OCBC in talks with Thai tycoon to sell United Engineers stake - sources
SINGAPORE Aug 21 (Reuters) - Oversea-Chinese Banking Corp , Singapore's second-biggest lender, is in talks with a group linked to Thai billionaire Charoen Sirivadhanabhakdi to sell its stake in property firm United Engineers Ltd, two people familiar with the talks said.
OCBC and its linked companies have a nearly 36 percent deemed interest in United Engineers, according to its 2013 annual report.
If the talks succeed, the Charoen-linked group will have to make a takeover bid for United Engineers, which has a market value of $1.2 billion.
The sources declined to be identified because the deal is not public. OCBC declined to comment, while United Engineers did not provide an immediate response.
Charoen-linked companies could not be immediately reached for comment.
Bloomberg reported the news of talks between OCBC and Charoen earlier.
United Engineers' shares were up 7.42 percent at S$2.46 before being halted on Thursday. (Reporting by Saeed Azhar and Rujun Shen; Editing by Gopakumar Warrier)