United Engineers offers to buy up rest of WBL

Singapore

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 Pte Ltd, which currently 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 b…