<PAGE> 1
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JANUARY 11, 2000
REGISTRATION NO. 333-
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------
FORM F-6
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
FOR AMERICAN DEPOSITARY SHARES EVIDENCED BY AMERICAN DEPOSITARY RECEIPTS
---------------------
ST ASSEMBLY TEST SERVICES LTD
(Exact name of issuer of deposited securities as specified in its charter)
---------------------
N.A.
(Translation of issuer's name into English)
---------------------
REPUBLIC OF SINGAPORE
(Jurisdiction of incorporation or organization of issuer)
---------------------
CITIBANK, N.A.
(Exact name of depositary as specified in its charter)
111 WALL STREET
NEW YORK, NEW YORK 10043
(212) 657-5100
(Address, including zip code, and telephone number, including area code,
of depositary's principal executive offices)
---------------------
SINGAPORE TECHNOLOGIES ASSEMBLY AND TEST SERVICES, INC.
1450 MCCANDLESS DRIVE
MILPITAS, CALIFORNIA 95035
(408) 941-1100
(Name, address, including zip code, and telephone number, including area code,
of agent for service)
---------------------
Copy to:
JON L CHRISTIANSON,ESQ.
SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
EAST WING OFFICE, LEVEL 4
CHINA WORLD TRADE CENTER
1 JIAN GUO MEN WAI AVENUE
BEIJING 100004, CHINA
---------------------
It is proposed that this filing become effective under Rule 466:
[ ] immediately upon filing.
[ ] on (Date) at (Time).
If a separate registration statement has been filed to register the deposited
shares, check the following box : [X]
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
Title of Each Class of Amount to be Proposed Maximum Proposed Maximum Amount of
Securities to be Registered Registered Aggregate Price Aggregate Registration Fee
Per Unit(1) Offering Price(1)
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
American Depositary Shares,
evidenced by American Depositary 100,000,000 $0.05 $5,000,000.00 $1,320.00
Receipts, each representing
10 ordinary shares, par value
S$0.25 each, of ST Assembly
Test Services Ltd
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Estimated solely for the purpose of calculating the registration fee.
Pursuant to Rule 457(k), such estimate is computed on the basis of the
maximum aggregate fees or charges to be imposed in connection with the
issuance of American Depositary Receipts evidencing American Depositary
Shares.
THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR
DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT
SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS
REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH
SECTION 8(a) OF THE SECURITIES ACT OF 1933, OR UNTIL THIS REGISTRATION
STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING
PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.
<PAGE> 2
The Prospectus consists of the form of American
Depositary Receipt included as Exhibit A to the
Deposit Agreement filed as Exhibit (A) to this
Registration Statement, which is incorporated
herein by reference.
<PAGE> 3
PART I
INFORMATION REQUIRED IN PROSPECTUS
CROSS REFERENCE SHEET
ITEM 1. DESCRIPTION OF SECURITIES TO BE REGISTERED
<TABLE>
<CAPTION>
LOCATION IN FORM OF AMERICAN
DEPOSITARY RECEIPT ("RECEIPT")
ITEM NUMBER AND CAPTION FILED HEREWITH AS PROSPECTUS
- ----------------------- ------------------------------
<S> <C> <C>
1. Name of depositary and address of its principal Face of Receipt - Introductory paragraph. executive
office.
2. Title of Receipts and identity of deposited Face of Receipt - Top center and securities.
securities.
Terms of deposit:
(i) The amount of deposited securities Face of Receipt - Upper right corner.
represented by one American Depositary
Share
(ii) The procedure for voting, if any, the Reverse of Receipt - Paragraphs (16) and deposited
securities (17).
(iii) The collection and distribution of Face of Receipt - Paragraphs (7), (10) and
dividends (11).
Reverse of Receipt - Paragraphs (14), (16),
(18) and (23).
(iv) The transmission of notices, reports and Face of Receipt - Paragraph (13).
proxy soliciting material
Reverse of Receipt - Paragraphs (17),
(21), (22) and (23).
</TABLE>
I-1
<PAGE> 4
<TABLE>
<CAPTION>
LOCATION IN FORM OF RECEIPT
ITEM NUMBER AND CAPTION FILED HEREWITH AS PROSPECTUS
- ----------------------- ----------------------------
<S> <C> <C>
(v) The sale or exercise of rights Face of Receipt - Paragraphs (3), (7),
(9) and (11).
Reverse of Receipt - Paragraph (14).
