 33.59 per cent stake in UE earlier this year - is deemed an interested person in this offer. It also owns 10 per cent of WBL and has committed to buy another 19.9 per cent of WBL, held largely by OCBC Bank and Great Eastern, at a later date.

Zhongmin Baihui Retail Group

Zhongmin Baihui Retail Group's wholly-owned subsidiary, Zhongmin Baihui (Fujian) Logistic Cos, has inked a deal with Chongqing Sasseur Outlets Commercial Management Co to form a new company to take over ZMBH Fujian's stake in an earlier joint venture.

The joint venture, announced in April, was set up between ZMBH Fujian and Changsha Mingfa City Construction Development Co to operate and manage a shopping centre in the Changsha Mingfa International City commercial development in China. The newly set-up firm will be mainly involved in holding, managing and operating the joint venture. CQ Sasseur - part of the Sasseur group which manages retail complexes in China - will be responsible for management and operations.

Cromwell European Reit

The stabilising manager for Cromwell European Reit (CEReit) has bought 27.89 million units from the open market since the trust's Nov 30 initial public offering, accounting for one third of the counter's trading volume since listing and helping to support its market price.

The latest round of purchases on Wednesday comprised 1.795 million units bought between €0.54 and €0.55 apiece, according to filings with the Singapore Exchange. Those units represented 58.4 per cent of the total units traded on Wednesday. CEReit units yesterday closed unchanged at €0.55.

A version of this article appeared in the print edition of The Straits Times on December 15, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe