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Hot stocks: UOL, UIC rise after share swap announcement

PROPERTY firms UOL and UIC rose on Friday after announcing a share swap where investment holding company Haw Par Corporation will sell a significant UIC stake to UOL in exchange for new shares in UOL.

The move has triggered speculation of a privatisation of UIC by UOL amid an increasingly rosy outlook for the domestic property market.

As at 9.14am, UOL was trading at S$8.07, up 39 cents or 5 per cent.

UIC was trading at S$3.39, up 11 cents or 3.4 per cent.

Haw Par was up 2 cents to S$11.33.