(vi) The deposit or sale of securities resulting Face of Receipt - Paragraph (3).
from dividends, splits or plans of reorganization
Reverse of Receipt - Paragraphs (14) and (18).
(vii) Amendment, extension or termination Reverse of Receipt - Paragraphs (21),
of the deposit agreement (22) and (23).
(viii) Rights of holders of Receipts to inspect Face of Receipt - Paragraph (13).
the transfer books of the Depositary
and the list of holders of Receipts
(ix) Restrictions upon the right to deposit or Face of Receipt - Paragraphs (2), (3),
withdraw the underlying securities (7), (8), (9) and (11).
Reverse of Receipt - Paragraphs (24)
and (25).
(x) Limitation upon the liability of the Face of Receipt - Paragraph (11).
depositary
Reverse of Receipt - Paragraph (14). and (19).
3. Fees and charges which may be imposed Face of Receipt - Paragraphs (7) and
directly or indirectly on holders of Receipts (10).
</TABLE>
ITEM 2. AVAILABLE INFORMATION
Upon declaration of the effectiveness of this Registration Statement,
ST Assembly Test Services Ltd will be subject to the periodic reporting
requirements of the Securities Exchange Act of 1934, and, accordingly, will file
certain reports with the United States Securities and Exchange Commission (the
"Commission") . These reports and documents can be inspected by holders of
Receipts and copied at public reference facilities maintained by the Commission
located at Judiciary Plaza, 450 Fifth Street, N.W., Washington D.C. 20549 and at
the Commission's New York City office located at Seven World Trade Center, 13th
Floor, New York, New York 10048.
I-2
<PAGE> 5
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 3. EXHIBITS
(a) Form of Deposit Agreement (including the form of American Depositary
Receipt) by and among ST Assembly Test Services Ltd, Citibank, N.A., as
depositary, and all Holders and Beneficial Owners of American Depositary Shares
evidenced by the American Depositary Receipts issued thereunder (the "Deposit
Agreement"). -- Filed herewith as Exhibit 4.
(b) Any other agreement to which the depositary is a party relating to
the issuance of the American Depositary Shares registered hereunder or the
custody of the deposited securities represented thereby. -- None.
(c) Every material contract relating to the deposited securities
between the depositary and the issuer of the deposited securities in effect at
any time within the last three years. -- None.
(d) Opinion of Skadden, Arps, Slate, Meagher & Flom LLP, counsel for
the depositary, as to the legality of the securities to be registered. -- Filed
herewith as Exhibit 5.
(e) Certificate under Rule 466. -- None.
(f) Powers of attorney for certain officers and directors and the
authorized representative of the issuer in the United States. -- Set forth on
the signature pages hereto.
ITEM 4. UNDERTAKINGS
(a) The depositary hereby undertakes to make available at the principal
office of the depositary in the United States, for inspection by holders of the
Receipts, any reports and communications received from the issuer of the
deposited securities which are both (1) received by the depositary as the holder
of the deposited securities, and (2) made generally available to the holders of
the underlying securities by the issuer.
(b) If the amount of fees charged is not disclosed in the prospectus,
the depositary undertakes to prepare a separate document stating the amount of
any fee charged and describing the service for which it is charged and to
deliver promptly a copy of such fee schedule without charge to anyone upon
request. The depositary undertakes to notify each registered holder of a Receipt
thirty days before any change in the fee schedule.
II-1
<PAGE> 6
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
Citibank, N.A., acting solely on behalf of the legal entity created by the
Deposit Agreement, certifies that it has reasonable grounds to believe that all
the requirements for filing on Form F-6 are met and has duly caused this
Registration Statement on Form F-6 to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of New York, State of New
York, on this 11th day of January, 2000.
Legal entity created by the Deposit
Agreement for the issuance of American
Depositary Receipts evidencing American
Depositary Shares, each representing
10 ordinary shares, par value S$0.25
each, of ST Assembly Test Services Ltd
CITIBANK, N.A., solely in its capacity
as depositary
By: /s/ NANCY LISSEMORE
-----------------------------------
Name: Nancy Lissemore
Title:Vice President
II-2
<PAGE> 7
Pursuant to the requirements of the Securities Act of 1933, as amended,
ST Assembly Test Services Ltd certifies that it has reasonable grounds to
believe that all the requirements for filing on Form F-6 are met and has duly
caused this Registration Statement on Form F-6 to be signed on its behalf by
the undersigned, thereunto duly authorized, in the Republic of Singapore, on
this 11th day of January, 2000.
