Ching Chiat Kwong

As earnings fall, UE's shareholders bemoan sale of shares and lack of progress since change of board

SINGAPORE (July 15): Towards end-June, a long-term United Engineers shareholder who has held his shares for more than 15 years, lamented the condition of UE BizHub City, the former UE Square, on Clemenceau Avenue.

“UE has great assets. But even prime assets need to be enhanced to keep up with the times. UE Square is really looking sad in the post-MRT landscape. It doesn’t have that shine and relevance anymore,” the shareholder says. Despite its moniker, United Engineers’ real value lies in its investment properties (see Table 1).


Oxley's Ching raises his stake in UE to 16%

SINGAPORE (Mar 2): Oxley Holdings has raised its stake in United Engineers (UE) to 16% from 15.94%.

This follows the acquisition of some 381,700 shares in the open market for $984.2 million on Wednesday.

Oxley's chief executive Ching Chiat Kwong and deputy CEO Low See Ching hold stakes of 42.73% and 28.67% in Oxley Holdings.

Ching is now deemed to have a 16% interest in UE shares following the latest deal.

Artivision Technologies in reverse takeover of e-payment solutions provider for at least $80 mil

SINGAPORE (Oct 31): Artivision Technologies is transforming itself into an electronic payment solutions provider.

The company has signed a conditional and non-binding Heads of Agreement (HOA) to acquire 100% stake in Mobile Credit Payment or MC Payment for a total consideration of not less than $80 million.

If completed, the proposed acquisition will result in a Reverse Takeover (RTO) of Artivision.

Oxley raises nearly $13 mil from treasury shares sale to 34 investors

SINGAPORE (Oct 17): Property developer Oxley Holdings managed to raise more than $12 million from the sale of treasury shares to 34 investors for working capital purposes.

Approximately 22.7 million treasury shares in total were sold for $13.4 million. The placement shares represent about 0.77% of Oxley's issued share capital.

The placement price represented an 8.3% discount to the volume weighted average price of 64.34 cents for trades done on Oct 12.

Oxley's foreign properties underpin earnings as it readies local portfolio for the future

SINGAPORE (Sept 24): Ching Chiat Kwong, executive chairman and CEO of Oxley Holdings was in a jovial mood when journalists from The Edge Singapore caught up with him on a rainy Friday evening recently. From a larger-than-average figure, Ching has slimmed down somewhat. He attributes his new-found fitness to planks, which help greatly in building core muscle strength. “I do the sideways plank as recommended by Eric,” he says, referring to his long-time business partner Eric Low, who is Oxley’s deputy CEO.

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

SINGAPORE (Aug 17): CEO Ching Chiat Kwong of Oxley Holdings has continued scooping up shares of United Engineers despite saying he does not plan to make a competing offer.

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

UE is in the midst of a takeover bid by a consortium led by Perennial Real Estate Holdings and Yanlord Land Group.

OUE launches mandatory unconditional cash offer for International Healthway Corp at 10.6 cents per share

SINGAPORE (Feb 16): OUE, the property and hotel group controlled by Indonesia's Riady family, is launching a mandatory unconditional cash offer for International Healthway Corporation (IHC).

Catalist-listed IHC is an integrated healthcare services and facilities provider that owns 12 nursing homes in Japan and two hospitals in China, and is developing an integrated medical centre in Malaysia.

OUE intends to maintain the listing status of IHC.

Oxley grants IHC convertible loan facility of up to $50 mil

SINGAPORE (Feb 10): Property developer Oxley Holdings, together with CEO Ching Chiat Kwong and deputy CEO Low Chee Sing, have entered into an agreement to grant a convertible loan facility to medical group International Healthway Corporation (IHC) for the aggregate amount of up to $50 million.

The latest agreement follows a January extraordinary general meeting (EGM) requisitioned by shareholders of IHC, where a major stake in the company changed hands and four sitting directors were ousted.

IHC updates on deleted emails, proposed convertible loans and demands from claimants

SINGAPORE (Feb 8): International Healthway Corp says a police report has been filed after 4.5 GB of emails were found to be deleted from the account of Lim Beng Choo, who was ousted as executive director.

(See also: Keeping up with the drama at International Healthway Corp)

Oxley posts 163% rise in 2Q earnings

SINGAPORE (Jan 20): Second quarter earnings for homegrown property developer Oxley more than doubled to $123.8 million, or 4.23 cents per share, from $47 million a year ago, on higher sales.

Revenue in the three months to Dec more than trebled to $605.7 million mainly due to recognition of revenue from Oxley Tower upon its completion and the handover of certain plots in The Royal Wharf (Phase 1A) handed over to the buyers.

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