Shareholders Of General Securities Investments Approve Restructuring

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Voluntary Liquidation to unlock value for shareholders

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Shareholders Elect To Receive Cash

SINGAPORE, NOV. 14 - Shareholders of General Securities Investments Limited (GSI), in a move aimed at unlocking the value of its closed-end fund, today approved the voluntary liquidation of the company. They have elected to receive the distribution of the company's assets in cash.

GSI officials said this follows the company's earlier proposal to restructure its closed-end fund through a voluntary liquidation to unlock value for its shareholders. Upon the liquidation, GSI shareholders may elect to receive cash or units in a new open-ended unit trust.

Shareholders have appointed Mr Ong Yew Huat, Ms Ho Ai Lian (Mrs Fang) and Mr Nagaraj Sivaram, all of Ernst & Young, as the Liquidators for the company.

It is expected that the realisation of the company's investment portfolio will be completed in four weeks' time.

The Liquidators will distribute the net proceeds of the disposal to Shareholders in proportion to their respective shareholdings. Shareholders should receive the first distribution of cash, tentatively in January 2001. The final distribution of cash is expected to be made by November 2001. However, Shareholders can expect to receive one or more interim distributions of cash before the final distribution. The amount and timing of these will be determined by the Liquidators, subject to tax clearance and sufficient amounts being set aside for the tax and other liabilities of the Company.

The last day for the trading of the shares will be Tuesday, November 21, 2000. Shareholders (who are Depositors), who wish to trade their shares, may do so before the close of trading on this date.

The books closure date, to determine Shareholders' entitlement to the distributions, will be Tuesday, November 28, 2000. The shares will be de-listed from the Singapore Exchange Securities Trading Limited on Wednesday, November 29, 2000.