SINGAPORE (Jan 5): United Engineers says that the strategic review by OCBC Bank and Great Eastern Holdings of their shareholdings in UE and WBL Corporation is still “ongoing”, even as OCBC and GE announced on Thursday that they have jointly appointed Credit Suisse Singapore as their financial adviser.

(See also: United Engineers said to seek bids for century-old company)

This was in response to the query from the Singapore Exchange in relation to the “unusual price movements” of UE’s shares on Thursday.

UE added that there is “no certainty” that the review will lead to the conclusion of any transaction.

OCBC, its founding Lee family, and GE collectively own more than 30% of UE and a purchase of their stake would trigger a mandatory takeover offer.

Shares in OCBC, GE and UE closed at $9.18, $20.43, and $2.66 on Thursday.