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KKR, Samling Said Among Shortlisted Bidders for United Engineers

Joyce Koh
Updated

(Bloomberg) -- KKR & Co. and Malaysian conglomerate Samling Group are among suitors shortlisted in the bidding for United Engineers Ltd., the century-old Singapore property group, people with knowledge of the matter said.

Perennial Real Estate Holdings Ltd., Ascendas-Singbridge Pte and an investment vehicle of Malaysian tycoon Lee Ming Tee were also invited to start due diligence, according to the people. Final bids for United Engineers, which has a market value of S$1.8 billion ($1.3 billion), are expected to be submitted around the end of March, the people said, asking not to be identified because the information is private.

The sale process was initiated by the company’s biggest shareholders, Singapore lender Oversea-Chinese Banking Corp. and its insurance unit Great Eastern Holdings Ltd., which said last month they hired Credit Suisse Group AG to advise on a strategic review of their stakes. A buyer of United Engineers would gain a property portfolio that includes Singapore shopping centers like Rochester Mall and mixed-used developments such as UE BizHub City, as well as condominiums, hotels and serviced apartments.

OCBC, Great Eastern and the bank’s founding Lee family own more than 30 percent of United Engineers, people with knowledge of the matter said in September. Buying their shareholdings would trigger a mandatory takeover offer for the company under Singapore rules.

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Ascendas-Singbridge and OCBC declined to comment in e-mailed statements. Spokesmen for KKR, Perennial and United Engineers declined to comment, while calls to Samling’s office in Kuala Lumpur weren’t immediately answered. A representative for Mulpha International Bhd., the Kuala Lumpur-listed property firm backed by Lee Ming Tee’s family, said she couldn’t immediately comment.

--With assistance from Elffie Chew Cathy Chan and Pooja Thakur To contact the reporter on this story: Joyce Koh in Singapore at jkoh38@bloomberg.net. To contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, Timothy Sifert

©2017 Bloomberg L.P.