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Singapore Stock Market News: Oxley raises stake in UE to 10.43% despite saying no counter bid

CEO Ching Chiat Kwong of Oxley Holdings has kept gathering up offers of United Engineers in spite of saying he doesn’t plan to make a contending offer.Now Singapore stock market opened 0.51 per cent lower on Thursday with the Straits Times Index down 16.67 points to 3,262.28 at 9.05 am.

UE is amidst a takeover offer by a consortium drove by Perennial Real Estate Holdings and Yanlord Land Group.

In a Thursday morning recording, Ching uncovered that Oxley had on Wednesday procured, through open-advertise buys, offers of UE, bringing about Oxley holding 10.43% of the aggregate number of issued shares, barring treasury offers an auxiliary property of UE.

On Tuesday, SAC Capital, the autonomous budgetary guide to UE’s free chiefs, said in a report that it considered the consortium’s offer cost of $2.60 per share “reasonable and sensible”.

In a Wednesday report, financier house Lim & Tan Securities says it doesn’t anticipate that the takeover offer will prevail as there is as yet the likelihood of a counter offer from Oxley.

Lim & Tan note that UE’s market cost has remained reliably over the $2.60 offer cost since the takeover declaration.

Singapore Stock Market

Furthermore, the offer value esteems UE underneath its cost to book at 0.89x.

There is likewise potential for the consortium to make an incentive over the center and longer term.

As at 11.17am, UE shares are exchanging at $2.69.

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