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United Engineers
19-07-2019, 09:26 AM. (This post was last modified: 19-07-2019, 09:35 AM by cfa.)
Post: #341
RE: United Engineers
(19-07-2019, 08:41 AM)karlmarx Wrote: I thought it is quite interesting to see that even big money can be ostracized and treated in a manner that is not too different from regular OPMIs. The food chain of big-fish-eat-small-fish is real and applicable to the business environment.

If you're not welcome, it seems there is just not much you can do about it. Which, in the case of Oxley not being able to get a board seat, it looks quite ridiculous, because they own some 20+% of the company.

The next time you feel 'bullied' by a company's BOD, maybe you can think of Oxley, and not feel so bad about the whole matter.

Who started the bad relationship first ? No reason for YP to be friendly to Oxley at all .
=========== Signature ===========
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.

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19-07-2019, 09:36 AM.
Post: #342
RE: United Engineers
(19-07-2019, 09:26 AM)cfa Wrote:
(19-07-2019, 08:41 AM)karlmarx Wrote: I thought it is quite interesting to see that even big money can be ostracized and treated in a manner that is not too different from regular OPMIs. The food chain of big-fish-eat-small-fish is real and applicable to the business environment.

If you're not welcome, it seems there is just not much you can do about it. Which, in the case of Oxley not being able to get a board seat, it looks quite ridiculous, because they own some 20+% of the company.

The next time you feel 'bullied' by a company's BOD, maybe you can think of Oxley, and not feel so bad about the whole matter.

Who started the bad relationship first ?

Takes 2 hands to clap imo. I also noticed that one company in the consortium was also in conflict previously:
https://www.asiaone.com/perennial-turns-...-singapore

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23-07-2019, 11:19 AM.
Post: #343
Corporate Injustice
CORPORATE INJUSTICE

The board of directors at United Engineers has shown a blatant lack of corporate governance. They know who are the substantial shareholders. They should have gone to these shareholders for support first. Yet they conduct a separate placement of the Treasury shares. They exhibited obvious biasness against the substantial shareholders. That is corporate injustice.

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30-07-2019, 12:23 PM.
Post: #344
RE: United Engineers
I AM WRITING A LETTER TO SIAS AND SGX TO REQUEST FOR HELP TO HANDLE THIS BOARD OF DIRECTORS.

WE SHOULD NOT ALLOW THIS TYPE OF POOR CORPORATE GOVERNANCE TO BE IN SINGAPORE

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30-07-2019, 12:24 PM.
Post: #345
RE: United Engineers
PLEASE JOIN ME TO SIGN THIS LETTER. WE MUST SHOW THE MINORITY SHAREHOLDER ALSO HAS A VOICE TO BE HEARD.

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30-07-2019, 12:26 PM.
Post: #346
RE: United Engineers
(19-07-2019, 09:26 AM)cfaBROTHER, READ THE WHOLE DRAMA FROM START.THE BOARD OF DIRECTORS ARE TRYING TO BUY A RUBBISH COMPANY IN WBL, AT HIGH VALUATION.  OXLEY CAME IN TO STOP THE PURCHASE. Wrote:
(19-07-2019, 08:41 AM)karlmarx Wrote: I thought it is quite interesting to see that even big money can be ostracized and treated in a manner that is not too different from regular OPMIs. The food chain of big-fish-eat-small-fish is real and applicable to the business environment.

If you're not welcome, it seems there is just not much you can do about it. Which, in the case of Oxley not being able to get a board seat, it looks quite ridiculous, because they own some 20+% of the company.

The next time you feel 'bullied' by a company's BOD, maybe you can think of Oxley, and not feel so bad about the whole matter.

Who started the bad relationship first ? No reason for YP to be friendly to Oxley at all .

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30-07-2019, 12:31 PM.
Post: #347
RE: United Engineers
To the 16 friends who sent me PM, sorry that i cannot reply all. 

