UE/WBL

UE/WBL: Both stocks requested for trading halt pending anncmt. We hazard the possibility of a restructuring within the OCBC group as the bank holds direct and deemed interests (via Great Eastern) in both UE (19.4% stake) and WBL (24.8%). At the sametime, WBL owns a 7.5% stake in UE and is subject of a conditional takeover by Straits Trading, which recently raised its stake in the company to 44.55% via purchases from Third Avenue and Aberdeen Asset Mgmt.