Minority investor says UOI is over-capitalised and should distribute Haw Par as dividend-in-specie

Activist value-investor Ong Chin Woo, who represents shareholders holding 5% of United Overseas Insurance (SGX:U13) ’s shares in issue, has written to the Board of Directors proposing two resolutions to be tabled at UOI’s annual general meeting to be held in April.

Resolution 1: To distribute UOI’s 4,274,600 ordinary shares in Haw Par Corporation (SGX:H02)  directly to UOI shareholders.