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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In addition, the following subsidiaries were also placed into members’ voluntary liquidation and liquidation was completed<br />
during the financial year:<br />
Group’s Share<br />
Group’s Share<br />
of Net Tangible Group’s of the<br />
Assets at Date Effective Liquidation<br />
of Liquidation Interest Proceeds<br />
$’000 % $’000<br />
OUB Australia Nominees Pty Ltd 16 100 16<br />
OUB (Australia) Securities Pty Ltd 201 100 201<br />
OUB Finance (H.K.) Limited 5,743 100 5,743<br />
<strong>Overseas</strong> Union <strong>Bank</strong> Nominees (U.K.) Limited 1 100 1<br />
<strong>Overseas</strong> Union Facilities (H.K.) Ltd 466 100 466<br />
Tye Hua Investments Pte Ltd 942,600 100 942,600<br />
(d)<br />
Disposal of a Subsidiary<br />
During the financial year, the Group disposed of <strong>Overseas</strong> Union Facilities Sdn Bhd (“OUFSB”), a wholly-owned subsidiary, for a<br />
consideration of $1,596. The Group’s share of the net assets of OUFSB was nil.<br />
Results for the Financial Year<br />
The Group<br />
$'000<br />
The <strong>Bank</strong><br />
$'000<br />
Profit after tax 1,093,844 1,432,026<br />
Minority interests (29,644) –<br />
Net profit attributable to members 1,064,200 1,432,026<br />
Material Transfers to or from Reserves and Provisions<br />
Material movements in reserves and provisions are set out in the notes to the financial statements.<br />
Issue of Shares and Debentures<br />
(a) During the financial year, the <strong>Bank</strong> issued 494,000 ordinary shares of $1 each to option holders who exercised their rights in<br />
connection with the <strong>UOB</strong> Executives’ Share Option Scheme and the <strong>UOB</strong> 1999 Share Option Scheme as follows:<br />
Subscription Price<br />
Per Share, Paid in Cash<br />
$<br />
Number of Ordinary Shares<br />
of $1 Each in the <strong>Bank</strong><br />
8.25 109,000<br />
3.14 39,000<br />
14.70 28,000<br />
12.90 318,000<br />
494,000<br />
All newly issued shares rank pari passu in all respects with the previously issued shares.<br />
UNITED OVERSEAS BANK 79