Consortium plans United Engineers takeover

A consortium led by Chinese property developer Yanlord Land Group has plans to purchase a 33.5 percent stake in Singapore-based property group United Engineers, estimated to be a $1.83 billion deal, and a 29.9 percent stake in WBL Corp. for $529.77 million.

The seller was Oversea-Chinese Banking Corp. and other shareholders, according to media outlets.

The consortium includes Perennial Real Estate Holdings, Yanlord Land Group, Kuok Khoon Hong, Wilmar International and a private investor.

The consortium intends to make a mandatory general offer for the rest of the engineering, property and hospitality company’s shares at a later date, according to Straits Times.

UE and WBL properties include projects in China and Singapore.