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(Post 1 of 234)   08/08/1999.12:41:00
Author :
Poovy
Hi anybody has any comment on Kay Hian especially after BG Lee announced ealier liberalization of the brokerage fees.

(Post 2 of 234)   08/08/1999.12:53:00
Author :
Oldman
Should not hurt profitability over the short term but the future prospects is grim. Imagine making 9.5% commission now and if the US is anything to go by, it will be on a per transaction basis. Correct me, but some internet trading firms (like E-trade, are only offering commissions of US$15 / trade !

Of course, this is not going to happen overnight. But it will get there if Singapore wants to be a world recognised financial hub. As for me, I do not intend to have any stockbroking firms for mid to long term investments. When an industry transforms, it is usually an outsider who will transform it. This is because the outsider will not have any baggage and can redefine the landscape.

(Post 3 of 234)   08/08/1999.22:24:00
Author :
Mccool
I have a feeling that V Ballas, with its GLC links, would be very much involved in the liberalisation of the financial services sector, and COULD stand to benefit.

Feeling only, ok?

(Post 4 of 234)   08/09/1999.20:48:00
Author :
Poovy
My opinion is that this liberalisation in brokerage would actually benefit the broker house in the long run. No doubt the commission is lower but this might result in much more higher in the trading volume which in the end may translates into higher commission in absolute amount. Furthermore, this is the future trend that is irreversible. So the one that will gain most must be those broker house that can provide additional value-added service like providing good recommendation and serves to help investor to earn money instead of just interested in their commission.

(Post 5 of 234)   12/09/1999.10:41:00
Author :
Eka
KAY HIAN HOLDINGS LIMITED

We are pleased to announce that our Hong Kong subsidiary Kay Hian Overseas Securities Limited has been accepted as a member of the Stock Exchange of Hong Kong Limited with effect from 2nd
December 1999.


Submitted by Chung Boon Cheow, Company Secretary on 09/12/1999 to the SES

(Post 6 of 234)   12/09/1999.16:18:00
Author :
Eka
Kay Hian says not planning merger; to grow business organically

Kay Hian Holdings Ltd is not planning a merger at this stage and is aiming to grow its business organically, or expand its geographical coverage, company deputy managing director Tang Wee Loke said.

Mergers among other local stockbrokerages have been expected after Vickers Ballas Holdings Ltd and GK Goh Holdings Ltd announced last week it is merging to create the biggest stockbrokerage in southeast Asia.

"We are not actively searching for a merger partner," Tang told AFX-Asia in a telephone interview.

However, Kay Hian may consider a merger if it receives a good proposal, he said.

The company has just been awarded a trading seat in Hong Kong and this should enable it trade directly on the Stock Exchange of Hong Kong, he said.

Kay Hian gave up its trading seat in Hong Kong after it merged with James Capel Securities in 1986. James Capel withdrew from the merger in 1996 and joined HSBC Securities to form HSBC James Capel.

Tang said Kay Hian is also looking to establish operations in Thailand.

Kay Hian currently operates in Malaysia and Singapore.

(Post 7 of 234)   02/21/2000.21:14:00
Author :
Oklah
oldman this one also increase alot
anyquerry fromSGX

(Post 8 of 234)   03/23/2000.03:41:00
Author :
Eka
Kay Hian 1999 net profit pre-extras 57.816 mln sgd vs 23.669

Kay Hian Holdings Ltd 1999 results:

Net profit pre-extras - 57.816 mln sgd vs 23.669 mln

Sales - 196.852 mln sgd vs 78.568 mln

Opg profit - 71.244 mln sgd vs 29.268 mln

EPS - 13.17 cents vs 5.39 cents

Final div - 81 pct vs 29 pct


In a statement releasing its results, Kay Hian said the deregulation of brokerage commissions and the liberalisation of access to membership in the Singapore Exchange has made it difficult for the company to predict its performance in 2000.

However, it said it expects to achieve satisfactory results and to maintain its market share.

"We will make the best of the liberalisation of the financial sector as a whole and to this end, we have applied to the authorities for an Investment Advisor's licence and approved boutique fund manager status."

Kay Hian expects to offer these services by the second half of the year.

It is also looking to offer more products, including cross-border on-line trading.

The company will also be making some major technological changes to keep pace with the fast changing technological landscape, it added.

