UOL gains statutory control of UIC

Singapore

UOL Group has gained statutory control of United Industrial Corporation (UIC), after its stake in UIC crossed 50 per cent on Wednesday.

In a regulatory filing, UOL said its stake in UIC hit 50.006 per cent of the latter's issued capital, after its wholly owned unit UOL Equity Investments acquired 300,000 UIC shares on Wednesday at S$3.29438 per share.