The real prize in minority investor action at UOI could well be Haw Par Corp
UOI’s high capital ratios and concentrated position in Haw Par shares are probably not an accident; UOB is itself a holder of 17.4 million such shares
Add BT as a preferred source
WHEN former remisier Ong Chin Woo wrote to Great Eastern last year proposing to table resolutions at its annual general meeting (AGM) to address the steep undervaluation of its shares, the insurer sought legal advice and then announced that the request did not satisfy all the necessary requirements.
The Securities Investors Association (Singapore), or Sias, said Great Eastern’s response was “somewhat legalistic”, and that it appeared to “sidestep the substantive concerns raised”.
United Overseas Insurance (UOI) took a much more cordial tone when Ong wrote on Feb 28 asking for two resolutions to be tabled at its upcoming AGM.
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