OUE Limited (SGX:LJ3) intends to acquire a stake in United Engineers Limited (SGX:U04) . OUE is interested in bidding for shares held by Oversea-Chinese Banking Corporation Limited (SGX:O39), a person with knowledge of the matter said. The person asked not to be identified as the information is private.

No formal process for sale has been started yet and other parties could also express interest, another person familiar with the matter said. OUE has been approached in relation to the purchase of United Engineers shares but there are no ongoing discussions and no assurance of any definitive agreement, OUE said in a filing with the Singapore stock exchange. United Engineers shares surged 6.3% to S$2.69.