UOI to review proposal on Haw Par stake

The group said it would make further announcements when appropriate.

United Overseas Insurance Limited (UOI) said it would review a proposal to distribute shares in Haw Par Corporation Limited held by the company to its shareholders and appoint a financial advisor to explore options to unlock shareholder value.

This was in response to media reports saying that certain minority shareholders proposed actions to table resolutions at the upcoming annual general meeting of the Company in April 2025. UOI also said that it has been contacted by a shareholder claiming to act on behalf of these minority shareholders.

The reports indicated that an independent investor, Ong Chin Woo, who is reportedly representing shareholders holding a 5% interest in UOI, has written to the board with two proposed resolutions at the 2025 Annual General Meeting.

The shareholders proposed that UOI’s 4,274,600 ordinary shares in Haw Par Corporation be distributed directly to UOI shareholders and to appoint a financial advisor to evaluate strategic options for maximising shareholder value.

“The Company is reviewing the matter and will make further announcements as and when appropriate. In the meantime, shareholders and potential investors are advised to exercise caution when trading in the Company’s shares, and particularly to act prudently when referencing media reports which are not independently verified by the Company,” UOI said.

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