ST ASSEMBLY TEST SERVICES LTD
By: /s/ TAN BOCK SENG
-----------------------------------
Name: Tan Bock Seng
Title:Chairman and Chief Executive
Officer
II-3
<PAGE> 8
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints Tan Bock Seng, Sum Soon Lim and Premod
Paul Thomas to act as his/her true and lawful attorney-in-fact and agent, with
full power of substitution, for him/her and in his/her name, place and stead, in
any and all such capacities, to sign any and all amendments, including
post-effective amendments, and supplements to this Registration Statement, and
to file the same, with all exhibits thereto and other documents in connection
therewith, with the United States Securities and Exchange Commission, granting
unto said attorney-in-fact and agent full power and authority to do and perform
each and every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as s/he might or could do in
person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his/her substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the
following capacities on 11th January, 2000.
<TABLE>
<CAPTION>
Name Title
- ---- -----
<S> <C>
/s/ TAN BOCK SENG Chairman and Chief Executive Officer
- ---------------------------------
Tan Bock Seng
/s/ LIM MING SEONG Deputy Chairman
- ---------------------------------
Lim Ming Seong
/s/ LEE JOON CHUNG Director and President
- ---------------------------------
Lee Joon Chung
Director
- ---------------------------------
Sum Soon Lim
Director
- ---------------------------------
Steven Hugh Hamblin
/s/ KOH BENG SENG Director
- ---------------------------------
Koh Beng Seng
/s/ LIOW VOON KHEONG Director
- ---------------------------------
Liow Voon Kheong
/s/ PREMOD PAUL THOMAS Director
- ---------------------------------
Premod Paul Thomas
/s/ CHARLES RICHARD WOFFORD Director
- ---------------------------------
Charles Richard Wofford
/s/ WONG KOK KIT Chief Financial Officer
- ---------------------------------
Wong Kok Kit
/s/ JOHN MCCARVEL Authorized Representative in the
- --------------------------------- United States
John McCarvel
</TABLE>
II-4
<PAGE> 9
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
SEQUENTIALLY
EXHIBIT DOCUMENT NUMBERED PAGE
- ------- -------- -------------
<S> <C> <C>
(4) Form of Deposit Agreement
(5) Opinion of Skadden, Arps, Slate,
Meagher & Flom LLP, counsel for the
depositary, as to the legality of
the securities to be registered
</TABLE>
II-5
<PAGE> 1
EXHIBIT 4
- --------------------------------------------------------------------------------
[FORM OF]
DEPOSIT AGREEMENT
- --------------------------------------------------------------------------------
by and among
ST ASSEMBLY TEST SERVICES LTD
AND
CITIBANK, N.A.,
as Depositary,
AND
THE HOLDERS AND BENEFICIAL OWNERS
OF AMERICAN DEPOSITARY SHARES EVIDENCED BY
AMERICAN DEPOSITARY RECEIPTS ISSUED HEREUNDER
- --------------------------------------------------------------------------------
Dated as of -, 2000
<PAGE> 2
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C> <C>
ARTICLE 1. DEFINITIONS
Section 1.1 "Affiliate" 2
Section 1.2 "American Depositary Share(s)" and "ADS(s)" 2
Section 1.3 "ADS Record Date" 3
Section 1.4 "Applicant" 3
Section 1.5 "Beneficial Owner" 3
Section 1.6 "Business Day" 3
Section 1.7 "CDP" 3
Section 1.8 "Commission" 3
Section 1.9 "Company" 3
Section 1.10 "Custodian" 3
Section 1.11 "Deliver" and "Delivery" 4
Section 1.12 "Deposit Agreement" 4
Section 1.13 "Depositary" 4
Section 1.14 "Deposited Securities" 4
Section 1.15 "Dollars" and "$" 4
Section 1.16 "DTC" 5
Section 1.17 "DTC Participant" 5
Section 1.18 "Exchange Act" 5
Section 1.19 "Foreign Currency" 5
Section 1.20 "Holder" 5
Section 1.21 "Pre-Release Transaction" 5
Section 1.22 "Principal Office" 5
Section 1.23 "Receipt(s)"; "American Depositary Receipt(s)" and "ADR(s)" 6
Section 1.24 "Registrar" 6
Section 1.25 "Restricted Securities" 6
