Deals
OCBC Said in Talks to Sell United Engineers Stake to Charoen
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Oversea-Chinese Banking Corp. is in talks to sell its stake in United Engineers Ltd., a Singapore property and construction company, to Thai billionaire Charoen Sirivadhanabhakdi, people familiar with the matter said.
The discussions are at an early stage, said one of the people, who asked not to be identified as the deliberations are private. OCBC, its insurance unit and the bank’s founding Lee family together own 34.1 percent of United Engineers, according to a filing in August last year. Buying more than a 30 percent stake would trigger a mandatory takeover offer for United Engineers under Singapore rules.