SIC rules in favour of UOL on certain trades by UOBAM

Singapore

UOL Group Limited said it has alerted the Securities Industry Council of Singapore (SIC) of certain trades on its shares by UOB Asset Management Ltd (UOBAM), which resulted in a breach of condition under an application to SIC for a whitewash waiver.

The application to SIC was to waive Haw Par Corporation's obligation to make a mandatory offer for UOL arising from a share swap agreement in June.