OCBC might sell United Engineers stake to Thai tycoon: report

It might trigger a mandatory takeover offer for United Engg.

OCBC is in talks to sell its 34.1% stake in property and construction firm United Engineers to Thai billionaire Charoen Sirivadhanabhakdi, a report by Bloomberg revealed today.

Buying more than a 30 percent stake would trigger a mandatory takeover offer for United Engineers under Singapore rules.

United Engineers shares were halted from trading today after they jumped the most in more than four years, prompting Singapore’s stock exchange to ask the company to explain the move.

Read the article in full here.

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