SINGAPORE (Mar 2): Oxley Holdings has raised its stake in United Engineers (UE) to 16% from 15.94%.

This follows the acquisition of some 381,700 shares in the open market for $984.2 million on Wednesday.

Oxley's chief executive Ching Chiat Kwong and deputy CEO Low See Ching hold stakes of 42.73% and 28.67% in Oxley Holdings.

Ching is now deemed to have a 16% interest in UE shares following the latest deal.

Last year, through several open-market purchases, Ching had been steadily increasing his indirect stake in Oxley, the last one on Dec 6 bringing its stake in UE to 15.02%.

This story, written by PC Lee for The Edge Singapore, first appeared on March 2.