It said as of end-1999, its subsidiary company is a co-defendant in a lawsuit made by a customer for 59.92 mln rgt.

In response to the lawsuit, the subsidiary has lodged a counterclaim of 139,659 rgt for outstanding trading losses against the customer.

No provision has been made for the lawsuit filed by the customer.

Kay Hian said in 1999, it recorded a 150.5 pct increase in turnover, attributing this to the higher trading volume on the Singapore Exchange.

It made a provision for doubtful debts of 11.4 mln sgd compared to 7.4 mln last year.

An additional 18 mln sgd was charged against the profit in the first half of 1999. In addition, the group wrote back 14 mln sgd in the second half of the year.

(Post 9 of 234)   03/24/2000.07:15:00
Author :
Eka
KAY HIAN HOLDINGS LIMITED

The Board of Directors is pleased to announce the incorporation of Kay Hian Opportunities Fund Pte Ltd on 15 March 2000.



Details of the company are as follows:

Company Name : Kay Hian Opportunities Fund Pte Ltd
Place of Incorporation : Singapore
Address of registered office : 80 Raffles Place, #30-01 Plaza I, Singapore 048624
Principal Activities : Investment Holdings
Authorised Share Capital : US$100,000.00
Paid -up Capital : US$2.00
Shareholdings : 100% owned by Kay Hian Holdings Limited
Directors : Walter Tung Tau Chyr
Paul Arthur DeVierno


Submitted by Chung Boon Cheow, Company Secretary on 23/03/2000 to the SES

(Post 10 of 234)   03/27/2000.17:04:00
Author :
Warren
- kim eng has found their foreign partner

- and so has kay hian - no details on either...

(Post 11 of 234)   03/28/2000.19:45:00
Author :
Simguanheng
Kay Hian merged with UOBS. Cheers

(Post 12 of 234)   03/28/2000.20:18:00
Author :
Ssn
What will be the reaction tomorrow ?

(Post 13 of 234)   03/29/2000.06:25:00
Author :
Eka
UOB Securities/Kay Hian agree to merge

United Overseas Bank Ltd said it has agreed to merge its stockbroking interests held under UOB Securities Pte Ltd with the stockbroking interest of Kay Hian Holdings Ltd into a single holding company.

Kay Hian shareholders will be holding a 60.60 pct stake in the new holding company, while UOB Securities' sole shareholder UOB unit United Investments Ltd will hold the remaining 39.40 pct stake in the new holdings company.

The merger is aimed at positioning the new holding company to face the fast changing environment in the stockbroking industry as government's efforts to liberalise the industry will intensify competition, it said.

UOB Securities achieved a net profit before extraordinaries of 35.19 mln sgd on turnover of 99.89 mln sgd in 1999, while Kay Hian made a net profit before extraordinaries of 57.82 mln sgd on turnover of 196.85 mln sgd.

The merger is subject to regulatory approval and a waiver from the Securities Industry Council that either UOB or Kay Hian will not be required to make a general offer for the new holding company. Under Singapore rules, companies holding more than 25.0 pct in another company are required to make a general offer.

UOB Securities has stockbroking operations in Singapore, Malaysia, Indonesia, the Philippines and Hong Kong. Kay Hian has stockbroking operations in Singapore, Malaysia and Hong Kong.

(Post 14 of 234)   03/29/2000.08:51:00
Author :
Rem
kay hian united,oley,oley,oley,oley,...oley

(Post 15 of 234)   03/29/2000.13:01:00
Author :
Eka
Kay Hian higher on UOB Securities merger news

Kay Hian Holdings Ltd shares were higher in the morning session following last night's announcement it has agreed with United Overseas Bank Ltd to merge their stockbroking interests into a single holding company, dealers said.

Under the agreement, Kay Hian shareholders will hold a 60.60 pct stake in the new company, while UOB Securities' sole shareholder UOB unit, United Investments Ltd, will hold the remaining 39.40 pct stake.

A banking analyst with a local brokerage said the merger is a defensive and necessary move in light of the liberalisation of brokerage commissions.

He said the initial impact of the merger on UOB is "no big deal."

Kay Hian is likely to see a more positive impact from the deal with the expected expansion of its sales force and geographical reach, he said.

He said JM Sasson is now left without any immediate plans to either list on the Singapore Exchange or merge with another brokerage.

