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OCBC reviewing strategic options for United Engineers, WBL stakes

Monday, September 26, 2016 - 20:27

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OCBC Bank and Great Eastern Holdings on Monday said that they are currently reviewing strategic options over their combined stakes in United Engineers Limited (UEL) and WBL Corporation Limited (WBL).

OCBC Bank and Great Eastern Holdings on Monday said that they are currently reviewing strategic options over their combined stakes in United Engineers Limited (UEL) and WBL Corporation Limited (WBL).

"No decision has been made at this time to pursue any specific transaction or any other strategic option, and there is no certainty that the strategic review will result in the completion of any transaction or other options," it said.

The announcement confirms a report from Bloomberg on Monday.

Exclusive talks between OCBC and Charoen Sirivadhanabhakdi, Thailand's richest person, had lapsed last year. OCBC, Great Eastern and the Lee family - which founded the bank - own more than 30 per cent of UEL, Bloomberg reported. UEL controls WBL.

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