BUILDING & ENGINEERING | Staff Reporter, Singapore

Oxley's stake in United Engineers climbs to 10.4%

UE is currently in the midst of a takeover bid by a consortium.

Oxley Holdings (Oxley) acquired a 10.4% stake in United Engineers (UE) through open-market purchases. The former previously announced that it had acquired a 7.11% stake in UE for a consideration of $120.3m.

According to KGI, UE is in the middle of a takeover bid by a consortium led by Perennial Real Estate Holdings (PREH) and Yanlord Land Group (Yanlord).

SAC Capital said in a report that it considered the offer price of $2.60 per common share and $2.60 per preference share "fair and reasonable."

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