Section 1.26 "Securities Act" 7
Section 1.27 "Share Registrar" 7
Section 1.28 "Shares" 7
Section 1.29 "Singapore" 8
Section 1.30 "Singapore Dollars" and "S$" 8
Section 1.31 "United States" 8
ARTICLE 2. APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION
AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS
Section 2.1 Appointment of Depositary 8
Section 2.2 Form and Transferability of Receipts 8
Section 2.3 Deposit with Custodian 12
</TABLE>
i
<PAGE> 3
<TABLE>
<CAPTION>
Page
----
<S> <C> <C>
Section 2.4 Registration of Shares 14
Section 2.5 Execution and Delivery of Receipts 15
Section 2.6 Transfer, Combination and Split-up of Receipts 16
Section 2.7 Surrender of ADSs and Withdrawal of Deposited Securities 18
Section 2.8 Limitations on Execution and Delivery, Transfer, etc. of
Receipts; Suspension of Delivery, Transfer, etc 20
Section 2.9 Lost Receipts, etc 22
Section 2.10 Cancellation and Destruction of Surrendered Receipts;
Maintenance of Records 22
Section 2.11 Partial Entitlement ADSs 23
Section 2.12 Restricted ADSs 24
ARTICLE 3. CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS
Section 3.1 Proofs, Certificates and Other Information 25
Section 3.2 Liability for Taxes and Other Charges 27
Section 3.3 Representations and Warranties on Deposit of Shares 27
Section 3.4 Compliance with Information Requests 28
Section 3.5 Ownership Restrictions 29
ARTICLE 4. THE DEPOSITED SECURITIES
Section 4.1 Cash Distributions 29
Section 4.2 Distribution in Shares 30
Section 4.3 Elective Distributions in Cash or Shares 32
Section 4.4 Distribution of Rights to Purchase Shares 33
Section 4.5 Distributions Other Than Cash, Shares or Rights to Purchase
Shares 36
Section 4.6 Distributions with Respect to Deposited Securities in Bearer
Form 37
Section 4.7 Redemption 38
Section 4.8 Conversion of Foreign Currency 39
Section 4.9 Fixing of ADS Record Date 40
Section 4.10 Voting of Deposited Securities 41
Section 4.11 Changes Affecting Deposited Securities 43
Section 4.12 Available Information 44
Section 4.13 Reports 45
Section 4.14 List of Holders 45
Section 4.15 Taxation 45
ARTICLE 5. THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY
Section 5.1 Maintenance of Office and Transfer Books by the Registrar 47
Section 5.2 Exoneration 48
Section 5.3 Standard of Care 49
</TABLE>
ii
<PAGE> 4
<TABLE>
<CAPTION>
Page
----
<S> <C> <C>
Section 5.4 Resignation and Removal of the Depositary; Appointment of
Successor Depositary 51
Section 5.5 The Custodian 52
Section 5.6 Notices and Reports 53
Section 5.7 Issuance of Additional Shares, ADSs etc 55
Section 5.8 Indemnification 56
Section 5.9 Fees and Charges of Depositary 58
Section 5.10 Pre-Release 59
Section 5.11 Restricted Securities Owners 60
ARTICLE 6. AMENDMENT AND TERMINATION
Section 6.1 Amendment/Supplement 61
Section 6.2 Termination 62
ARTICLE 7. MISCELLANEOUS
Section 7.1 Counterparts 64
Section 7.2 No Third-Party Beneficiaries 64
Section 7.3 Severability 65
Section 7.4 Holders and Beneficial Owners as Parties; Binding Effect 65
Section 7.5 Notices 65
Section 7.6 Governing Law and Jurisdiction 67
Section 7.7 Assignment 69
Section 7.8 Compliance with U.S. Securities Laws 69
Section 7.9 Titles 70
EXHIBIT A [FORM OF RECEIPT]
EXHIBIT B FEE SCHEDULE
DEPOSITARY FEES AND RELATED CHARGES
</TABLE>
iii
<PAGE> 5
DEPOSIT AGREEMENT
DEPOSIT AGREEMENT, dated as of -, 2000, by and among (i) ST ASSEMBLY TEST
SERVICES LTD, a company incorporated under the laws of the Republic of
Singapore, and its successors (the "Company"), (ii) CITIBANK, N.A., a national
banking association organized under the laws of the United States of America
acting in its capacity as depositary, and any successor depositary hereunder
(the "Depositary"), and (iii) all Holders and Beneficial Owners of American
Depositary Shares evidenced by American Depositary Receipts issued hereunder
(all such capitalized terms as hereinafter defined).
