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OCBC, Great Eastern evaluating proposals for United Engineers, WBL
OVERSEA-CHINESE Banking Corporation (OCBC) and Great Eastern (GEH) on Thursday said that they have received proposals from several parties regarding their combined stakes in United Engineers and WBL Corporation.
"OCBC Bank and GEH are evaluating these proposals and are in discussions with such parties, and there is no certainty that any transaction will materialise or that any agreement will be entered into," they said in a statement.
A Bloomberg article on Wednesday said that OCBC and GEH have picked Perennial Real Estate Holdings for final talks to buy the century-old United Engineers, citing people with knowledge of the matter.
(See amendment note)
Amendment: In an earlier version, we had cited a Bloomberg report saying that SingHaiyi is in the bidding process for United Engineers. SingHaiyi has clarified that it has never been involved in the bidding process.