United Engineers

Local developer heads for global ranks, more deals in store for sector

SINGAPORE (Dec 20): The local property market — which was subjected to cooling measures and experienced oversupply in the past decade — may be small, but in the 2020s, a home-grown developer will rank among global real estate companies such as Brookfield Asset Management, Unibail-Rodamco-Westfield (a merger formed with the former Westfield Corp) and Lendlease Group.

United Engineers posts 25% lower 2Q earnings of $8.3 mil on lower revenue

SINGAPORE (Aug 14): United Engineers reported 2Q19 earnings of $8.3 million, a 25% decline from $11.0 million in the same quarter last year, due primarily to a decline in revenue.

Earnings per share for the quarter came in at 1.3 cents, down from 1.7 cents the previous year.

Revenue for the quarter fell 8% to $88.1 million from $96.2 million in the preceding year, on the back of lower revenue contributions from manufacturing, engineering and property development segments – which displayed a fall of 20%, 12% and 32% respectively.

United Engineers reports 16% lower 3Q earnings of $7.7 mil on revenue decline

SINGAPORE (Nov 14): United Engineers reported 16% lower 3Q18 earnings of $7.7 million, down from $9.1 million a year ago on lower revenue.

Revenue fell 31% y-o-y to $81.5 million from $118.2 million in 3Q17, mainly due to lower revenue from the property development segment as well as in the absence of revenue contribution from the group’s liquefied petroleum gas (LPG) business after it was divested towards the end of 2017.

United Engineers' 3Q earnings sink 92% to $10.6 mil on discontinued operations

SINGAPORE (Nov 13): Property, engineering and manufacturing group United Engineers saw its earnings tumble 92% to $10.6 million in the 3Q ended September, from $134.7 million a year ago.

This was mainly attributable to the absence of $179.2 million in profit a year ago from discontinued operations relating to Multi-Fineline Electronix as well as UE’s environmental engineering businesses.

Revenue climbed 41% in 3Q17 to $143.0 million, from $101.7 million a year ago.

Perennial, Yanlord extends UE takeover offer to Sept 12

SINGAPORE (Aug 29): Yanlord Perennial Investment (Singapore), the consortium led by Perennial Real Estate and Yanlord Land Group, have extended their takeover offer for United Engineers.

See: Yanlord to join Perennial in bid for United Engineers

In a filing on Monday night, Yanlord Perennial says the closing date for both the ordinary share offer and preference share offer have been extended from Tuesday to 5.30pm on Sept 12.

Oxley scoops up more UE shares, raises stake to 11.57%

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.

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

SINGAPORE (Aug 4): Oxley Holdings has acquired a 7.11% stake in United Engineers which has received a takeover offer.

But Oxley says it will not be making a competing offer for UE.

The property group announced this morning it scooped up 45.3 million UE shares at $120.3 million in the open market.

This works out to an average transacted price of $2.65 for each UE share.

Early last month, a consortium led by Yanlord Land Group and Perennial Real Estate acquired a 33.5% stake in UE at $2.60 per share and a 10% stake in WBL Corporation for $2.07 per share.

Latest bid to take UE private will most likely fail, says Lim & Tan

SINGAPORE (July 14): Lim & Tan says it does not expect United Engineers to be taken private successfully in the latest offer.

See: Yanlord-led consortium to acquire stakes in UE, WBL Corp for up to $730 mil

In its Friday daily review, the brokerage says the offer price for both UE and WBL Corporation at $2.60 and $2.07, price them at 0.88x and 0.78x price to book and "is clearly disappointing for minority shareholders of UE".

Yanlord-led consortium to acquire stakes in UE, WBL Corp for up to $730 mil

SINGAPORE (July 13): A group led by Yanlord Land, together with Perennial Real Estate, is making an offer to acquire a 33.5% stake in United Engineers at $2.60 each.

The group has acquired a 10% stake in WBL Corporation and is committed to acquire another 19.9% stake at a later date. If the group owns more than 50% of UE, an offer will be made to buy the remaining shares in WBL at the same price of $2.07.

Oversea-Chinese Banking Corporation and its insurance group Great Eastern Holdings are among the sellers of the shares.

Yanlord to join Perennial in bid for United Engineers

SINGAPORE (July 12): Yanlord Land Group, the China-focused developer, is partnering with Perennial Real Estate Holdings in a bid for century-old Singapore property group United Engineers, people with knowledge of the matter said.

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