THE Singapore Exchange (SGX) issued a "trade with caution" note on
United Engineers on Friday in view of the substantial 7.52 per cent
increase in its share price on Thursday.
United Engineers has responded on Friday that other than the
announcements relating to discussions by controlling shareholders
previously announced in August last year and February this year, "it was
not aware of any other reasons that could possibly explain the trading
in its securities".
The group had disclosed previously that its controlling shareholders,
Oversea-Chinese Banking Corporation Ltd and Great Eastern Holdings Ltd,
have been approached by a party in connection with a possible
transaction relating to their combined stakes in United Engineers and
WBL Corporation Ltd. It had said that this may or may not lead to an
offer for the shares of the group and WBL.
The SGX said on Friday that shareholders and potential investors
should exercise caution when dealing in the securities. "We also wish to
highlight that this is the third query on unusual trading activities in
the shares of United Engineers Ltd in the past six months," the SGX
added.
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