United Engineers unit sells auto business for $455

Singapore’s United Engineers said on Tuesday its subsidiary WBL Corporation was selling its automotive business to luxury car distributor StarChase Motorsports (Singapore) for S$455 million.

The company said the sale was part of its plan to exit from non-core business operations. WBL, which is 67.6% owned by United Engineers, imports and distributes luxury cars across Singapore, Malaysia, China, Thailand, Indonesia and Vietnam.

Oversea-Chinese Banking Corp is in talks with a group linked to Thai billionaire Charoen Sirivadhanabhakdi to sell its stake in United Engineers.