10 Jan '17, 9am

Owners of United Engineers said to be mulling sale #propertynews

UEL’s large portfolio of properties includes shopping centres, hotels and condominiums. (Photo: Wikimedia Commons) The biggest stakeholders of United Engineers Limited (UEL), which has a market capitalisation of $1.7 billion, have officially begun evaluating buyer interest in the 105-year-old Singapore property conglomerate, reported Bloomberg , citing sources privy to the matter. Last September, the firm’s major shareholders comprising Oversea-Chinese Banking Corporation (OCBC) and its insurance arm Great Eastern Holdings announced that they were assessing strategic options for their collective stake in UEL. In October, developer OUE confirmed reports that UEL approached it regarding a possible share buyout, but said it wasn’t involved in any discussions, according to a Straits Times report. Since December 2016, UEL’s largest owners have been disclosing financial informat...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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