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UE jumps 10% on subsidiary sale

Group to sell MFlex at US$23.95 per share, reaping S$505m in net proceeds

Published Fri, Feb 5, 2016 · 09:50 PM

Singapore

SHARES of engineering and property group United Engineers (UE) jumped 10 per cent on Friday after it said it was looking to dispose its indirectly-owned unit MultiFineline Electronix (MFlex) - a move that could see it reap over S$500 million in proceeds.

The buyer is Shenzhen-listed stamping and sheet metal manufacturer, Suzhou Dongshan Precision Manufacturing.

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