Apex not UEL-owned

21 Jul 2017 / 16:17 H.

    PETALING JAYA: Apex Healthcare Bhd (AHB) has clarified that it is incorrect to describe the group as United Engineers Ltd (UEL)-owned as UEL does not own a direct 40.61% stake in AHB.
    “UEL is only deemed to have an interest in AHB 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 AHB,” AHB said in a stock exchange filing today.
    AHB was responding to a news report "Wilmar's billionaire CEO emerges as Apex Healthcare's substantial shareholder" by an English daily, which reported that UEL, one of Singapore’s oldest firms (founded in 1912), has an existing 40.61% stake in Malacca-based pharmaceutical product maker AHB.
    The article also state that UEL-owned Apex Healthcare posted group earnings of RM34.95 million on revenue of RM581.27 million for the financial year ended Dec 31, 2016.

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