SINGAPORE (Oct 5): OUE says the company "has been approached" to purchase shares in United Engineers, although it did not revealed who made the approach.
But OUE says there are no ongoing discussions and there is no assurance that any definitive or binding agreement for the purchase of UE shares by the company will be reached.
OUE made the clarification after Bloomberg reported last night that OUE, backed by the billionaire Riady family, was planning to pursue a stake in UE.
The report added that OUE was interested in bidding for shares held by Oversea-Chinese Banking Corp. and its affiliates.
OUE says it will make announcements when appropriate in the event there is any definitive agreement to purchase shares of UE.
At 11.53am, shares in OUE are trading 1 cent lower at S$1.78 as of 11.11 am, while shares of UE are up 7 cents at S$2.60.