Oxley asks UE to explain share sale

Singapore

THE decision by United Engineers (UE) to sell all of its treasury shares for S$56 million to undisclosed third parties last Friday was a board decision, managing director Roy Tan said on Monday.

Mr Tan was responding to concerns raised by UE shareholder and Oxley chief executive Ching Chiat Kwong, who questioned if UE had fetched the best price possible when it sold off the 3.14 per cent stake in the company at S$2.58 per share.