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UE said to be in final stages of Wearnes Auto sale

Property company is itself in play, divesting its non-core assets

Published Mon, Aug 25, 2014 · 10:00 PM
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AFTER looking for some time for the right buyer, property and engineering conglomerate United Engineers (UE) is reportedly close to selling its automotive business, Wearnes, for as much as S$450 million.

The company has been divesting non-core assets. UE said earlier in August that it is divesting indirect subsidiary MFS Technology for S$124 million.

Wearnes distributes luxury cars in South-east Asia, including brands like Bentley, Bugatti, McLaren, Jaguar, Land Rover, Infiniti, BMW and Volvo.

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