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Technology Stocks : Softbank Investment International (HK0648)
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To: Maika who wrote (592)11/6/2001 10:10:29 PM
From: ms.smartest.person  Read Replies (1) of 615
 
Softbank (0648) offers Sing sub guarantee for licence
2001/10/31 11:27

(Infocast News) Softbank Investment International (0648) announced that as a condition to the Monetary Authority of Singapore (MAS) granting the MAS Dealer's Licence to SBI E2-Capital Pte Ltd, a subsidiary of the company, the MAS requires the company to provide to the MAS the company guarantee pursuant to which the company will undertake to maintain SBI E2-Capital Pte Ltd in a sound financial position and pay and settle all obligations and liabilities of SBI E2-Capital Pte Ltd arising during the subsistence of the company guarantee.

SBI E2-Capital Pte Ltd is an indirect non wholly-owned subsidiary of the company, being 56% owned by SBI E2-Capital Limited, which is in turn owned as to 51% and 49% by the company and E2-Capital, respectively. The other shareholders of SBI E2-Capital Pte Ltd are Westcomb and a director of SBI E2-Capital Pte Ltd who hold 40% and 4% of the issued share capital of SBI E2-Capital Pte Ltd, respectively.

Westcomb is not required by the MAS to provide any guarantee in respect of the obligations of SBI E2-Capital Pte Ltd and has therefore agreed to indemnify both the company and E2-Capital in respect of 40% of any claim under the company guarantee and/or the E2-Capital guarantee. The company and E2-Capital promise to undertake their guarantee obligations according to their respective shareholding in E2-Capital Pte Ltd.

infocastfn.com

Barb, this subsidiary is news to me! Merry
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