Singapore Exchange Press Statement - CDP Continuing To Review Effective Capital's Proposal

The Central Depository (Pte) Ltd ("CDP") is continuing to review with its legal advisers the proposal dated 24 December 1999 by Effective Capital Sdn Bhd ("ECSB") for the voluntary conditional migration of Clob securities to the individual Malaysian CDS accounts of the requesting Clob securities owners. In view of time constraints, dissemination of the proposal to individual Clob investors can take place only in early January 2000, which will still leave CLOB investors sufficient time to respond to the offer before its closing date of 31 January 2000.