SINGAPORE (Aug 23): Oxley Holdings now holds an 11.57% stake in United Engineers, the property development and engineering company, which is in the midst of a takeover offer.

This comes after Oxley, led by CEO Ching Chiat Kwong, amassed a total of 5.3 million shares at an average price of $2.688 each from the open market over the past week, according to a filing by Oxley on Tuesday night.

The average price is 3.4% more than the $2.60 per share cash offer tabled by consortium led by Perennial Real Estate Holdings and Yanlord Land Group.

The offeror and its concert parties currently hold a combined stake of about 33.4%. The takeover bid will turn unconditional only if the offeror gains control of at least 50% of United Engineers’ shares.

Shares in Oxley closed at 54 cents on Tuesday.

See: Oxley raises stake in UE to 10.43% despite saying no counter bid

See: Oxley acquires 7.11% stake in United Engineers but will not be making competing offer