Appointment of Mr. Victor Liew as New Chairman of SICOM

The Singapore Commodity Exchange (SICOM) is pleased to announce the appointment of Mr. Victor Liew as the new Chairman of the SICOM's Board of Directors. His appointment will take effect on July 1, 1999. Mr. Liew will be succeeding Mr. Lim How Teck who will complete his term as Chairman on June 30, 1999. SICOM noted the significant contribution to SICOM's development made by Mr. Lim How Teck who has been a Director since 1992 and Chairman since 1996. During his tenure as Chairman, SICOM launched the TSR20 (FOB) contract which helped SICOM achieve an all-time record trading volume of 2.32 million tonnes for 1998. SICOM also initiated the Working Group between SICOM and Osaka Mercantile Exchange in April 1999 to explore business co-operation possibilities. Mr. Victor Liew is currently the Chairman of Singapore International Monetary Exchange Ltd. (SIMEX), Executive Vice President of OUB Ltd and the Chairman of OUB Bullion & Futures Ltd. Mr. Liew has been actively involved in the development of SIMEX since its inception in 1984. He has been a Director of SIMEX since 1991 and Chairman since 1996. Mr. Liew's appointment reflects SICOM's goal to develop commodity futures trading in Singapore. His experience in SIMEX and the financial industry will help SICOM achieve this goal and to strengthen Singapore's role as a total risk management centre for both financial and commodity futures. SICOM lists 3 rubber contracts, namely, RSS1, RSS3, TSR20, a Rubber Cash Settlement Index Contract and a Robusta Coffee Contract. The Exchange is regulated by the Trade Development Board.