HYFLUX LTD AND SUBSIDIARIES

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○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ DIRECTORS’ REPORT (CONTINUED) ACQUISITION AND DISPOSAL OF SUBSIDIARIES During the financial year, the Company incorporated the following subsidiary: NAME OF SUBSIDIARY COUNTRY OF PRINCIPAL ACTIVITIES EQUITY INCORPORATION INTEREST HELD Hyflux International Ltd British Virgin Islands Investment holding, selling, distribution, 100% import and export of products and component systems in liquid treatment. Provision of engineering expertise, maintenance services and technical know-how. There were no acquisitions or disposals of subsidiaries during the financial year. ISSUE OF SHARES OR DEBENTURES (a) During the financial year, the Company increased its issued and paid up capital as follows: (i) Issue of 10,000,000 new ordinary shares of $0.05 each at $1.235 per share to BNP Paribas Peregrine as private placement agent for cash; (ii) Bonus issue of 1 ordinary share for every 4 existing ordinary shares of $0.05 each; and (iii) Issue of 983,000 ordinary shares of $0.05 each at $0.504 per share for cash pursuant to the Hyflux Employees’ Share Option Scheme. (b) During the financial year, the subsidiaries issued the following shares: (i) Hyflux International Ltd issued 2 ordinary share of US$1 each at par for cash for the purposes of incorporation; (ii) Hydrochem (S) Pte Ltd increased its authorised share capital from $800,000, comprising 800,000 ordinary shares of $1 each to $2,000,000, comprising 2,000,000 ordinary shares of $1 each. It also issued 1,000,000 ordinary shares of $1 each at par for cash to provide additional working capital. (iii) Hangzhou Zheda Hyflux Hualu Membrane Technology Co., Ltd increased its paid-in capital from RMB18,034,091 to RMB24,450,000 for cash. (c) During the financial year, Hydrochem Engineering (Shanghai) Co., Ltd increased its paid-in capital from US$1,204,423 to US$1,920,000 for cash. All new shares issued rank pari passu in all respects with the existing ordinary shares of the respective companies. Except as disclosed above, the Company and its subsidiaries did not issue any other shares or debentures during the financial year. ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE SHARES OR DEBENTURES Except for the Hyflux Employees’ Share Option Scheme granted to certain directors of the Company, neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose object was to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate.
○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ HYFLUX LTD AND SUBSIDIARIES P.02.03 DIRECTORS’ INTERESTS IN SHARES OR DEBENTURES The interests of the directors who held office at the end of the financial year in the shares or debentures of the Company and related corporations, according to the register kept by the Company for the purposes of Section 164 of the Companies Act, were as follows: OTHER SHAREHOLDINGS IN WHICH HELD BY DIRECTOR THE DIRECTOR IS DEEMED TO HAVE AN INTEREST AT 1 AT 31 AT 21 AT 1 AT 31 AT 21 JANUARY DECEMBER JANUARY JANUARY DECEMBER JANUARY 2002 2002 2003 2002 2002 2003 THE COMPANY Ordinary shares of $0.05 each Olivia Lum Ooi Lin 98,691,576 91,904,056 114,930,070 – – – Deirdre Murugasu 5,572,446 6,965,562 6,965,562 – – – Foo Hee Kiang 2,271,016 2,850,020 2,850,020 – – – Gay Chee Cheong 100,000 125,000 125,000 10,281,280 21,511,000 21,511,000 By virtue of Section 7 of the Companies Act, Cap. 50, Lum Ooi Lin is deemed to have an interest in the shares held by the Company in all its subsidiaries. No other director had an interest in any shares or debentures of the Company or related corporations either at the beginning or the end of the financial year or 21 January 2003. DIVIDENDS Dividends paid or proposed since the end of the previous financial year were as follows: $’000 An interim dividend of 1 cent per share, less tax at 22%, in respect of the year ended 31 December 2002, proposed and paid 1,834 A final dividend of 0.5 cent per share, less tax at 22%, in respect of the year ended 31 December 2002, proposed by the directors and subject to approval by shareholders at the forthcoming Annual General Meeting of the Company 921
Page 1 and 2: DIRECTORS Olivia Lum Ooi Lin Deirdr
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Page 9 and 10: HYFLUX LTD AND SUBSIDIARIES P.06.07
Page 11 and 12: STATEMENT BY DIRECTORS HYFLUX LTD A
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Page 19 and 20: NOTES TO THE FINANCIAL STATEMENTS F
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HYFLUX LTD AND SUBSIDIARIES P.56.57
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PROXY FORM (PLEASE SEE NOTES OVERLE
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HYFLUX LTD 40 Changi South Street 1
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HYFLUX LTD AND SUBSIDIARIES

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