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Oxley raises UE stake to 11.57% with S$2.688 per share purchases

OXLEY Holdings continued to raise its stake in United Engineers over the past week, acquiring 5.3 million shares at about S$2.688 apiece from the open market.

The acquisition price represents a premium of about 3.4 per cent over a S$2.60 per share cash offer that has been made by a consortium led by Perennial Real Estate Holdings and Yanlord Land Group.

Oxley, a property developer, bought S$3.5 million of shares on Aug 18 and a further S$10.8 million on Aug 21. It now holds an 11.57 per cent stake in United Engineers, a property development and engineering company.

Oxley deputy chief executive Low See Ching also directly holds an additional 1.02 per cent stake in United Engineers.

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The takeover bid will turn unconditional only if the offeror gains control of at least 50 per cent of United Engineers' shares. The offeror and its concert parties currently hold a combined stake of about 33.4 per cent. The consortium has said that it plans to keep United Engineers listed.