UOL increases stake in UIC to 49.78%

The move is in line with plans to achieve statutory control of UIC.

UOL Group Limited announced that it has increased its interest in United Industrial Corporation (UIC) to 712.92 million shares or 49.78% of share capital.

According to a filing at the SGX, the increase in shareholdings was attributable to purchases made by UOL’s wholly-owned subsidiary, UOL Equity Investments Pte Ltd of 11.76 million UIC shares at the average price of $3.31 per share.

The acquisitions were in line with UOL’s goal of consolidating its interest in UIC as it plans to achieve statutory control over UIC in the future.

Of the 11.68 million shares, 85,000 were purchased in the open market and the rest were bought from Dr Wee Cho Yaw, Mr Wee Sin Tho, an associate of Gwee Lian Kheng and subsidiaries of Haw Par Corporation Limited.

UOL is considering plans to acquire additional UIC shares in the future.