"Different brokerages have different survival strategies. Some go for public listing," he said.

"There are definitely niches out there but I don't know if the local brokerages have thought out carefully what they can do (instead of merging)," he said.

An area of concern is whether UOB Securities, once the merger becomes operational, will be able to cross-sell products from the bank itself.

"I would think that it would be difficult to get margin financing or other bank products as UOB Securities would be under a different entity," he said.

UOB Securities has stockbroking operations in Singapore, Malaysia, Indonesia, the Philippines and Hong Kong. Kay Hian has stockbroking operations in Singapore, Malaysia and Hong Kong.

(Post 16 of 234)   04/06/2000.06:40:00
Author :
Eka
KAY HIAN HOLDINGS LIMITED

The Board of Directors is pleased to announce the incorporation of Kay Hian Advisors Ltd on 18 March 2000.

Details of the company are as follows:

Company Name : Kay Hian Advisors Ltd
Date of Incorporation : 18 March 2000
Place of Incorporation : Singapore
Address : 80 Raffles Place, #30-01 UOB Plaza 1, Singapore 048624
Principal Activities : Investment Advisory/Fund Management Services
Authorised share capital : S$100.000.00
Paid-up capital : S$2.00
Shareholdings : 100% owned by Kay Hian Holdings Limited

Directors : Wee Ee Chao
Paul Arthur Devierno


Submitted by Chung Boon Cheow, Company Secretary on 05/04/2000 to the SES

(Post 17 of 234)   04/14/2000.12:32:00
Author :
Eka
Kay Hian hopes to launch hedge fund by Q3

Kay Hian Holdings Ltd
hopes to launch a hedge fund by the third quarter of this year, deputy managing director Tang Wee Loke said.

Speaking to reporters after the launch of UOB Invest Credit, he said Kay Hian was already undertaking hedge fund activities in-house, using 10 mln usd of its own funds.

The hedge fund to be launched for public participation, will operate in regional markets including New Zealand and Australia, he added, but gave no more specific details, adding it is premature to comment.

Tang said Kay Hian engaged the services last year of an American fund manager to undertake in-house hedge fund activities, he said.

The fund manager will spearhead Kay Hian's hedge fund activities when it is launched in the third quarter.

The hedge fund, however, is likely to target larger clients, he added.

Kay Hian is still waiting for the authorities to approve a fund manager's licence.

In addition to hedge funds, Kay Hian also plans to offer third party unit trusts.

(Post 18 of 234)   04/14/2000.13:32:00
Author :
Eka
UOB, Kay Hian launch online share financing and trading facility

United Overseas Bank Ltd and Kay Hian Pte Ltd have launched UOB Invest Credit, an online share financing and trading facility in Singapore.

Under the scheme, UOB will offer a credit limit of up to six times a customers's monthly salary for online stock trading via Kay Hian's internet system.

Kay Hian deputy managing director Tang Wee Loke said it is difficult for brokerage houses to assess the credit-worthiness of new walk-in customers, without a recommendation or knowledge of their financial history.

As a result, Kay Hian has only concentrated on promoting its internet trading system to existing clients as an extension of its services, he said.

UOB will assess the credit-worthiness of new clients and guarantee their trades up to a pre-set limit for UOB Invest Credit.

"We see this new agreement as part of our symbiotic and strategic relationship with UOB and we aim to offer more new products in the future."

Tang said Kay Hian will compete aggressively in all areas, especially content and pricing, when the rules permit brokerages to do so.

He said the number of shares traded on the Singapore Exchange has fallen after the authorities implemented the T+3 scheme, but said when more brokers give credit lines, volumes should improve.

Kay Hian currently has about 58,000 clients, with 2,000 online trading clients, he said, adding it hopes to begin trading regional stocks online in the third quarter.

UOB executive vice president for consumer services, Sim Puay Suang said the bank hopes to register 3,000 customers in the first six months of operations for the new product.

She said UOB plans a tie-up with another brokerage for UOB Invest Credit soon and hopes to expand with other brokerages over the next six months.

(Post 19 of 234)   05/06/2000.23:08:00
Author :
Ssn
Anyone can comment on Kay Hian. Seems to be bottoming after almost 3 months of consolidation/correction. Its operation in HK started in Jan this year and with the Msia bourse to be included into MSCI end of this month may be a good thing for its operation in Msia. It is also the lowest PE stock among all the listed Stockbroking companies and certainly the highest dividend yield with 8.1 cents. Going to be awared the fund management license in 2nd half this year. Shouldn't this be a good stock to pick up ? Especially with the pickup in speculative trade and the recent stability of its price and a pickup in volume. So, how ?

