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.”