W I T N E S S E T H T H A T:
WHEREAS, the Company has duly authorized and has outstanding ordinary
shares, par value S$0.25 per share (the "Shares"), which are listed for trading
on the Singapore Exchange Securities Trading Limited; and
WHEREAS, the Company desires to establish with the Depositary an ADR
facility to provide for the deposit of the Shares and the creation of American
Depositary Shares representing the Shares so deposited and for the execution and
delivery of American Depositary Receipts evidencing such American Depositary
Shares; and
WHEREAS, the Depositary is willing to act as the Depositary for such
facility upon the terms set forth in this Deposit Agreement; and
WHEREAS, the American Depositary Receipts evidencing the American
Depositary Shares issued pursuant to the terms of this Deposit Agreement are to
be substantially in the form of Exhibit
<PAGE> 6
A attached hereto, with appropriate insertions, modifications and omissions,
as hereinafter provided in this Deposit Agreement; and
WHEREAS, certain American Depositary Shares to be issued pursuant to the
terms of this Deposit Agreement are to be quoted on the Nasdaq National Market;
and
WHEREAS, the Board of Directors of the Company (or an authorized committee
thereof) has duly approved (i) the execution and delivery of this Deposit
Agreement on behalf of the Company and (ii) the actions of the Company and the
transactions contemplated herein.
NOW, THEREFORE, in consideration of the premises, the parties hereto agree
as follows:
ARTICLE 1.
DEFINITIONS
All capitalized terms used, but not otherwise defined, herein shall have
the meanings set forth below, unless otherwise clearly indicated:
Section 1.1 "Affiliate" shall have the meaning assigned to such term
by the Commission (as hereinafter defined) under Regulation C promulgated under
the Securities Act (as hereinafter defined).
Section 1.2 "American Depositary Share(s)" and "ADS(s)" shall mean
the rights and interests in the Deposited Securities granted to the Holders
and Beneficial Owners pursuant to the terms and conditions of this Deposit
Agreement and the American Depositary Receipts issued hereunder. Each American
Depositary Share shall represent ten (10) Shares, until (i) there shall occur
either a distribution upon Deposited Securities referred to in Section 4.2 or a
change in Deposited Securities referred to in Section 4.11 and (ii) with respect
to such occurrence additional
2
<PAGE> 7
American Depositary Shares are not issued. Thereafter each American Depositary
Share shall represent the number of Shares and/or Deposited Securities as
specified in such Sections.
Section 1.3 "ADS Record Date" shall have the meaning given to such
term in Section 4.9.
Section 1.4 "Applicant" shall have the meaning given to such term in
Section 5.10.
Section 1.5 "Beneficial Owner" shall mean, as to any ADS, any person
or entity having a beneficial interest deriving from the ownership of such ADS.
A Beneficial Owner may or may not be the Holder of the ADR(s) evidencing such
ADSs. A Beneficial Owner who is not a Holder shall be able to exercise any right
or receive any benefit hereunder solely through the person or entity who is the
Holder of the ADR(s) evidencing the ADSs owned by such Beneficial Owner.
Section 1.6 "Business Day" shall mean any day on which both the banks
in Singapore and the banks in New York are open for business.
Section 1.7 "CDP" shall mean The Central Depositary (Pte) Limited,
which provides the book-entry settlement system for equity securities traded in
Singapore, or any successor entity thereto.
Section 1.8 "Commission" shall mean the Securities and Exchange
Commission of the United States or any successor governmental agency in the
United States.
Section 1.9 "Company" shall mean ST Assembly Test Services Ltd, a
company incorporated and existing under the laws of Singapore, having its
principal office at 5 Yishun Street 23, Singapore 768442, and its successors.
Section 1.10 "Custodian" shall mean, as of the date hereof,
Citibank Nominees Singapore Pte Ltd, a subsidiary of the Depositary, having its
principal office at 300 Tampines
3
<PAGE> 8
Avenue #07-00, Tampines Junction, Singapore 529653, as the custodian for the
purposes of this Deposit Agreement, and any other entity that may be appointed
by the Depositary pursuant to the terms of Section 5.5 as successor, substitute
or additional custodian hereunder, as the context shall require. The term
"Custodian" shall mean any Custodian individually or all custodians
collectively, as the context requires.
Section 1.11 "Deliver" and "Delivery" shall mean, when used in
respect of American Depositary Shares, Receipts, Deposited Securities and
Shares, the physical delivery of the certificate representing such security,
or the electronic delivery of such security by means of book-entry transfer,
if available.
