More upside in store for UOL and UIC

THERE'S more than one way to skin a cat, and seasoned businessman and veteran banker Wee Cho Yaw clearly knows that - going by his latest effort towards his long-time goal of unlocking value in United Industrial Corporation (UIC).

With UIC's second-largest shareholder Philippine tycoon John Gokongwei still a likely hurdle to a takeover of UIC by Mr Wee, the latter has adopted a more prudent and astute approach to gaining control of UIC.

On Friday, UOL Group - another property company that Mr Wee chairs - announced an option agreement with Haw Par Corp, which if exercised, will see it issue 27.3 million new shares to Haw Par in exchange for 60 million UIC shares.