SINGAPORE (May 21): Substantial shareholders of United Engineers have been steadily increasing their stakes on the open market. This has nudged the share price of the century-old property, engineering and manufacturing company to its highest level this year.

Yanlord Perennial Investment (Singapore), the investment vehicle led by United Engineers’ executive chairman Zhong Sheng Jian, paid an average of $2.72 for 685,600 shares on May 10, bringing YPI’s stake to 33.86%, from 33.75%. Zhong, better known as executive chairman of another listed entity, Yanlord Land Group, had bought 200,000 shares on May 8 at $2.68 each.

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