UEL unit sells stake in Suzhou property devt firm
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WBL Corporation Limited (WBL) is selling its 78 per cent stake in Suzhou Industrial Park Jian Wu Heng Ye Property Development Co Ltd (JWHY) to Genway Group for 490 million yuan (S$101.2 million). WBL is a 67 per cent-owned subsidiary of United Engineers Limited (UEL).
This sale is being done through WBL's wholly owned subsidiary, Shenyang Huaxin International Realty Co Ltd.
The divestment will take place in three phases, with the full 78 per cent stake being transferred and paid for by Sept 25 this year. The estimated post-tax gain from the divestment of JWHY stands at about $14 million after making a provision for transaction costs, UEL said.
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