OCBC fails to sell United Engineers stake to Thai billionaire

The exclusivity agreement has lapsed.

OCBC and Great Eastern Holdings have revealed that the proposed sale of their 34.1% stake in United Engineers will not be pushing through.

The possible stake sale was first announced in August 21. The potential buyer was TCC Top Enterprise Limited, a company controlled by Thai tycoons Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi.

OCBC and GEH have entered an exclusivity agreement with TCC, but the the agreement lapsed without reaching a consensus on the appropriate transaction structure for the deal.

Had the deal pushed through, Sirivadhanabhakdi would have been compelled to launch a mandatory takeover offer for UEL under Singapore’s listing rules.

Follow the link for more news on

OCBC Bank

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia