OUE: No ongoing talks on United Engineers, will announce if buying

DEVELOPER OUE has commented on talk of its interest in property play United Engineers (UE), saying there are no ongoing discussions and it will make an announcement should it be buying shares in the firm.

"Although the company has been approached in relation to the purchase of shares of United Engineers Ltd, there are no ongoing discussions and there is no assurance whatsoever that any definitive or binding agreement for the purchase of shares of UE by the company will be reached," OUE said.

It added that the company "will make an appropriate announcement" should there be a definitive agreement to buy shares in UE.

United Engineers had rallied 4 per cent on Wednesday to S$2.64 after a Bloomberg report on OUE's interest was out. The counter's rally attracted a Singapore Exchange (SGX) query.

OUE was down a cent to S$1.785 before a trading halt for its latest announcement. The halt will be lifted at 12pm.

United Engineers was up seven cents to S$2.60 as at 11.40am.