You can send to my email at supermariotaiwan@gmail.com

I will keep all updated about the replies from SIAS and SGX.

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05-08-2019, 12:07 PM.
Post: #348
RE: United Engineers
the singapore media all went quiet on UE... how can they just brush the issue away?

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05-08-2019, 12:24 PM.
Post: #349
RE: United Engineers
(05-08-2019, 12:07 PM)Jamesbond008 Wrote: the singapore media all went quiet on UE... how can they just brush the issue away?
Saw this new article published..... Shows that the market is really concerned about this sale of shares...


http://aspire.sharesinv.com/61690/ue-sha...ses-doubt/


UE SHARE SALE RAISES DOUBT
[img=32.994789123535156x0]http://aspire.sharesinv.com.s3-ap-southeast-1.amazonaws.com/wp-content/uploads/2016/10/19091327/unnamed-263x300.jpg[/img]
Don Low
 
 August 5, 2019
 
 Stock Market


[img=1200x656.8359375]http://aspire.sharesinv.com.s3-ap-southeast-1.amazonaws.com/wp-content/uploads/2019/08/05112355/ue-950x520.jpg[/img]

Early July, the board of United Engineers (UE) came to a decision to sell all its treasury shares to undisclosed third parties, fetching a sum of $56 million. The transaction, facilitated by UOB Kay Hian, represented a meaningful stake of 3.14 percent of the company. 

The move, however, drew scrutiny from its second largest shareholder Oxley Holdings (Oxley) and raises questions by minority shareholders alike. Oxley, which has built one of Singapore’s most successful brands in property development, was not sounded out as a potential buyer and was not offered the option to take up the block sale.

Expressing dismay, Oxley Chief Executive Mr. Ching Chiat Kwong said that he would have seriously considered “giving a reasonable price that helps the company (UE) achieve better ground”. 

For purpose of context, in 2017, a consortium (YPI) led by Yanlord Land Group and Perennial Real Estate Holdings tried to take over of UE, but only managed to snap up 33.5-percent stake. Since then, YPI had control of board but differences with Oxley arose when the latter also became a substantial shareholder of UE in 2017 as well. 

Drawn to UE’s assets, Oxley has continued to build up its stake in the company. As of June 2019, Oxley has accumulated 18.9 percent in UE. Along with its executives Mr. Ching and deputy CEO Mr. Eric Low, Oxley’s direct and indirect interest combined to about 23.5 percent of UE. Despite that, Oxley has been unsuccessful in getting any of its executives on the UE board even after two appeals by Mr. Ching. Why? This raises serious doubts about whether UE is an entity that bothers about the rights of its minority shareholders, and we are talking about a minority that holds a very substantial amount of shares in the company.

Also leaving retail and minority investors feeling high and dry was UE’s decision to go on a separate placement of its entire block of treasury shares at a price of $2.58 per share. In 2017, minority shareholders had voted against the YPI’s offer price of $2.60 per share, leading to the takeover offer to lapse. Following which, YPI cannot increase its stake in UE by more than one percent every six months, unless it embarks on another general offer. 

The latest episode thus left investors wondering if the move was YPI’s strategy to accumulate an increased stake in UE via a third party who could end up being acting in concert hence the secrecy. Regardless, it also dented confidence in the current UE board. Looking at the public forum of Sharejunction, most forumers seem to show some distaste for the sale.

Responding to concerns raised by Oxley on whether UE’s board had fetched the best price possible, UE managing director Mr. Roy Tan explained that it was “only normal for companies to place out shares at the market price”. Adding further that the UE board “chose not to approach Oxley directly in order to avoid an interested-person transaction (IPT) that would require shareholders’ approval.” UE shares were trading around $2.57 then.

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05-08-2019, 12:26 PM. (This post was last modified: 05-08-2019, 12:32 PM by Jamesbond008.)
Post: #350
RE: United Engineers
To Chairman of United Engineers Limited;

Please show us how a Company should conduct good corporate governance, just like Singapore. 





Regards
James

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