Yanlord Perennial Investment (Singapore) Pte Ltd ("Yanlord Perennial") has acquired 33.5% of the total voting shares in United Engineers Limited ("UEL") pursuant to a sale and purchase agreement dated 13 July 2017.
As a result of the acquisition, Yanlord Perennial has deemed interest in Apex Healthcare Berhad ("Apex") through the interest held by UE UMC Pte Ltd ("UE UMC"), a wholly-owned subsidiary of UEL by virtue of Section 8 of the Companies Act 2016.
Pursuant to the said Section 8, Yanlord Commercial Property Investments Pte. Ltd. shall also be deemed to have interest in Apex through interest held by UE UMC, by virtue of its interest in Yanlord Perennial.