You are here

OCBC, Great Eastern evaluating proposals for United Engineers, WBL

Thursday, June 1, 2017 - 07:48

41809758.1 (42522845) - 11_05_2017 - rbocbc12.jpg
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.

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)

sentifi.com

Market voices on:

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.

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom