UOB Annual Report 2002 - United Overseas Bank
UOB Annual Report 2002 - United Overseas Bank
UOB Annual Report 2002 - United Overseas Bank
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Directors’ <strong>Report</strong><br />
for the financial year ended 31 December <strong>2002</strong><br />
Acquisitions and Disposals of Subsidiaries (continued)<br />
(b) Acquisition of Subsidiaries<br />
During the financial year, the Group acquired the remaining 50% interest in OUB Optimix Funds Management Limited (“OUB<br />
Optimix”) for a cash consideration of $2,243,091. The Group’s share of the net tangible assets of OUB Optimix at the date of<br />
acquisition in respect of the 50% acquisition amounted to $957,882.<br />
In addition, the Group also acquired the remaining 50% interest in <strong>UOB</strong> Investment Consultancy (Beijing) Limited (formerly<br />
known as <strong>UOB</strong> Centek Technology (Beijing) Investment Consulting Co., Ltd) for a cash consideration of $196,200. The Group’s<br />
share of the net tangible assets of <strong>UOB</strong> Investment Consultancy (Beijing) Limited at the date of acquisition in respect of the 50%<br />
acquisition was $196,200.<br />
(c)<br />
Liquidation of Subsidiaries<br />
During the financial year, the following subsidiaries were placed into members’ voluntary liquidation:<br />
Group's Share<br />
of Net Tangible<br />
Group's<br />
Assets at Date<br />
Effective<br />
of Liquidation<br />
Interest<br />
$'000 %<br />
asia-reach.com Pte Ltd * 100<br />
Grand Orient Nominees Pte Ltd 69 100<br />
ICB Enterprises (Private) Limited 508 100<br />
ICB Finance Limited 10,379 100<br />
OUB Australia Ltd 18,400 100<br />
OUB Bullion & Futures Ltd 56,874 100<br />
OUB Investments Pte Ltd 19,899 100<br />
OUB-TA Asset Management Sdn Bhd 1,246 51<br />
OUL Sdn Bhd 558 100<br />
<strong>Overseas</strong> Union Developments Sdn Bhd 349 100<br />
<strong>Overseas</strong> Union Garden (Private) Limited (6) 100<br />
<strong>Overseas</strong> Union Holdings Sdn Bhd 225 100<br />
<strong>Overseas</strong> Union Management Services Sdn Bhd 3 100<br />
<strong>Overseas</strong> Union Project Management Pte Ltd * 100<br />
<strong>Overseas</strong> Union Realty Services Pte Ltd 51 100<br />
Securities Investments Pte Ltd 144,678 100<br />
<strong>UOB</strong> Management Services Pte Ltd 3 100<br />
<strong>UOB</strong> Property Management Pte Ltd * 100<br />
<strong>UOB</strong> Travel (General Sales Agent) Pte Ltd 319 55<br />
* Amount less than $1,000.<br />
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