SINGAPORE (July 23): The Wee family, who are controlling shareholders of property developer UOL Group, has been steadily buying up the company’s shares over the past two weeks.
The family started buying on July 6, right after UOL’s share price dropped to a 52-weeklow as investors reacted to the announcement of a new round of pre-emptive cooling measures for the property market. The government had made the surprise announcement after the market closed the day before, causing shares in both property and bank counters to tumble.
The family bought 6.2 million shares from the open market on July 6 via Wee Investments (Pte) Ltd, a vehicle which they control. They paid an average of just below $6.89 per share. On July 10, they bought another one million shares at just below $6.76 per share. On July 12, Wee Investments bought another 160,000 shares at $6.69 each.