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UOL Group Limited said on Monday that its interest in United Industrial Corporation (UIC) has increased to 712.92 million UIC shares or 49.78 per cent of UIC's issued share capital.
This was shored up through purchases of 11.76 million UIC shares by UOL's wholly owned subsidiary UOL Equity Investments on Nov 20 at an average price of S$3.3072 per UIC share.
Of these, 85,000 shares were acquired in the open market and the rest from subsidiaries of Haw Par Corporation, UOL chairman Wee Cho Yaw, an associate of UOL CEO Gwee Lian Kheng and UOL director Wee Sin Tho.
"The acquisitions undertaken were in line with the company's objective of consolidating its interest in UIC to achieve statutory control of UIC in the future," UOL said in a regulatory filing.