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WILMAR International has upped its stake in Perennial Real Estate Holdings, strengthening ties between the longtime corporate allies.
In exchange filings on Wednesday evening, Perennial said that Wilmar has acquired 51.7 million Perennial shares on Nov 27, at 88.08 Singapore cents a share.
This bumps up Wilmar's stake in Perennial to 20 per cent, from 16.89 per cent earlier.
The shares were acquired from Burlingham International, a vehicle owned by Wilmar co-founder and deputy chairman Martua Sitorus and his family.
Correspondingly, Burlingham's interest in Perennial has slipped from 6.42 per cent to 3.32 per cent.
The transaction comes nearly two years after Wilmar appointed Perennial chief executive officer Pua Seck Guan as its chief operating officer, in addition to his Perennial position.
Mr Pua oversees and manages Wilmar's business divisions and assists Wilmar's chief executive Kuok Khoon Hong in developing new businesses, according to Wilmar's website.