Tee family plans to buy rest of OUG

A GROUP of shareholders comprising the Tee family, one of the founders of unlisted developer Overseas Union Garden Sdn Bhd (OUG), plans to buy the entire stake in OUG it does not own for over RM100 million in cash.

The group, which now holds 22.6 per cent stake, or 2.03 million shares in the property developer, will buy the remaining 77.4 per cent stake for RM14.60 a share.

So far, United Overseas Bank (Malaysia) Bhd has agreed to sell its 29.28 per cent stake to the group of shareholders for RM29.7 million.

"From what we understand, the Tee family are doing this for sentimental reasons," said a OUG spokesperson.

The property developer, which developed the OUG township, currently owns assets which include Plaza OUG.

The deal is still subject to the approval of the Securities Commission.

Taman OUG or OUG is a main township in Kuala Lumpur, located mainly atop a hill. The township is located off Jalan Kelang Lama and was opened in the mid-1970s.

By New Straits Times (By Goh Thean Eu)