UOB Annual Report 2002 - United Overseas Bank

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