OCBC in talks with Thai firm to sell UE stake

OCBC Bank and its insurance arm, Great Eastern Holdings, have agreed to exclusively discuss a sale of their stakes in United Engineers (UE) and WBL Corporation with a company controlled by Thai tycoon Charoen Sirivadhanabhakdi and his wife, Khunying Wanna Sirivadhanabhakdi.

The exclusivity agreement, which Mr Charoen is carrying out through TCC Top Enterprise, began on Tuesday and will last for six weeks after due diligence is granted.

OCBC shares last traded at S$10.01 on Wednesday. Great Eastern closed at S$22.70, while UE headed out at S$2.82.