OCBC and Great Eastern mulling sale of combined stakes in United Engineers

The parties are in preliminary discussions.

OCBC made the headlines yesterday following reports that it might sell its 34.1% stake in United Engineers to Thai billionaire Charoen Sirivadhanabhakdi.

After trading hours yesterday, the bank and Great Eastern Holdings revealed that “they have been approached by a party in connection with a possible transaction relating to their combined stakes in UEL and WBL Corporation Limited.”

“Discussions are preliminary at this stage and shareholders of OCBC Bank and GEH are advised that there is no certainty that any transaction or agreements will be entered into pursuant to these discussions,” the statement noted.

Here’s more from OCBC and GEH:

Shareholders are further advised to exercise caution when dealing in the shares of OCBC Bank or GEH and to refrain from taking any action in respect of their investments which may be prejudicial to their interests.

In the event that shareholders wish to deal in the shares of OCBC Bank or GEH, they should seek their own professional advice and consult with their own stockbrokers.

OCBC Bank and GEH will, in compliance with applicable rules (including the Corporate Disclosure Policy of the Listing Manual of the Singapore Exchange Securities Trading Limited), make further announcements as appropriate.