Oxley scoops up more UE shares, raises stake to 11.57%

By PC Lee
/ The Edge Singapore |
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SINGAPORE (Aug 23): Oxley Holdings now holds an 11.57% stake in United Engineers, the property development and engineering company, which is in the midst of a takeover offer.
This comes after Oxley, led by CEO Ching Chiat Kwong, amassed a total of 5.3 million shares at an average price of $2.688 each from the open market over the past week, according to a filing by Oxley on Tuesday night.
The average price is 3.4% more than the $2.60 per share cash offer tabled by consortium led by Perennial Real Estate Holdings and Yanlord Land Group.
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Oxley Tower
The offeror and its concert parties currently hold a combined stake of about 33.4%. The takeover bid will turn unconditional only if the offeror gains control of at least 50% of United Engineers’ shares.
The story, written by PC Lee, first appeared on The Edge Singapore.

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