(Post 20 of 234)   05/16/2000.21:38:00
Author :
Tchaic
Price is steady at $0.89-$0.90. Can buy for good dividend return.

A good counter.

(Post 21 of 234)   05/16/2000.21:47:00
Author :
Dongky
Dividends definitely very good but stock very illiquid. Further, outlook for stock brokering firms generally uncertain given the liberalisation.

(Post 22 of 234)   05/17/2000.20:28:00
Author :
Mossie
Ssn,

You may want to look at the link on a discussion related to what brokers have to do to continue to be relevant to their customers. Do read Oldman and Brizillum's views.

http://www.shareinvestor.com/sg/forum/cgi-bin/show.cgi?2466/12363

Personally, I wouldn't want to buy Kay Hian until they know what they are going to do in light of the changes that are coming up soon. You might want to wait for awhile for a clearer picture.

(Post 23 of 234)   05/24/2000.03:45:00
Author :
Eka
Kay Hian to acquire 13.4 mln Chew Eu Hock shrs at 0.4438 sgd/shr

SINGAPORE (AFX-ASIA) - Kay Hian Pte Ltd will be subscribing to 13.4 mln new shares of Chew Eu Hock Holdings Ltd at 0.4438 sgd each, a Chew Eu Hock statement said.

The subscription price represents a discount of about 10 pct from the weighted average of the trades done on Chew Eu Hock shares today, it said.

The shares are equivalent to 10 pct of the company's existing issued share capital.

The net proceeds, worth about 6 mln sgd, will be used to finance the company's new projects in Bangladesh and Ponggol East, Singapore; to repay bank loans and fund its working capital requirement, it said.

Chew Eu Hock closed down 0.01 at 0.50 sgd on 7.47 mln shares.

mbe/cmr

AFN AVB67-23May00 11:57 GMT

AFX ; ASIA ;

(Post 24 of 234)   05/30/2000.20:43:00
Author :
Jus
Kay Hian is another stock that pay very good divdend. Will it be like SemCorp Marine being push up when it is close to the xd date against the bearish market?

vested interests

(Post 25 of 234)   06/13/2000.16:13:00
Author :
Ssn
I have just read the financial report that I received for Kay Hian. I am impressed with its performance for the last 5 years. Even with the tough competition and economic environment, it has maintained its financial position very strongly. 1999 was the best year since 1995. With the impending new license for investor advisor that they expected to be awarded and start offering from the second half of this year, the stock is looking good, besides the very attractive dividend yield that they constantly reward their shareholders. The recent price movement is very encouraging amid sign that they have certainly bottomed out and trending upwards. Look out for this stock.

(Post 26 of 234)   06/15/2000.01:40:00
Author :
Ssn
This stock is gaining momentum. Dividend at 8.1 cents per lot. Going for $0.98 before advancing to $1.08 then if interest rate out of the picture, it will go for above $1.20. Volume and interest picking up.

(Post 27 of 234)   06/29/2000.14:38:00
Author :
Prosper
This stock is gaining momentum. A potentially good counter with good dividends.

(Post 28 of 234)   06/29/2000.14:40:00
Author :
Flashdance
yup. This is a good stock with high dividen. It is better to buy this stock for their dividen rather than deposit.

(Post 29 of 234)   06/29/2000.16:34:00
Author :
Jus
Just be prepared that the share price might drop after its xd date more than what the divdend gives.
I encountered that for recent SemCorp Marine.
SemCorp Marine paid $75 per lot less tax = $56 per lot, but on the day of xd, its drop 8 cts which mean i make extra loss on top of brokage fee. Of Course not all counters are like that.
Kay Hian paid $81 per lot less tax = $60 per lot, if it drop more than 6 cts, then no point buying for its dividends unless you think the company is good and decide to hold long term.

Just to share with those that might think it sure earn from my own experience.

Cheers!!!

(Post 30 of 234)   06/29/2000.16:43:00
Author :
Flashdance
I invest in Kay Hian is for its business not its dividen.

Dividen is only my extra gain and I wont sell after xd.

