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Proposed Merger Of UOB Securities Pte Ltd ("UOBS"), The United Overseas Bank Limited ("UOB") Group's Overseas Stockbroking Interests And Kay Hian Holdings Limited ("Kay Hian") (The "Proposed Merger")

The Board of Directors of UOB is pleased to announce that, in relation to the Proposed Merger, completion under the Share Exchange Agreement has taken place on 21 October 2000 ("Effective Date") contemporaneously with the registration of the Court Order with the Registrar of Companies and Businesses, upon which the Scheme became effective.

As at the Effective Date and pursuant to the Share Exchange Agreement, all the shares held by United Investments Limited in the capital of UOBS were sold to UOB-Kay Hian Holdings Limited ("UOB-Kay Hian") in consideration for 285,537,809 ordinary shares of S$0.10 each in the capital of UOB-Kay Hian ("UOB-Kay Hian Shares").

As at the Effective Date, UOB-Kay Hian has an authorised share capital of S$100,000,000 divided into 1,000,000,000 ordinary shares of S$0.10 each and an issued and paid-up share capital of S$72,470,900.90 divided into 724,709,009 UOB-Kay Hian Shares.

The UOBB-Kay Hian Shares will be listed on the SGX-ST and trading in the UOB-Kay Hian Shares will commence with effect from 9.00 am on Monday, 23 October 2000.

Unless otherwise defined, terms used in this announcement shall have the same meanings as defined in the Circular dated 5 September 2000.

By Order Of The Board

Mrs Vivien Chan
Company Secretary

Singapore, 21 October 2000

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