OCBC enters exclusive talks with Thai billionaire on United Engineers stake

Singapore’s Oversea Chinese Banking Corporation and Great Eastern Holdings said on Wednesday that they are now in exclusive talks with a company controlled by Thai billionaire Charoen Sirivadhanabhakdi and his wife Khunying Wanna Sirivadhanabhakdi regarding the sale of the Singapore companies’ stake in United Engineers.

OCBC and its insurance arm GEH said the talks with TCC Top Enterprise are at a preliminary stage and the exclusivity agreement will last for six weeks.

OCBC and related companies own around 36% of United Engineers. News of the possible deal first broke last week.