Oxley cuts stake in United Engineers to less than 10%

This follows Yanlord’s acquisition of a majority stake in the firm.

Oxley has cut down its shares in United Engineers (UEL) to less than 10% through open-market transactions outside treasury shares and subsidiary holdings, the company announced.

As a result, the group's aggregate cost of investments in quoted securities fell to 10.45% or $157.28m, from 21.52% or $323.84m.

In a separate announcement, Yanlord Commercial Property Investments (YCPI) acquired 9.40% of UEL's total ordinary shares in 15 November. It now holds a majority stake of 51.46% in the firm.

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