United Engineers Limited (SGX:U04) made an offer to acquire remaining 32.4% stake in WBL Corporation Limited from Yanlord Commercial Property Investments Pte. Ltd., Kung Chun Lung and others for approximately SGD 190 million on December 14, 2017. United Engineers Limited will acquire the shares at a price of SGD 2.07 per share in cash. In a separate transaction, Yanlord Commercial Property Investments Pte. Ltd., Perennial UW Pte. Ltd and Kung Chun Lung signed an agreement to acquire further 19.9% stake in WBL Corporation from Oversea-Chinese Banking Corporation Limited and others from on July 13, 2017. The transaction will be funded through a combination of internal cash resources and external borrowings. Yanlord Commercial Property Investments Pte. Ltd. provided irrevocable undertaking to accept the offer. The offer is subject to United Engineers shareholders' approval for Yanlord Commercial Property Investments Pte. Ltd. transaction and is a pre-condition to the formal offer. If United Engineers Limited acquires at least 90% shares in WBL Corporation Limited remaining shares will be compulsorily acquired. The meeting for pre-condition approval will be held on February 23, 2018. As of January 31, 2018, SAC Capital Private Limited advised the independent Directors of United Engineers to recommend the Independent Shareholders vote in favour of interested person transaction. As of January 31, 2018, the Board of United Engineers unanimously recommends the shareholders to vote in favour of the interested person transaction.

As of February 23, 2018, the shareholders of United Engineers rejected the interested person transaction. The transaction is expected to close on May 18, 2018. Koh Soon Bee and Jeremy Huang of Deloitte & Touche Corporate Finance Pte Ltd acted as financial adviser for United Engineers Limited. Bernard Lim Aik Kwang and Tan Kian Tiong of SAC Capital Private Limited acted as financial advisor for independent Directors of WBL. Tricor Barbinder Share Registration Services acted as registrar for WBL. Yinxin Appraisal Co., Ltd acted as appraiser.

United Engineers Limited (SGX:U04) cancelled the acquisition of remaining 32.4% stake in WBL Corporation Limited from Yanlord Commercial Property Investments Pte. Ltd., Kung Chun Lung and others on February 23, 2018. The offer is lapsed as the pre condition to the offer is not satisfied.