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Singapore's United Engineers unit sells auto business for $365 mln
August 26, 2014 / 12:30 AM / 3 years ago

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

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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