Wee Family Increase Stake Uol

In a recent move, UOL Group’s chairman, Wee Ee Lim, and director, Wee Ee Chao, have made significant investments in the company’s shares. The brothers, who are considered to have a vested interest in the firm, have acquired more shares through their investment arm, Wee Investments. The Wee family is well-known for their successful real estate development and investment company, Kheng Leong Company, of which Wee Ee Chao serves as CEO and director. The family patriarch, billionaire banker Wee Cho Yaw, passed away in February this year.

On June 27, Wee Investments purchased 163,700 shares of UOL for $851,102.49, at a price of $5.19916 per share. The following day, the firm acquired an additional 263,000 shares for $1.37 million, at the same price per share. As a result of these transactions, Wee Investments’ stake in UOL has increased by 0.05% to 15.79%, from 15.74% prior to June 27.

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In related news, the group behind Hotel 81 has acquired UOL’s Parkroyal Kitchener Hotel for $525 million. This purchase has been met with positive response, as UOL’s shares closed at $5.27 on July 5, marking a 0.38% increase, or 2 cents higher than the previous close.