Wilmar's billionaire CEO emerges as Apex Healthcare's substantial shareholder

WILMAR INTERNATIONAL CHAIRMAN AND CHIEF EXECUTIVE OFFICER KUOK KHOON HONG (RIGHT) WITH KUOK GROUP EXECUTIVE DIRECTOR CHYE K H KUOK.

KUALA LUMPUR: Kuok Khoon Hong, chairman and chief executive officer of agri-business giant Wilmar International Ltd, has emerged as a substantial shareholder in Apex Healthcare Bhd with an indirect interest of 40.61%.

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% indirect 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 Lung.

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 is deemed to have an interest in Apex Healthcare through its wholly-owned subsidiary, namely UE UMC Pte Ltd, which in turn owns 30% equity interest in Apex Pharmacy Holdings Sdn Bhd, which has a direct interest of 40.61% in Apex Healthcare.

Apex Healthcare posted group earnings of RM34.95mil on revenue of RM581.27mil for the financial year ended Dec 31, 2016.

Apex Healthcare shares were last traded on Friday last week at RM4.70.