(Post 31 of 234)   06/29/2000.16:46:00
Author :
Prosper
Flashdance- You bought Kay Hian at what price?

(Post 32 of 234)   06/29/2000.16:47:00
Author :
Flashdance
10 lots average at $0.99
u?

(Post 33 of 234)   06/29/2000.16:49:00
Author :
Prosper
I bought 3 lots at 1.49 last year. Sad story!

(Post 34 of 234)   06/29/2000.16:50:00
Author :
Flashdance
ever think of buying more to average down?

(Post 35 of 234)   06/30/2000.14:48:00
Author :
Amoeba
A mini rally in the making as it presses towards xd date. Very attractive dividend I would say (8.1 cts/shr). Let's see whether it can cross $1 soon.

(Post 36 of 234)   06/30/2000.14:49:00
Author :
Amoeba
A mini rally in the making as it presses towards xd date. Very attractive dividend I would say (8.1 cts/shr). Let's see whether it can cross $1 soon.

(Post 37 of 234)   07/07/2000.01:23:00
Author :
Essence
the selling of kay hian is really overdone. merely becoz it had gone 'XD'.

the fall yesterday is affecting the reading of its rsi, MACD and MA; all of which are reading a big bad bear for kay hian.

personally i think kay hian would trade in tight ranges in its next few trading days.


*yawn* time to hit the bed now.


happy investing!

(Post 38 of 234)   07/09/2000.22:18:00
Author :
Flashdance
Buying this stock for its dividen is better than putting money in any bank any saving! Somemore, if you have holding power, you still can wait for its share price to rise than let go. You wont lose, in fact you win if you have holding ability.

(Post 39 of 234)   07/09/2000.22:57:00
Author :
Breathless
Essence:

I tend to disagree. Although the stock fell from 97.5 cents to 86.0 cents after XD but please note the volume was small so TA signal is not strong. I suspect this was the stockists' doing. Don't be tricked and unload in panic. Among all the listed brokerages, this stock has the lowest PE. Worth holding.

(Post 40 of 234)   07/09/2000.23:54:00
Author :
Essence
Breathless,

if u had ready my posting carefully i was stating the fact kay hian's share price was unfairly driven down on thursday, 6/july.

in the wee hours of friday morning i have forecasted kay hian to trade in tight ranges in its next few trading days. true enough on friday kay hian didn't southward further.

it will take a little bit while b4 it goes up and above 0.90 again. in the mean time i do not expect it to go below 0.85


happy investing & cheer up!

(Post 41 of 234)   07/09/2000.23:55:00
Author :
Essence
oops typo. should be 'read' and not 'ready'
hehehe ...

(Post 42 of 234)   07/10/2000.09:41:00
Author :
Nivlekc
Pardon me, but can anyone tell me when's the last day to sell the share and still get dividends? Issit on the last XD day or on book closure day? I seem to be confused...

(Post 43 of 234)   07/11/2000.01:18:00
Author :
Essence
kay hian definitely oversold but its selling might not be over yet.

downside is very limited though.

and since it dipped below 0.85 yesterday, it will visit 0.82 soon.

all its ta indicators don't look good. this do not mean kay hian is doomed. never! another explanation could be kay hian might soon hit rock bottom and a recovery is 'coming' soon.


happy investing!

(Post 44 of 234)   07/11/2000.07:59:00
Author :
Satay
I have KH sahres. I don't think much of KH. Why? I have a trading account with UOB Securities. All this while, KH have made no attempt to enrol me to trade thru them. If they had and make the registration procedures simple, I would certainly oblige; after all, I stand to benefit, as a KH shareholder. What is your experience?

(Post 45 of 234)   07/11/2000.23:28:00
Author :
Breathless
Tomorrow is D+2 from XD, strongly believe that this stock will recover to above 90 cents soon.

(Post 46 of 234)   07/12/2000.08:13:00
Author :
Satay
Sorry for coming back to the issue of winning clients. Have anyone attended AGM? Did they find out whether you trade thru KH, and register those who did'nt?
The great Warren Buffet does similar things during AGMs. His salesman peddle insurance policies to shareholders.

