On Nov 15, Oxley sold 62 million shares in UE for a total of $167.5 million on the open market. With the sale, it is left with just below 58.6 million shares, or a 9.19% stake, according to UE’s Nov 18 filing. No additional filings have been made as at press time, but The Edge Singapore understands that Oxley subsequently sold all its UE shares.
SINGAPORE (Nov 25): Oxley Holdings has thrown in the towel in its bid for a stronger say in United Engineers, ceding ground to Yanlord Land Group, which has gained tighter control as a result.
When Oxley began buying up shares in UE just as Yanlord and its concerted parties assumed control, the market was stirred by the prospect of a bidding war. That was not to be, as the Yanlord-controlled board rebuffed calls to give Oxley board representation and held steadfastly to its stake.