Section 1.12 "Deposit Agreement" shall mean this Deposit Agreement
and all exhibits hereto, as the same may from time to time be amended and
supplemented in accordance with the terms hereof.
Section 1.13 "Depositary" shall mean Citibank, N.A., a national
banking association organized under the laws of the United States, in its
capacity as depositary under the terms of this Deposit Agreement, and any
successor depositary hereunder.
Section 1.14 "Deposited Securities" shall mean Shares at any time
deposited under this Deposit Agreement and any and all other securities,
property and cash held by the Depositary or the Custodian in respect thereof,
subject, in the case of cash, to the provisions of Section 4.8. The collateral
delivered in connection with Pre-Release Transactions described in Section 5.10
hereof shall not constitute Deposited Securities.
Section 1.15 "Dollars" and "$" shall refer to the lawful currency of
the United States.
4
<PAGE> 9
Section 1.16 "DTC" shall mean The Depository Trust Company, a
national clearinghouse and the central book-entry settlement system for
securities traded in the United States and, as such, the custodian for the
securities of DTC Participants (as hereinafter defined) maintained in the
Depository Trust Company, and any successor thereto.
Section 1.17 "DTC Participant" shall mean any financial institution
(or any nominee of such institution) having one or more participant accounts
with DTC for receiving, holding and delivering the securities and cash held
in DTC.
Section 1.18 "Exchange Act" shall mean the United States Securities
Exchange Act of 1934, as from time to time amended.
Section 1.19 "Foreign Currency" shall mean currency other than
Dollars.
Section 1.20 "Holder" shall mean the person or entity in whose name a
Receipt is registered on the books of the Depositary (or the Registrar, if any)
maintained for such purpose. A Holder may or may not be a Beneficial Owner. If a
Holder is not the Beneficial Owner of the ADSs evidenced by the Receipt
registered in its name, such Holder nonetheless shall be deemed to have all
requisite authority to act on behalf of the Beneficial Owners of the ADSs
evidenced by such Receipt.
Section 1.21 "Pre-Release Transaction" shall have the meaning set
forth in Section 5.10.
Section 1.22 "Principal Office" when used with respect to the
Depositary, shall mean the principal office of the Depositary at which at any
particular time its depositary receipts business shall be administered, which,
at the date of this Deposit Agreement, is located at 111 Wall Street, New York,
New York 10043, U.S.A. If the address of the principal office of the Depositary
5
<PAGE> 10
changes after the date of this Deposit Agreement, the Depositary shall,
without unreasonable delay and at its own expense, give written notice thereof
to the Company and the Holders.
Section 1.23 "Receipt(s)"; "American Depositary Receipt(s)" and
"ADR(s)" shall mean the certificate(s) issued by the Depositary to evidence
the American Depositary Shares issued under the terms of this Deposit
Agreement, as such Receipts may be amended from time to time in accordance
with the provisions of this Deposit Agreement. A Receipt may evidence any
number of American Depositary Shares and may, in the case of American
Depositary Shares held through a central depository such as DTC, be in the
form of a "Balance Certificate."
Section 1.24 "Registrar" shall mean the Depositary or any bank or
trust company having an office in the Borough of Manhattan, The City of New
York, which shall be appointed by the Depositary to register issuances and
transfers of Receipts as herein provided, and shall include any co-registrar
appointed by the Depositary for such purposes. Registrars (other than the
Depositary) may be removed and substitutes appointed by the Depositary, with
the prior consent of the Company. Each Registrar (other than the Depositary)
appointed pursuant to this Deposit Agreement shall be required to give notice
in writing to the Depositary accepting such appointment and agreeing to be
bound by the applicable terms of this Deposit Agreement.
Section 1.25 "Restricted Securities" shall mean Shares, Deposited
Securities or ADSs, which (i) have been acquired directly or indirectly from
the Company or any of its Affiliates in a transaction or chain of transactions
not involving any public offering and which are subject to resale limitations
under the Securities Act or the rules issued thereunder, or (ii) are held by
an officer or director (as such terms are defined under Regulation C of the
Securities Act) or other Affiliate of the Company and which are subject to
selling or resale limitations, as the case may be, under the
6
<PAGE> 11
Securities Act or the rules and regulations promulgated thereunder, or
(iii) are subject to other restrictions on sale or deposit under the laws of the
United States, Singapore, or under a shareholder agreement or the Memorandum and
Articles of Association of the Company or under the regulations of an applicable
securities exchange unless, in each case, such Shares, Deposited Securities or
ADSs are being sold to persons other than an Affiliate of the Company in a
transaction (i) covered by an effective resale registration statement, or (ii)
exempt from the registration requirements of the Securities Act (as hereinafter
defined), and the Shares, Deposited Securities or ADSs will not be, when
acquired by such person(s) or entity(ies), Restricted Securities.