(Post 47 of 234)   07/14/2000.17:35:00
Author :
Ssn
Hi, I am interested in KH because I believe the Govt is sincere in making our financial industry a very vibrant one. Give them some time. The first step is to explore way to make the cost of operation and opportunity more competitive and they have taken the first step as reported in today's newspaper. KH is well poised to advance. I am accumulating around $0.835 - $0.85. Good value for mid term investment.

(Post 48 of 234)   07/26/2000.17:26:00
Author :
Amoeba
Help! Does anyone knows what is happening to Kay Hian? Is it correcting downwards to 1/10 of UIS price cos' the conversion ratio for the shares of the merger co. is:

1 KH share ($0.77) = 1 merger co. share
1 UIS share ($1.03) = 10 merger co. shares
Therefore, 1 UIS share = 10 KH shares

So, wouldnt this be very unfair to Kay Hian shareholders?? Worse than the GK Goh - VB merger deal.

Somebody pls help to clarify this. Many thks.

Vested Interest.

(Post 49 of 234)   07/27/2000.01:48:00
Author :
Ssn
I think the co that Kay Hian is merging with is UOB Securities (UOBS) and UIL (United Investment Limited which includes UOB stockbroking business in regional markets.

Do not mistake it for UIS. Don't panic. The stock seems very much oversold and if you look at the last few mins of trade today, it is a very thin volume of 5 lots at 0.77 and 3 lots at 0.775. Very likely contra deal. So, if you want to contra, don't buy this stock. You will only depress the price unnecessarily. It will be announcing its mid-year result in Aug. It obtained its HK Exchange seat in Jan this year and let's see if the HK operation will help in its bottomline. It is yet to make announcement of its fund manager license which it has said early this year that it expects to receive in the 2nd half of this year.

So, invest for longer term.

(Post 50 of 234)   08/02/2000.00:56:00
Author :
Aha
Proposed Merger of Kay Hian Holdings Limited ("Kay Hian"), UOB Securities Pte Ltd ("UOBS") and the UOB Group's Overseas Stockbroking Interests (the "Proposed Merger")


Further to the announcement dated 28 March 2000, the Board of Directors of Kay Hian is pleased to announce that the Singapore Exchange Securities Trading Limited ("SGX-ST") has on 1 August 2000 given in-principle approval for the listing and quotation of new ordinary shares of S$0.10 each in the capital of Newco ("Newco Shares") on the Official List of the SGX-ST, to be issued under the Proposed Merger.

Newco will be the new holding company of which UOBS and Kay Hian will be wholly-owned subsidiaries and to which the UOB Group's Overseas Stockbroking Interests in the Philippines, Thailand, Indonesia, Hong Kong S.A.R. and Malaysia will be transferred, subject to the satisfaction (or waiver) of all relevant conditions.

The in-principle approval of the SGX-ST is not to be taken as an indication of the merits of the scheme of arrangement under Section 210 of the Companies Act, Chapter 50 of Singapore to effect the share exchange between the shareholders of Kay Hian and Newco (the "Scheme"), or of Newco and/or Newco Shares.

The Scheme becoming effective and binding is still conditional upon, inter alia, the following:-

(a) the approval of the shareholders of Kay Hian to the Scheme at a meeting (the "Court Meeting") to be convened at the direction of the High Court of the Republic of Singapore (the "Court") by a majority in number of, representing at least 75 per cent. in nominal value of the shares held by, the shareholders of Kay Hian, present and voting, either in person or by proxy;

(b) the approval of the shareholders of Kay Hian of the special resolution to approve and give effect to the Scheme at an extraordinary general meeting (the "EGM") to be convened;

(c) the sanctioning of the Scheme and the confirmation by the Court of the reduction of the share capital of Kay Hian (the "Court Order");

(d) the registration of a copy of the Court Order with the Registrar of Companies and Businesses;

(e) the receipt of all relevant governmental, regulatory and other statutory approvals and consents which Kay Hian requires in order to enable it to implement and give effect to the Scheme; and

(f) the fulfilment of the conditions pursuant to the share exchange agreement to be entered into between United Investments Limited ("UIL") and Newco pursuant to which UIL will sell all the shares in the capital of UOBS held by it to Newco.A Document setting out the details of the Scheme and the Proposed Merger, and convening the relevant meetings of the shareholders of Kay Hian to seek approval of the Scheme, will be despatched in due course.

BY ORDER OF THE BOARD OF DIRECTORS,
Mr Wee Ee-chao
Chairman
Dated 1 August 2000


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