Oxley blocks UE's bid to buy WBL shares from Yanlord Perennial

Singapore

IN a surprise turn of events, minority shareholders of United Engineers (UE), including property developer Oxley Holdings, have foiled a bid by UE's new shareholder, Yanlord Perennial Investment (YPI), and UE's former shareholder OCBC to sell their WBL shares to UE.

Voter turnout was low - only 27 per cent of UE shares were voted during an extraordinary general meeting (EGM) on Friday. Of the votes cast, 67.44 per cent rejected the deal.

Oxley, which has a 15 per cent stake in UE, cast the swing vote. Excluding Oxley's stake, about 74 per cent …