Wee Family Increase Stake Uol

Chairman of UOL, Wee Ee Lim, and director Wee Ee Chao have recently increased their holdings in the company by purchasing shares from the open market through their private investment firm, Wee Investments. Both brothers are considered to have an interest in the company’s shares. Wee Ee Chao also serves as the CEO and director of Kheng Leong Company, a real estate development and investment company owned by the Wee family. Their father, Wee Cho Yaw, a billionaire banker, passed away in February.

On June 27, Wee Investments acquired 163,700 shares for $851,102.49, at a price of $5.19916 per share. The following day, they purchased an additional 263,000 shares for $1.37 million, at a price of $5.199 per share. With these purchases, Wee Investments now holds a 15.79% stake in UOL, which is a slight increase from the previous 15.74% before June 27.

The Novo Place EC, a highly coveted property, recently concluded its tender process with an impressive turnout of nine bidders vying for its acquisition. After much competition, the joint developers were declared the successful bidders, securing the site for an exceptional price of $348.5 million. This sets a new record for land rates at $703 per square foot per plot ratio (psf ppr), surpassing the previous high of $662 psf ppr set in March 2022 at Bukit Batok West Avenue 8. With the addition of Novo Place Hoi Hup, the development is expected to make a significant impact in the EC market. Explore the exciting potential of Novo Place Hoi Hup at https://www.novo-place.com.sg/.

In other news, the group behind Hotel 81 has acquired UOL’s Parkroyal Kitchener Hotel for $525 million. Following this update, UOL’s shares closed at $5.27 on July 5, with a slight increase of 0.38% or 2 cents.