UE offer: Yanlord and Perennial cut another curious deal

Singapore

PERENNIAL Real Estate Holdings has just sold all its shares in United Engineers (UE) to Yanlord Land for zero profit, at a price below market. This is not what companies usually do, unless cash is an issue or confidence has been lost in the investment.

The truth may be neither of those things, once you account for the 25.3 per cent gain that Perennial has made by flipping its shares in UE subsidiary WBL Corp over to Yanlord as part of the package.

The s…