UOL raises stake in UIC

UOL Group (UOL), the property firm controlled by United Overseas Bank chairman Wee Cho Yaw, has raised further its interest in United Industrial Corp (UIC).

On Friday, wholly-owned subsidiary UOL Equity Investments bought 50,000 shares in UIC in the open market for S$2.40 each, raising UOL’s interest in UIC to 42.024 per cent.

The purchase comes two days after UOL boosted its stake in UIC to 42 per cent from 32.3 per cent, after buying out UOB’s entire shareholding in the office landlord.

That move had also allowed Mr Wee to become UIC’s largest shareholder, surpassing Filipino Tycoon John Gokongwei, who has a 35.98 per cent stake according to Bloomberg data.

Both men have long been engaged in a tug-of- war over the company, and have been buying up shares in UIC in the open market in the past two months.

Mr Wee had launched an unsuccessful takeover last year. A similar move by Mr Gokongwei failed in 2005.

Source : Channel NewsAsia – 24 Dec 2010

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