Singapore's United Engineers unit sells auto business for $365 mln

SINGAPORE Mon Aug 25, 2014 8:28pm EDT

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SINGAPORE Aug 26 (Reuters) - Singapore's United Engineers Ltd said on Tuesday its subsidiary WBL Corporation was selling its automotive business to luxury car distributor StarChase Motorsports (Singapore) Pte Ltd for S$455 million($365 million).

The company said the sale was part of its plan to exit from non-core business operations. WBL, which is 67.6 percent owned by United Engineers, imports and distributes luxury cars across Singapore, Malaysia, China, Thailand, Indonesia and Vietnam.

Oversea-Chinese Banking Corp is in talks with a group linked to Thai billionaire Charoen Sirivadhanabhakdi to sell its stake in United Engineers.

(1 US dollar = 1.2511 Singapore dollar) (Reporting by Rachel Armstrong; Editing by Edwina Gibbs)

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