United Under Dr Wee Cho Yaw
Dr. Wee Cho Yaw, the chairman of United Overseas Bank (SGX: U11), is the richest person in Singapore with a fortune of $5 billion as of March 2013, according to the latest rich list published by Forbes Asia. Dr. Wee is ranked third on Forbes’ list of Singapore’s 40 Richest and 290th on its list of The World Billionaires.
3 Quick Facts about Dr. Wee Cho Yaw
1. Have you heard of United Industrial Corporation Limited (SGX: U06) or United International Securities Limited (SGX: U07)? How about UOL Group Limited (SGX: U14)? If so, do you know what they all have in common?
Well, Dr. Wee is the Chairman of all these companies .
2. Dr. Wee oversaw UOB’s expansion from a lender with just one branch in Singapore into a regional giant with operations in Singapore, Malaysia, Thailand and Indonesia. He is set to pass the baton to his son; Mr. Wee Ee Cheong, after spending almost four decades at the helm of Singapore’s largest bank.
3. Besides his corporate success, Dr. Wee is well recognised for his public service in Singapore. He was awarded the “Public Service Star” in 1971 and named Singapore Businessman of the Year 1990 and 2001. Dr. Wee was also conferred an honorary Doctor of Letters by the National University of Singapore in July 2008.
Apart from his remarkable success in building corporate giants, Dr. Wee stayed true to his belief in the businesses by owning substantial holdings in them. As the businesses grow steadily over the years, the share price followed suit, and Dr. Wee became a multi-billionaire.
Despite his achievements, Dr. Wee is not resting on his laurels. Dr. Wee made the news recently when he went on a buying spree and snapped up shares of his existing holdings (including UIC, UOB, UOL, and UOB-Kay Hian) during a minor correction in the markets.
What we can learn from him
How Dr. Wee amassed his wealth and his approach to investing is somewhat similar to Warren Buffett, the 3rd richest man in the world. He invests in the companies within his circle of competence (finance and properties) when they are trading at affordable prices and holds them.
Dr. Wee also looks at short-term stock market fluctuations as opportunities to invest in companies with good long term prospects, as evident from his recent shares’ purchases as mentioned previously.
As a retail investor, you can do the same thing too. It doesn’t have to be difficult investing in businesses you understand. For ideas on what businesses to invest in, try to look at things from another light the next time you go to work or patronise your favourite shopping mall. You may find the hidden gem that has been overlooked.
Click here now for your FREE subscription to Take Stock Singapore, The Motley Fool’s free investing newsletter. Written by David Kuo, Take Stock Singapore tells you exactly what’s happening in today’s markets, and shows how you can GROW your wealth in the years ahead.
Like us on Facebook to keep up-to-date with our latest news and articles. The Motley Fool’s purpose is to help the world invest, better.
The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor James Yeo doesn’t own shares in any companies mentioned.
"TAKE STOCK" WITH DAVID KUO TODAY -- AND GET A FREE REPORT TOO
Get a FREE weekly dose of our Foolish investing insights when you subscribe to David Kuo's "Take Stock" email bulletin today. And better yet -- you'll also get instant access to a free Singapore investing research report.
“Take Stock” covers all manner of financial topics for our 79,000 readers… from investing in REITs, to finding “hidden gem” stocks on the SGX exchange, to the latest market news from Athens, Beijing, and Washington D.C., and what it means for your investment portfolio.
You've probably seen Dr. Kuo on CNBC and ChannelNewsAsia. Heard him on BBC and 938LIVE. Or read him in The Straits Times and The Independent. You might have even caught his award-winning speech at INVEST Fair 2015. But you've never seen him "unfiltered" like you will in "Take Stock."
By submitting your email address, you consent to us keeping you informed about updates to our website and about other products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms of Service.
Dr. Wee Cho Yaw, the chairman of United Overseas Bank (SGX: U11), is the richest person in Singapore with a fortune of $5 billion as of March 2013, according to the latest rich list published by Forbes Asia. Dr. Wee is ranked third on Forbes? list of Singapore?s 40 Richest and 290th on its list of The World Billionaires.
3 Quick Facts about Dr. Wee Cho Yaw
1. Have you heard of United Industrial Corporation Limited (SGX: U06) or United International Securities Limited (SGX: U07)? How about UOL…