OUE says no ongoing talks for purchase of UE shares

The OUE building in Singapore.
The OUE building in Singapore. ST PHOTO: KUA CHEE SIONG

SINGAPORE - OUE Ltd on Wednesday (Oct 5) filed a statement clarifying a Bloomberg News article on the Riady family seeking a stake in United Engineers (UE).

OUE said in the filing with the Singapore Exchange that although the company had been approached regarding the purchase of UEL shares, "there are no ongoing discussions and there is no assurance whatsoever that any definitive or binding agreement" for the purchase of UE shares by the company will be reached.

OUE added that it would make an appropriate announcement in the event of a definitive agreement to buy UE shares.

Bloomberg reported that OUE is interested in bidding for shares held by OCBC and its affiliates. OCBC and its insurance arm Great Eastern Holdings said last month they were reviewing options for their combined UE stakes. The Singapore firms and the bank's founding Lee family own more than 30 per cent of UE.

OUE shares was down a cent to S$1.785 before it called for a trading halt around 11.13am. The shares resumed trading at noon and were down 4 cents, or 2.2 per cent, to S$1.755 at 12.22pm. UE shares were up 8 cents,or 3.2 per cent, to S$2.61.