SINGAPORE Aug 26 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
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)