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OCBC says did not reach deal to sell United Engineers stake to Thai billionaire

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Singapore's Oversea-Chinese Banking Corporation (OCBC) and its insurance arm said they did not reach an agreement to sell their stake in United Engineers to a company controlled by Thai billionaire Charoen Sirivadhanabhakdi.

[SINGAPORE] Singapore's Oversea-Chinese Banking Corporation (OCBC) and its insurance arm said they did not reach an agreement to sell their stake in United Engineers to a company controlled by Thai billionaire Charoen Sirivadhanabhakdi.

OCBC and Great Eastern Holdings had entered into exclusive talks with TCC Top Enterprise, controlled by Mr Charoen and his wife, over the stake sale in August.

OCBC and related companies own around 36 per cent of United Engineers, which has a market capitalisation of US$1.5 billion.

"OCBC Bank and GEH wish to update their respective shareholders that the parties are not able to reach an agreement on an appropriate transaction structure for the possible transaction and the exclusivity agreement has lapsed," OCBC said in a statement on Saturday.

United Engineers shares closed down 3.4 per cent on Friday.

REUTERS