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United Engineers' shares tumble after stake sale fails
[SINGAPORE] Shares in Singapore's United Engineers Ltd fell 15 per cent after Oversea-Chinese Banking Corporation (OCBC) and its insurance arm failed to reach an agreement to sell their stake in the company.
On Monday, shares in the engineering and property group slumped to their lowest since August 2014, with 6.9 million shares traded in the first few minutes of the session, 1.5 times the average 30-day volume.
OCBC and Great Eastern Holdings had entered into exclusive talks with TCC Top Enterprise Ltd, a company controlled by Thai billionaire Charoen Sirivadhanabhakdi and his wife, over the stake sale in August.
OCBC and related companies own around 36 percent of United Engineers.