Section 1.26 "Securities Act" shall mean the United States
Securities Act of 1933, as from time to time amended.
Section 1.27 "Share Registrar" shall mean M&C Services Private
Limited or a depository institution organized under the laws of Singapore,
which carries out the duties of registrar for the Shares or any successor as
Share Registrar for such Shares appointed by the Company.
Section 1.28 "Shares" shall mean the Company's ordinary shares, par
value S$0.25 per share, validly issued and outstanding and fully paid and may,
if the Depositary so agrees after consultation with the Company, include
evidence of the right to receive Shares; provided that in no event shall
Shares include evidence of the right to receive Shares with respect to which
the full purchase price has not been paid or Shares as to which preemptive
rights have theretofore not been validly waived or exercised; provided
further, however, that, if there shall occur any change in par value,
split-up, consolidation, reclassification, conversion or any other event
described in Section 4.11 in respect of the Shares, the term "Shares" shall
thereafter, to the maximum extent permitted
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by law, represent the successor securities resulting from such change in par
value, split-up, consolidation, exchange, conversion, reclassification or
event.
Section 1.29 "Singapore" shall mean the Republic of Singapore.
Section 1.30 "Singapore Dollars" and "S$" shall refer to the lawful
currency of Singapore.
Section 1.31 "United States" shall have the meaning assigned to it
in Regulation S as promulgated by the Commission under the Securities Act.
ARTICLE 2.
APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS;
DEPOSIT OF SHARES; EXECUTION
AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS
Section 2.1 Appointment of Depositary. The Company hereby appoints
the Depositary as depositary for the Deposited Securities and hereby
authorizes and directs the Depositary to act in accordance with the terms set
forth in this Deposit Agreement. Each Holder and each Beneficial Owner, upon
acceptance of any ADSs (or any interest therein) issued in accordance with the
terms of this Deposit Agreement, shall be deemed for all purposes to (a) be a
party to and bound by the terms of this Deposit Agreement and (b) appoint the
Depositary its attorney-in-fact, with full power to delegate, to act on its
behalf and to take any and all actions contemplated in this Deposit Agreement
with respect to the ADSs, to adopt any and all procedures necessary to comply
with applicable law and to take such action as the Depositary in its sole
discretion may deem necessary or appropriate to carry out the purposes of this
Deposit Agreement.
Section 2.2 Form and Transferability of Receipts.
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2.2.1. Form. ADSs shall be evidenced by definitive Receipts
which shall be engraved, printed, lithographed or produced in such other
manner as may be agreed upon by the Company and the Depositary. Receipts may
be issued under this Deposit Agreement in denominations of any whole number
of ADSs. The Receipts shall be substantially in the form set forth in
Exhibit A to this Deposit Agreement, with any appropriate insertions,
modifications and omissions, in each case as otherwise contemplated in this
Deposit Agreement or required by law. Receipts shall be (i) dated, (ii) signed
by the manual or facsimile signature of a duly authorized signatory of the
Depositary, (iii) countersigned by the manual or facsimile signature of a duly
authorized signatory of the Registrar, and (iv) registered in the books
maintained by the Registrar for the registration of issuances and transfers of
Receipts. No Receipt and no ADS evidenced thereby shall be entitled to any
benefits under this Deposit Agreement or be valid or enforceable for any
purpose against the Depositary or the Company, unless such Receipt shall have
been so dated, signed, countersigned and registered. Receipts bearing the
facsimile signature of a duly-authorized signatory of the Depositary or the
Registrar, who at the time of signature was a duly authorized signatory of the
Depositary or the Registrar, as the case may be, shall bind the Depositary,
notwithstanding the fact that such signatory has ceased to be so authorized
prior to the delivery of such Receipt by the Depositary.
The Receipts shall bear a CUSIP number that is different from
any CUSIP number that may be assigned to any depositary receipts subsequently
issued pursuant to any other arrangement between the Depositary (or any other
depositary) and the Company and which are not Receipts issued hereunder.
