SINGAPORE, Aug 21 (Reuters) - Oversea-Chinese Banking Corporation Ltd and its subsidiary Great Eastern Holdings Ltd said on Thursday they are in talks to sell their stakes in engineering and property firm United Engineers Ltd (UEL).
“OCBC Bank and GEH wish to announce that they have been approached by a party in connection with a possible transaction relating to their combined stakes in UEL and WBL Corporation Limited (”WBL“),” said a joint statement by OCBC and Great Eastern Holdings. WBL is a subsidiary of the property and engineering firm UEL
Earlier, people familiar with the matter said OCBC was in talks to sell its stake in UEL to a group controlled by Thai billionaire Charoen Sirivadhanabhakdi.
Reporting by Rujun Shen; Editing by Miral Fahmy