ANNUAL REPORT

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Middle East Development Singapore ltdannual report 2007 29REPORT OF THEDIRECTORSThe directors present their report to the shareholders together with the audited financial statements of the Company and of the Groupfor the financial year ended 30 June 2007.1. DIRECTORS AT DATE OF REPORTThe directors of the Company in office at the date of this report are :Dr Oussama Al-Dimashki (Chief Executive Officer and Chairman, appointed on 18 January 2007)Huang Wooi Teik (Managing Director, appointed on 18 January 2007)Wong Seong Khuen(Managing Director)Kim Leng Choon(Executive Director)Ng Tian Huat(Executive Director)Issam Farid Halabi (Non-Executive Director, appointed on 24 August 2007)Toh Wing Yew (Non-Executive Director, appointed on 18 January 2007)Tan Song Koon (Independent Director, appointed on 18 January 2007)Hoon Tai Meng (Independent Director, appointed on 18 January 2007)Tee Tua Ba (Independent Director, appointed on 18 January 2007)As set out in the Company’s circular to the shareholders dated 7 December 2006, an extraordinary general meeting (“EGM”) wasconvened on 29 December 2006 for shareholders to vote on the proposed investment in the Company by M E Development LLCPursuant to the Subscription Agreement, the following directors resigned on 18 January 2007:Ng Kim KhuanYeo Hoon SengMark Yeo Wee TiongGoh Chong ChiaSitoh Yih PinTan Chong Huat(Executive Director)(Executive Director)(Non-Executive Director)(Independent Director)(Independent Director)(Independent Director)Tor Steven Boswick, who was appointed as a Non-Executive Director on 18 January 2007 pursuant to the Subscription Agreement,resigned on 13 March 2007.2. ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE BENEFITS BY MEANS OF THE ACQUISITION OFSHARES AND DEBENTURESNeither at the end of the financial year nor at any time during the financial year did there subsist any arrangement whose objectis to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Companyor any other body corporate except as disclosed in paragraph 5 for the share options.
30Middle East Development Singapore ltdannual report 2007REPORT OF THEDIRECTORS3. DIRECTORS’ INTERESTS IN SHARES AND DEBENTURESThe directors of the Company holding office at the end of the financial year had no interest in the share capital and debentures ofthe Company and related corporations as recorded in the register of directors’ shareholdings kept by the Company under section164 of the Companies Act, Cap. 50 except as follows:Direct InterestDeemed InterestName of directors and At beginning At end of At beginning At end ofcompanies in which interest are held of the year the year of the year the yearMiddle East Development Singapore Ltd(formerly known as Hitchins Group Ltd)Ordinary sharesWong Seong Khuen 27,080,000 34,620,000 – –Ng Tian Huat 27,080,000 28,620,000 – –Kim Leng Choon 12,933,000 14,389,500 – –Except as disclosed above, no other director who held office at the end of the financial year had an interest in any shares ordebentures of the Company or its related corporations either at the beginning of the financial year (or date of appointment, iflater) or the end of the financial year.The directors’ interest as at 21 July 2007 were the same as those at the end of financial year ended 30 June 2007.4. CONTRACTUAL BENEFITS OF DIRECTORSSince the beginning of the financial year, no director of the Company has received or become entitled to receive a benefit (otherthan as disclosed in the financial statements or in this report) which is required to be disclosed under Section 201(8) of theCompanies Act, Cap. 50, by reason of a contract made by the Company or a related corporation with the director or with a firmof which he is a member, or with a company in which he has a substantial financial interest.5. SHARE OPTIONSHitchins Employees’ Share Option SchemeThe Hitchins Employees’ Share Option Scheme (the “Scheme”) of the Company was approved and adopted by its members atan Extraordinary General Meeting held on 13 December 2002. The Scheme provides an opportunity for employees (includingExecutive Directors of the Group) to have a personal stake in the shareholdings of the Company.The reserved size of the Scheme is 15% of the total number of issued ordinary shares in the capital of the Company on therelevant date of grant of options.The Scheme is administered by the Remuneration Committee comprising:• Tee Tua Ba (Chairman and Independent Director)• Hoon Tai Meng (Member and Independent Director)• Tan Song Koon (Member and Independent Director)
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Notes :1. A Shareholder entitled to
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