Straits Trading says Tecity raises bid to S$6.70

SINGAPORE, Feb 18 (Reuters) - Singapore's Straits Trading (STCM.SI: Quote, Profile, Research, Stock Buzz) said on Monday that family-owned Tecity Group has raised its offer for the commodities and property firm, trumping an offer made by the family that owns a significant stake in Singapore's third-biggest bank.

Tecity, through its investment vehicle Cairns Pte Ltd, raised its offer to S$6.70 from S$6.50 previously, above the S$6.55 offered by the Lee family, the main shareholders of Oversea-Chinese Banking Corp (OCBC.SI: Quote, Profile, Research, Stock Buzz).

The new Tecity bid values Straits Trading at S$2.18 billion ($1.54 billion).

The higher offer came after OCBC, a major shareholder in Straits Trading, said last week that it does not intend to accept the offer for Straits Trading. (Reporting by Saeed Azhar, editing by Neil Chatterjee)