On 23 February 2005, the Company announced that it is proposing a bonus issue (the "Bonus Issue") of 97,431,938 new ordinary shares of S$0.10 each in the capital of the Company (the "Bonus Shares"). This will be on the basis of one (1) Bonus Share for every five (5) existing ordinary shares of par value S$0.10 each held by the shareholders of the Company (the "Shareholders") as at a book closure date to be announced shortly.|
The Bonus Shares are to be issued pursuant to a general mandate to be obtained from the Shareholders at the forthcoming Annual General Meeting ("AGM") of the Company which allows the Directors to issue shares in the Company up to an aggregate of twenty per cent (20%) of the Company's issued shares as at the date of the AGM. The Bonus Issue will be effected upon the amendment of the articles of association of the Company to delete the existing requirement for shareholders' approval for bonus issues. A circular setting out the details of the proposed amendment of the articles of association of the Company will be despatched to the shareholders shortly. The date of the AGM and EGM will be announced subsequently.
The Board of Directors of the Company is pleased to announce that the Singapore Exchange Securities Trading Limited (the "Exchange") has granted in-principle approval for the listing and quotation of the Bonus Shares. Such approval by the Exchange is not an indication of the merits of the Bonus Issue.