United Industrial Corp (U06.SG) may gain .....

2357 GMT (Dow Jones) Thinly-traded United Industrial Corp (U06.SG) may gain as
major shareholder UOL Group's (U14.SG) move to increase its stake could raise
investors' confidence in the Singapore office landlord. UOL is buying a 9.7%
stake in UIC from United Overseas Bank (U11.SG) for S$320.5 million or
S$2.40/share, boosting its interest to 42.0% from 32.3% to become the largest
shareholder in UIC, which also owns 3 5-star Singapore hotels. The move will give
UOL greater exposure to Singapore's growing office and hospitality markets, where
both companies have a substantial presence. In a sign of confidence in UIC's
prospects, another major shareholder, John Gokongwei, earlier this week raised
his stake to 35.984% from 35.974% by buying shares from the open market at S$2.40
each. The stock closed 0.4% higher at S$2.41 yesterday. Immediate resistance is
at the 52-week high of S$2.46. (frankie.ho@dowjones.com)