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Oxley Holdings pares stake in UE to below 10% after share sale

OXLEY Holdings has pared its stake in United Engineers (UE) to below 10 per cent after selling some 62 million shares, representing a 9.73 per cent interest, in the open market.

The bulk of the shares were scooped up by Yanlord Investments, whose general offer for UE has turned unconditional after it crossed the 50 per cent threshold last Friday.

In a bourse filing on Monday, UE announced that Oxley has reduced its stake in the company to 9.19 per cent.

Yanlord on Saturday said that its unit, Yanlord Commercial Property Investments, had acquired an additional 9.4 per cent stake in UE a day earlier, by purchasing 59.9 million shares of UE from the open market at the S$2.70 offer price. This brought the total stake in UE held or agreed to be acquired by the offeror, Yanlord Investment (Singapore), and concert parties to 51.47 per cent.

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UE is now an indirect subsidiary of Yanlord.

UE shares closed down one cent to S$2.69 on Monday, while Oxley shares closed up 1.5 cents to S$0.36.