Wilmar's billionaire CEO emerges as Apex Healthcare's substantial shareholder
This is by virtue of his interest in Yanlord Perennial Investment (Singapore) Pte Ltd, which last week bought 33.5% of the voting shares in Singapore-listed real estate firm United Engineers Ltd (UEL).
UEL, one of Singapore’s oldest firms (founded in 1912), has an existing 40.61% stake in Malacca-based pharmaceutical product maker Apex Healthcare Bhd.
Kuok, 67, is the nephew of Malaysian billionaire Robert Kuok and a co-founder of Wilmar.
The notices on the new substantial shareholders were filed with Bursa Malaysia on Thursday.
Based on a filing with the Singapore Exchange a week earlier, Yanlord Perennial is a special-purpose vehicle set up by China-focused developer Yanlord Land Group Ltd, real estate and healthcare firm Perennial Real Estate Holdings Ltd, Kuok, Wilmar and private investor Kung Chun Kung.
Yanlord Perennial is owned 49% by Yanlord Land Group Ltd, a leading developer of high end residential, commercial and integrated developments in China.
The second largest shareholder in Yanlord Perennial is Perennial UW Pte Ltd with a 45% stake.
Kuok has interest in Perennial UW through HPRY Holdings Ltd, which he wholly owns, as well as through two Singapore-listed companies where he is both chairman and substantial shareholder – real estate and healthcare company Perennial Real Estate Holdings Ltd and Wilmar.
HPRY Holdings owns 16.67% equity interest in Perennial UW while Perennial Real Estate and Wilmar have 72.22% and 11.11% respectively.
Following its purchase of UEL shares and preference shares on July 13, the consortium made up of Yanlord, Perennial UW and Kung (through Heng Yue Holdings Ltd) triggered a mandatory general offer at the same price – S$2.60 apiece.
UEL is involved in property rental and hospitality, property development, and engineering, distribution and manufacturing.
UEL-owned Apex Healthcare posted group earnings of RM34.95mil on revenue of RM581.27mil for the financial year ended Dec 31, 2016.
Apex shares were last traded on Friday last week at RM4.70.