Oxley buys 7.11% of UEL for S$120.3m, but will not be making competing offer for UEL

OXLEY Holdings said on Friday that it has bought a total of 45.3 million shares, or a 7.11 per cent stake, in United Engineers Limited (UEL) for about S$120.3 million.

The share purchases in UEL - a century-old Singaporean property group - were done in the open market.

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

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

Yanlord Land and Perennial Real Estate are leading a group to acquire UEL and a stake in its holding company WBL Corp for S$1.8 billion in one of the city-state's biggest recent property takeover deals. UEL owns roughly two-thirds of WBL.