OCBC mulling sale of United Engineers stake again: sources

Singapore

OVERSEA-Chinese Banking Corp (OCBC) and affiliates are again weighing the sale of their stake in United Engineers Ltd, a century-old Singapore property and construction company, according to people with knowledge of the matter.

OCBC, its insurance arm Great Eastern Holdings Ltd and the bank's founding Lee family are working with an adviser to start gauging interest, the people said, asking not to be identified as the deliberations are private.

OCBC and Great Eastern Holdings on Monday said they are currently reviewing strategic options over their combined stakes in United Engineers Limited (UEL) and WBL Corporation Limited (WBL). "No decision has been made at this time to pursue any specific transaction or any other strategic option, and there is no certainty that the strategic review will result in the completion o…