UOL Group chairman Wee Cho Yaw boosted his deemed interest in the property company recently.


A Singapore Exchange filing showed that he bought 400,000 UOL shares on the open market at an average cost of about $3.86 on Tuesday.


The trade, which was done via his investment vehicle, CY Wee & Co, was announced on Wednesday.


The transaction raises his deemed stake from 228.17 million shares to 228.57 million shares, or about 28.71 per cent of the company’s issued share capital.


Mr Wee, who is also the chairman of United Industrial Corporation and United Overseas Bank, holds a direct stake of 3.39 million shares.


According to financial portal Shareinvestor, this is his second purchase this year.


Last month, he also acquired 400,000 shares on the open market – for $3.972 apiece via CY Wee & Co.


Last week, UOL reported that its first-quarter net profit dropped 38 per cent to $50.5 million from $81.5 million in the previous corresponding period. The plunge was because of the absence of an exceptional gain of $37.1 million from the sale of Central Plaza and a $4.9 million write-back.


The company said sentiment in the private residential market is likely to remain cautious, while the increase in rental rates for office space is likely to be more moderate. It added that it was cautiously optimistic about the tourism sector in Singapore and most of the region.


Yesterday, UOL shares closed five cents down at $3.86, with 2.23 million units done.


Source: Straits Times


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