Complete Property Market Updates of Singapore

May 12, 2008

Directors’ trades: UOL

Filed under: Financing,General — Propertymarketupdates @ 3:15 am


UOL Group chairman Wee Cho Yaw has raised his deemed stake in the company.

He acquired 400,000 shares on the open market for $3.972 apiece on Monday last week through his investment vehicle, CY Wee & Co.

CY Wee is UOL’s largest shareholder with 105.9 million shares, or a 13.3 per cent stake, according to data compiled by Bloomberg.

The transaction is Mr Wee’s first purchase so far this year, according to a company announcement on Wednesday last week.

He last purchased one million shares – at a much steeper price of $5.048 apiece – in November last year.

The latest purchase raised his deemed stake to 228.17 million shares, or 28.66 per cent, of UOL’s issued share capital.

Mr Wee, who is also the chairman of United Industrial Corporation and United Overseas Bank, has a direct stake of 3.388 million shares, or 0.42 per cent, in UOL.

The group has earmarked about $500 million, representing about a third of its available funds, to expand its hospitality business in the Asia-Pacific over the next three years.

UOL recently posted a 124 per cent jump in full-year net profit to $758.9 million on the back of $590.5 million in fair value gains on its investment properties. Revenue came in 18 per cent higher at $709.1 million for the 12 months ended Dec 31.

Its share price fell 1.78 per cent to $3.87 yesterday. It is down more than 14 per cent so far this year, compared to a 6.98 per cent decline in the benchmark Straits Times Index.

UOL will be announcing its first-quarter financial results next Wednesday.

Source : Straits Times – 8 May 2008


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