Wei Yuan Holdings to lease Singapore premises for S$18.6m

Wei Yuan Holdings (HKEX:1343) announced its indirect wholly-owned subsidiary, WGC, accepted a lease offer from JTC for premises in Singapore. The lease, with a land and building premium of S$18.6 million (excluding GST), will span 20 years from the commencement date of April 26, 2025. The move is classified as a very substantial acquisition, requiring shareholder approval due to exceeding 100% of applicable percentage ratios. The company plans to use the leased property, located at 18 Chin Bee Drive, as its headquarters, including office, warehouse and dormitory space. Directors believe the lease is strategically beneficial, securing long-term operational stability amidst redevelopment plans affecting their current location and avoiding future relocation costs.