Oxley buys 7% stake in United Engineers but says not making competing offer for company

SINGAPORE - Oxley Holdings disclosed on Friday (Aug 4) that it has acquired a 7.11 per cent stake in takeover-target United Engineers Ltd (UEL) for about S$120.3 million through open-market purchases.

Oxley said the acquisition was undertaken as part of its investments in income-generating assets and in line with the investment objective of the company.

"The company will not be making a competing offer for UEL," it said.

A consortium led by Singapore-listed property developers Yanlord Land and Perennial Real Estate Holdings has offered to buy UEL and a stake in its holding company WBL Corp for S$1.8 billion.

Oxley added that Mr Low See Ching, its Deputy CEO and executive director, holds 6,528,800 ordinary shares, constituting 1.02 per cent of UEL.