View - Singapore Technologies Engineering

The SGX’s Listing Manual requires a company to providea statement as at the 21st day after the end of thefinancial year, showing the direct and deemed interests ofeach director of the Company in the share capital of theCompany. As the Directors’ Report of the Company isdated on 6 January 2001, the Company is unable tocomply with the 21 days’ requirement.There was no change in any of the abovementioneddirectors’ interests in the Company and relatedcorporations between the end of the financial year and6 January 2001.DIRECTORS’ INTERESTS IN CONTRACTSSince the end of the previous financial year, no directorhas received or become entitled to receive a benefit(other than a benefit included in the aggregate amountof emoluments shown in the financial statements, anyfixed salary of a full-time employee of the Company, orany emoluments received from related corporations andshare options granted pursuant to the ST Engg ShareOption Scheme) by reason of a contract made by theCompany or a related corporation with the director orwith a firm of which the director is a member, or witha company in which the director has a substantial financialinterest, except for professional fees paid to a firmof which a director is a member as shown in the financialstatements.HOLDINGS IN THE NAME OF THEDIRECTOR, SPOUSE OR INFANT CHILDREN1 JANUARY 2000 OR DATE 31 DECEMBEROF APPOINTMENT IF LATER 2000SNP CORPORATION LTDOrdinary Shares of $0.50 eachWinston Tan Tien Hin – 94,495† Held in trust by a trustee company on behalf of the directors.* During the financial year, DBS Land Limited and Pidemco Land Limited (the “Scheme A Companies”) entered into a Scheme of Arrangement (“Scheme A”)under Section 210 of the Companies Act, Chapter 50. The Scheme A took effect on 24 November 2000. Pidemco Land Limited was renamed CapitaLandLimited with effect from 27 November 2000 and listed on the Singapore Exchange Securities Trading Limited (SGX-ST) on the same date whereupon DBSLand Limited was delisted and became a wholly-owned subsidiary of CapitaLand Limited. Upon Scheme A taking effect, CapitaLand Limited issued newshares and share options in exchange for previous holdings of shares and share options in the Scheme A Companies in accordance with the terms of theScheme A.** Raffles Holdings Limited became a related corporation with effect from 24 November 2000.# During the financial year, Somerset Holdings Limited and The Ascott Limited (the “Scheme B Companies”) entered into a Scheme of Arrangement (“SchemeB”) under Section 210 of the Companies Act, Chapter 50. The Scheme B took effect on 25 November 2000 whereupon Somerset Holdings Limited became awholly-owned subsidiary of The Ascott Limited. The Ascott Limited issued new Ascott shares in exchange for previous holdings of shares in SomersetHoldings Limited in accordance with the terms of Scheme B. The shares of Somerset Holdings Limited were delisted on 27 November 2000. Share optionsof Somerset Holdings Limited not exercised by 24 November 2000 were allowed to lapse. The Ascott Limited became a related corporation with effect from25 November 2000.DIVIDENDSSince the end of the previous financial year, the Companypaid a final dividend of 2.3 cents per share less tax at25.5% amounting to $48,315,000 and a special dividendof 7 cents per share less tax at 25.5% amounting to$147,044,000 in respect of the previous financial year. Inaddition, the Company paid a net dividend of$1,439,250 in respect of the previous year due to issueof shares under the ST Engg Share Option Scheme beforebooks closure date.The directors now recommend the payment of a finaldividend of 2.5 cents per share less tax at 25.5%amounting to $53,188,000 and a special dividend of 5.5cents per share less tax at 25.5% amounting to$117,013,000 and a special tax exempt dividend of 1.5cents per share amounting to $42,836,000 in respect ofthe financial year under review.OTHER STATUTORY INFORMATION(A) BAD AND DOUBTFUL DEBTSBefore the financial statements of the Company weremade out, the directors took reasonable steps toascertain that proper action had been taken in relation towriting off bad debts and providing for doubtful debts ofthe Company.The directors have satisfied themselves thatall known bad debts had been written off and thatadequate provision has been made for doubtful debts.At the date of this report, the directors are not aware ofany circumstances which would render any amountswritten off as bad debts or provided for doubtful debts inthe consolidated financial statements inadequate to anysubstantial extent.(B) CURRENT ASSETSBefore the financial statements of the Company weremade out, the directors took reasonable steps toascertain that any current assets of the Company whichwere unlikely to realise their book values in the ordinarycourse of business had been written down to theirestimated realisable values and that adequate provisionhas been made for the diminution in value of suchcurrent assets.At the date of this report, the directors are not aware ofany circumstances not otherwise dealt with in this reportwhich would render the values attributable to currentassets in the consolidated financial statements misleading.(C) CHARGES AND CONTINGENT LIABILITIESSince the end of the financial year:(i) no charge on the assets of the Company or anycorporation in the Group has arisen which secures theliabilities of any other person; and(ii) no contingent liability of the Company or anycorporation in the Group has arisen.(D) ABILITY TO MEET OBLIGATIONSNo contingent liability or other liability of the Companyor any corporation in the Group has become enforceableor is likely to become enforceable within the period oftwelve months after the end of the financial year which,in the opinion of the directors, will or may substantiallyaffect the ability of the Group and of the Company tomeet their obligations as and when they fall due.(E) OTHER CIRCUMSTANCES AFFECTING THE FINANCIALSTATEMENTSAt the date of this report, the directors are not aware ofany circumstances not otherwise dealt with in this reportor the financial statements which would render anyamount stated in the consolidated financial statements orfinancial statements of the Company misleading.(F) UNUSUAL ITEMSIn the opinion of the directors, no item, transaction orevent of a material and unusual nature has substantiallyaffected the results of the operations of the Group or ofthe Company during the financial year.In the opinion of the directors, no item, transaction orevent of a material and unusual nature has arisen in theinterval between the end of the financial year and the dateof this report which is likely to affect substantially theresults of the operations of the Group and of the Companyfor the financial year in which this report is made.SHARE OPTIONSThe ST Engg Share Option Scheme is administered by acommittee comprising the following members:Ms Ho Ching (Chairman)Mr Tan Guong ChingMr Ng Kee ChoeDuring the financial year, except as disclosed below,there were no options granted by the Company or itssubsidiaries to any person to take up unissued shares inthe Company or its subsidiaries:110 • visiondirectors’ report • 111