Minority shareholders request UOI to distribute Haw Par shares, unlock shareholder value

SOME minority shareholders of United Overseas Insurance (UOI) have proposed two resolutions to be tabled at the insurance provider’s upcoming annual general meeting (AGM), in a bid to further unlock shareholder value.

These include distributing UOI’s holding of 4.27 million shares in healthcare player Haw Par Corporation to shareholders of the former, as well as appointing an independent financial adviser (IFA).

The proposal came from a group of shareholders, representing around 2.8 million shares or 4.5 per cent of UOI’s total shares, according to a letter seen by The Business Times.

The group is led by independent investor Ong Chin Woo. In March 2024, Ong, a former remisier, also led a movement to “protect and preserve” shareholder value at insurer Great Eastern Holdings.

At Great Eastern, he and a group of minority investors proposed to table three resolutions at its AGM – withhold directors’ fees, change the share option schemes of employees, and appoint an IFA – but failed as the company said the request was “not in order”.