OCBC subsidiary acquires UEL’s two special purpose vehicles for over $353m

UE Orchard and UE Somerset are no more.

United Engineers Limited yesterday revealed that its two special purpose vehicles (SPVs) have been acquired by Specialists’ Centre Private Limited, a subsidiary of OCBC.

The SPVs are UE Orchard and UE Somerset. The entire issued share capital of the SPVs is worth $196,000, while the outstanding shareholder’s loans of the SPVs is worth $353m.

This is pursuant to the Sale and Purchase Agreement entered into by UEL with OCBC Bank in June 2010. Following the disposal, UE Orchard Pte. Ltd. and UE Somerset Pte. Ltd. have ceased to be subsidiaries of the Company and will be known as Orchardgateway Private Limited and Orchardgateway Link Private Limited respectively.