Wednesday, November 25, 2020

Singapore Firms Announce Deal to Boost Property Portfolio

UOL Group Ltd. and Haw Par Corp., two listed companies largely owned by 88-year-old Singapore billionaire Wee Cho Yaw, announced a deal that may make UOL one of the largest owners of commercial space in Singapore.

Property investor UOL will sell 27.3 million new shares to Tiger Balm maker and investment holding firm Haw Par in exchange for 60 million United Industrial Corp. shares owned by Haw Par’s wholly-owned subsidiary, UOL said in a statement to the Singapore stock exchange. On completion, UOL’s stake in United Industrial will increase to 48.94 per cent from 44.71 per cent, it said.

The deal “will offer greater diversification by increasing access to UIC’s commercial property portfolio in the Singapore Central Business District,” UOL said in the statement. “The proposed transaction will enable UOL and UIC to further align strategic interests and collaborate to acquire land banks, office and retail properties.”

This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Leave a Reply

eleven − 2 =