Oxley Holdings has acquired a 7.11 per cent stake in takeover target United Engineers (UEL) for about $120.3 million through open-market purchases.
Oxley said the acquisition was part of its investments in income-generating assets. It will not be making a competing offer for UEL.
A consortium led by Singapore-listed Yanlord Land and Perennial Real Estate Holdings has offered to buy UEL and a stake in its holding company WBL Corp for $1.8 billion.
Oxley also said yesterday that Mr Low See Ching, its deputy chief executive and executive director, holds 6,528,800 ordinary shares, constituting 1.02 per cent of UEL.
Global electronics services provider Venture Corporation has posted a 61 per cent jump in second-quarter net profit to $69.8 million.
For the quarter ended June 30, revenue surged by 48.3 per cent year on year to about $1 billion, the firm announced yesterday.
Quarterly earnings per share rose to 24.7 cents from 15.7 cents last year, while net asset value per share shrank to 680.8 cents as at June 30, from 703.1 cents as at last Dec 31.
First-half net profit was 49.5 per cent higher from a year ago at $118.4 million as revenue climbed by 41.3 per cent to $1.9 billion.
Cosco Shipping International (Singapore)
Cosco Shipping International (Singapore) yesterday posted a $20.8 million net loss in the second quarter, hurt by the persistently weak offshore marine industry.
The net loss for the three months to June 30 was, however, narrower than the net loss of $36.8 million recorded a year ago.
It said recovery in the offshore marine sector - hit by low crude prices - remains uncertain.
Second-quarter revenue slipped by 31 per cent year on year to $524.7 million owing to a drop in shipyard revenue, it added.
Quarterly loss per share narrowed to 0.93 cent from 1.64 cents last year. Net asset value per share fell to 10.35 cents as at June 30, from 15.01 cents at the end of last December.
Net loss for the first half was $99.7 million, up from a net loss of $51.2 million in the same period in 2016. This followed a 38 per cent drop in first-half turnover to $926.6 million.
As at June 30, Cosco's gross order book stood at about US$5.8 billion (S$7.9 billion).