OCBC mulls divesting stake in engineering services firm

But it is still reviewing strategic options.

OCBC and its affiliates were reportedly weighing the sale of their stake in United Engineers (UEL) yet again.

According to a report on Bloomberg, OCBC and its insurance arm Great Eastern Holdings, are working with an adviser to start gauging interest.

However, the group said they are currently reviewing strategic options with respect to their combined stakes in UEL.

"No decision has been made at this time to pursue any specific transaction or any other strategic option, and there is no certainty that the strategic review will result in the completion of any transaction or other options," the group said.

This is confirmed by a statement released by UEL.

"The Company notes that no decision has been made by OCBC Bank and GEH to pursue any specific transaction or any other strategic option with respect to their combined stakes in the Company," UEL noted.

The Bloomberg report said OCBC and its affiliates own more than 30% of UEL.

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