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Shares in UE up 12% on Friday after news of possible OCBC stake sale

Published on Aug 22, 2014 9:23 AM

SINGAPORE (Reuters) - Shares in Singapore's United Engineers rose as much as 12 per cent on Friday on news that Oversea-Chinese Banking Corp is in talks with a group linked to Thai billionaire Charoen Sirivadhanabhakdi to sell its stake in the engineering and property firm.

OCBC, along with related companies, has a 36 per cent interest in United Engineers and is in talks with the Thai tycoon about a possible sale, two sources familiar with the matter told Reuters on Thursday.

United Engineers also said in a statement late on Thursday that it is in talks regarding a possible sale of one of its non-core businesses.