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UOL acquires more UIC shares through off-market purchases

UOL Group has acquired more shares in United Industrial Corporation (UIC) through off-market purchases, boosting its stake in UIC to 49.84 per cent.

The group, through its wholly-owned subsidiary UOL Equity Investments Pte Ltd, bought 27,181 UIC shares on Nov 28-29 at an average price of S$3.3072 per share.

In all, it now holds 713.75 million UIC shares, it said in an exchange filing on Wednesday evening.

UOL has been raising its interest in UIC with the aim of achieving statutory control of the firm in future.

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