United Engineers shareholders seek bids for the century-old company

First-round bids are due by the end of January.

United Engineers Ltd.’s largest shareholders have started formally assessing buyer interest in the century-old Singapore property group, a report from Bloomberg said.

The major shareholders of the company, which has a market value of S$1.7 billion ($1.2 billion), have been sending preliminary financial information on United Engineers’s business to potential bidders since the end of December, the people said. At least 10 parties including regional property developers, private equity firms and real estate funds have indicated interest, the people said, asking not to be identified because the information is private.

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