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OUE says approached on United Engineers' stake, no assurance of deal
October 5, 2016 / 4:15 AM / a year ago

OUE says approached on United Engineers' stake, no assurance of deal

SINGAPORE, Oct 5 (Reuters) - OUE Ltd, a Singapore property developer backed by Indonesia’s billionaire Riady family, said it has been approached for the purchase of shares in real estate owner United Engineers Ltd, but there is no assurance of a binding agreement.

The statement came after Bloomberg News reported that OUE, whose chairman is Stephen Riady, is interested in bidding for a stake in United Engineers (UEL) owned by Oversea-Chinese Banking Corp, Singapore’s second-biggest lender, and its affiliates.

There “are no ongoing discussions and there is no assurance whatsoever that any definitive or binding agreement for the purchase of shares of UEL by the company will be reached,” OUE said in a statement.

OCBC, Great Eastern and affiliated group Lee Foundation hold a stake of 30.6 percent in United Engineers, according to Thomson Reuters data. UEL has a market value of $1.2 billion.

Last month OCBC and its insurance unit Great Eastern Holdings said they were reviewing options for their combined stakes in United Engineers.

OUE did not say who approached the company for the UEL stake.

Shares of United Engineers were up 3 pct in late morning trade. Overseas Union shares were down 0.6 percent.

Reporting by Saeed Azhar; Editing by Simon Cameron-Moore

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