Earlier today, Bloomberg reported that the estate of Wee Cho Yaw, the late patriarch of United Overseas Bank(UOB) transferred control of the remaining shares it held to his heirs.
The estate relinquished control over the lender and family’s real estate arm UOL Group according to filings on Wednesday.
As such, the younger Wee’s deemed interest in UOL Group has increased to 250.3 million shares, or 29.71% of the total number of ordinary voting shares.
His deemed interest in Haw Par Corporation has increased to 76.6 million shares, or 34.88% of the total number of ordinary voting shares.
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The younger Wee holds more than 20% of the voting shares in C.Y. Wee & Company, which are the family’s holding companies owned wholly by Wee Cho Yaw’s wife, three sons and two daughters.
Shares in UOL Group closed 9 cents higher or 1.573% up at $5.81 on March 7, while shares in Haw Par Corporation closed 8 cents higher or 0.621% up at $12.96 on March 7.
