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UOL's whitewash resolution for share swap is 'fair and reasonable': IFA

THE independent financial adviser (IFA) for UOL Group has advised shareholders to vote to waive their rights to receiving a mandatory general offer from Haw Par Corporation.

In a circular dated Aug 8, the IFA, Deloitte & Touche Corporate Finance, said that the whitewash resolution is "fair and reasonable" and that the "proposed transaction is on normal commercial terms and not prejudicial to the interests of the UOL Group and its minority shareholders".

It was announced in June that property group UOL is seeking to buy Haw Par's stake in United Industrial Corporation (UIC) via a share swap.

Under the share swap, 27.3 million new shares in UOL will be issued to Haw Par in exchange for 60 million UIC shares.

An extraordinary general meeting has been called for Aug 24 at 10.30am.

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