OUE denies “ongoing talks” to buy United Engineers stakes

But it admits being approached for the said matter.

Following the news of the planned purchase of stakes in United Engineers Ltd. (UE), OUE Ltd. clarified that there have been no talks or definitive plans to pursue with the purchase just yet.

In a statement filed to the Singapore Exchange, OUE admitted that it has been approached in relation to the purchase of shares of UE but as of the moment, no discussions have started between the stakeholders.

"There is no assurance whatsoever that any definitive or binding agreement for the purchase of shares of UE will be reached," OUE stated.

Earlier, Bloomberg reported that OUE is backed by billionaire Riady family in its plan to pursue a stake in UE.

OUE stressed that they will make an appropriate announcement in the event that there is any definitive agreement to purchase shares of UE.

Last month, OCBC and Great Eastern Holdings announced that they are reviewing options for their combined stakes in UE.