SINGAPORE Oct 5 OUE Ltd, a Singapore
property developer backed by Indonesia's billionaire Riady
family, said it has been approached for the purchase of shares
in real estate owner United Engineers Ltd, but there
is no assurance of a binding agreement.
The statement came after Bloomberg News reported that OUE,
whose chairman is Stephen Riady, is interested in bidding for a
stake in United Engineers (UEL) owned by Oversea-Chinese Banking
Corp, Singapore's second-biggest lender, and its
There "are no ongoing discussions and there is no assurance
whatsoever that any definitive or binding agreement for the
purchase of shares of UEL by the company will be reached," OUE
said in a statement.
OCBC, Great Eastern and affiliated group Lee Foundation hold
a stake of 30.6 percent in United Engineers, according to
Thomson Reuters data. UEL has a market value of $1.2 billion.
Last month OCBC and its insurance unit Great Eastern
Holdings said they were reviewing options for their
combined stakes in United Engineers.
OUE did not say who approached the company for the UEL
Shares of United Engineers were up 3 pct in late morning
trade. Overseas Union shares were down 0.6 percent.
(Reporting by Saeed Azhar; Editing by Simon Cameron-Moore)