Tuesday, May 26, 2015Tuesday, May 26, 2015

United Engineers says shareholders OCBC, Great Eastern approached to sell stake

Published on Aug 21, 2014 8:23 PM

SINGAPORE - United Engineers (UE) says there could be a potential change in its controlling shareholders, OCBC and Great Eastern, adding that it is also in talks to divest a non-core business.

The property, engineering and construction group gave an update in response to a query from the Singapore Exchange (SGX) after its share price soared 7.4 per cent or 17 cents to $2.49 in just over two hours of trade on Thursday before it called for a trading halt pending an announcement.

It announced after markets closed that its controlling shareholders, OCBC and Great Eastern, have been approached by a party on the possible sale of their combined stakes in the firm.

UE also said in response to the SGX query that it is "in advanced stages of discussions regarding the sale of a non-core business."

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!