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.

Get The Straits Times
newsletters in your inbox

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.