UEL to dispose of listed engineering unit for S$230m

UNITED Engineers Ltd (UEL) strategy of divestments is gathering momentum. It has received an offer from a private equity firm of S$1.25 per share for its listed UE E&C, the company said late Friday night.

UEL and subsidiary UES Holdings have signed an agreement to sell their stake in the diversified engineering and construction group to Universal EC Investments and Southern Capital Group, subject to certain terms.

Under the terms of the agreement, the offerer will make a voluntary conditional offer to acquire all the ordinary shares of UE E&C, subject to certain terms, at S$1.25 a share.