Any special resolution put forward by the company would probably require an irrevocable undertaking from JG Summit to vote in favour. “We have very good relations with them, with the next generation, with Lance in particular,” says Jonathan Eu, COO of UIC. Lance Gokongwei is the CEO of JG Summit and chairman of Robinsons Land, both listed in the Philippines. Gokongwei is also a member of UIC’s audit and risk committee.
An august name among property stocks looks set to make a comeback on the Singapore Exchange, only this time around it will be helmed by a 4G or fourth-generation leader. On April 23, in a special resolution that requires 75% of those present to vote in favour, United Industrial Corp (UIC) will be renamed Singapore Land Group or Singland for short, says a UIC announcement on April 1.
Since the renaming of UIC to Singland is a special resolution, 75% of shareholders present or by proxy have to vote for the resolution. UIC’s two major shareholders are UOL Group, with a deemed stake of 50.37% and JG Summit Holdings with 37.05%, according to its annual report. Minority shareholders comprise just 12.58%. Although UIC has more than 1.4 billion shares in issue, it has only around 10,000 shareholders.
