Oct 06, 2016

    OUE: No talks on UE purchase

    DEVELOPER OUE has commented on talk of its interest in property play United Engineers (UE), saying there are no ongoing discussions and it will make an announcement should it be buying shares in the firm.

    "Although the company has been approached in relation to the purchase of shares of United Engineers, there are no ongoing discussions and there is no assurance whatsoever that any definitive or binding agreement for the purchase of shares of UE by the company will be reached," OUE said.

    It added that the company "will make an appropriate announcement" should there be a definitive agreement

    to buy shares in UE.

    United Engineers rallied 4 per cent yesterday to $2.64 after a Bloomberg report on OUE's interest went out.

    The counter's rally attracted a Singapore Exchange query.