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Yanlord Land buying all shares in Yanlord Property
YANLORD Land Group is acquiring all the remaining shares in Yanlord Property for 1.045 trillion yuan (S$215.9 million) from Reco Yizhong Private Limited, it announced in a Singapore Exchange (SGX) announcement.
Previously, the company owned 60 per cent of Yanlord Property through its subsidiary Yanlord Land.
The purchase price comprises about 466.9 million yuan for the transfer of the 40 per cent shareholding interest in Yanlord Property, and about 579 million yuan for the transfer of the shareholder loan of an equivalent amount given by Reco to Yanlord Property.
This was paid in a lump sum cash payment from the group's resources.
The acquisition is not expected to have any material impact on the net tangible assets per share or earnings per share of the Group for the financial year ending Dec 31, 2018.
Yanlord Land Group's shares closed at S$1.56, three Singapore cents lower, on Wednesday.