UGL tight-lipped on possible DTZ sale

Engineering group receives confidential bids for property services arm DTZ, discussions continue.

Engineering group UGL says it has received confidential and conditional bids for its property services business DTZ but discussions have not yet concluded, after the Australian Securities Exchange asked for an explanation of a sharp share price fall.

At 2.22pm (AEST), UGL shares were 10.26% lower at $6.82, against a benchmark index fall of 0.93%.

The ASX asked UGL to explain if any information had not been announced to the market that could explain the share price fall. 

UGL said it is evaluating whether a sale of DTZ is in the best interests of shareholders and added there was no guarantee the process would result in a binding offer.

The group said it was not in a position to disclose any more information and would inform the market about material developments when it's in a position to do so.