MAS News Release On Collective Custodial's Offer for CLOB Securities

29 Dec 1999... MAS, as the regulatory authority under the Securities Industry Act (Cap.289), has noted Collective Custodial Services (Asia) Pte Ltd's ("Collective") proposals for migration and disposal of Clob securities as reported in the Straits Times and other local media on 28 December 1999.

2   MAS has noted that:

1. the terms of the reported offer are different from the terms communicated by Collective to the Stock Exchange of Singapore Ltd on 4 November 1999;
2. Collective's offer is made directly to all Clob investors at large instead of to the Central Depository (Pte) Ltd, and
3. the reported offer appears to contain advice concerning securities.

3   For these reasons, MAS has referred the actions of Collective to the Commercial Affairs Department to investigate the full terms of the offer which are currently uncertain and whether there is any violation of the licensing requirements under the Securities Industry Act.

4   Clob investors are advised in the meantime not to take up any offer by Collective.