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2.2.2. Legends. The Receipts may, with the prior written
consent of the Company (which consent shall not be unreasonably withheld),
and, upon the written request of the Company, shall be, endorsed with or have
incorporated in the text thereof, such legends or recitals not inconsistent
with the provisions of this Deposit Agreement (i) as may be necessary to
enable the Depositary or the Company to perform its obligations hereunder,
(ii) as may be required to comply with any applicable laws or regulations, or
with the rules and regulations of any securities exchange or market upon
which ADSs may be traded, listed or quoted, or to conform with any usage with
respect thereto, (iii) as may be necessary to indicate any special limitations
or restrictions to which any particular Receipts or ADSs are subject by reason
of the date of issuance of the Deposited Securities or otherwise, or (iv) as
may be required by any book-entry system in which the ADSs are held.
2.2.3. Title. Subject to the limitations contained herein and
in the Receipt, title to a Receipt (and to each ADS evidenced thereby) shall
be transferable upon the same terms as a certificated security under the laws
of the State of New York, provided that such Receipt has been properly
endorsed or is accompanied by proper instruments of transfer. Notwithstanding
any notice to the contrary, the Depositary may deem and treat the Holder of a
Receipt as the absolute owner thereof for all purposes. Neither the Depositary
nor the Company shall have any obligation or be subject to any liability under
this Deposit Agreement or any Receipt to any holder of a Receipt or any
Beneficial Owner unless such holder is the Holder of such Receipt registered
on the books of the Depositary or, in the case of a Beneficial Owner, such
Beneficial Owner or the Beneficial Owner's representative is the Holder
registered on the books of the Depositary.
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2.2.4. Book-Entry Systems. The Depositary has made
arrangements for, and DTC has agreed to, the acceptance of the American
Depositary Shares into DTC's book-entry settlement system. A single ADR in the
form of a "Balance Certificate" will evidence all ADSs held through DTC and
will be registered in the name of the nominee for DTC (currently "Cede & Co.")
and will provide that it represents the aggregate amount of ADSs from time to
time indicated in the records of the Depositary as being issued hereunder and
that the aggregate amount of ADSs represented thereby may from time to time be
increased or decreased by making adjustments on such records of the Depositary
and of DTC or its nominee as hereinafter provided. As such, the nominee for
DTC will be the only "Holder" of the ADR evidencing all ADSs held through DTC.
Citibank, N.A. (or such other entity as is appointed by DTC) may hold the
"Balance Certificate" as custodian for DTC. Each Beneficial Owner of ADSs held
through DTC must rely upon the procedures of DTC and the DTC Participants to
exercise or be entitled to any rights attributable to such ADSs. The DTC
Participants shall for all purposes be deemed to have all requisite power and
authority to act on behalf of the Beneficial Owners of the ADSs held in the
DTC Participants' respective accounts in DTC and the Depositary shall for all
purposes be authorized to rely upon any instructions and information given to
it by DTC Participants on behalf of Beneficial Owners of ADSs. So long as ADSs
are held through DTC or unless otherwise required by law, ownership of
beneficial interests in the ADR registered in the name of the nominee for DTC
will be shown on, and transfers of such ownership will be effected only
through, records maintained by (i) DTC (or its nominee), or (ii) DTC
Participants (or their nominees).
The Depositary acknowledges that if at any time DTC notifies
the Company and the Depositary that it (or its nominee) is unwilling or unable
to continue as the Holder of the
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<PAGE> 16
"Balance Certificate" evidencing all ADSs held through DTC or if at any time
it ceases to be a clearing agency registered under the Exchange Act, and in
either case a successor Holder is not appointed by the Company within 90 days,
then (i) beneficial interests in the "Balance Certificate" shall be exchanged
for Receipts in certificated form, (ii) the Depositary shall obtain a supply
of definitive certificated Receipts substantially in the form of Exhibit A
hereto, and (iii) the Depositary shall, upon the order of the Company, execute
and deliver such definitive certificated Receipts registered in such names and
in such amounts as directed by the Holder in exchange for the "Balance
Certificate".
Section 2.3 Deposit with Custodian. Subject to the terms and
conditions of this Deposit Agreement and applicable law, Shares or evidence of
rights to receive Shares (in each case, other than Restricted Securities) may
be deposited by any person or entity (including the Depositary in its
individual capacity but subject, however, in the case of the Company or any
Affiliate of the Company, to Section 5.7 hereof) at any time, whether or not
the transfer books of the Company or the Share Registrar, if any, are closed,
by Delivery of the Shares to the Custodian, and (A) (in the case of Shares
represented by certificates issued in registered form) appropriate instruments
of transfer or endorsement, in a form satisfactory to the Custodian or, (in
the case of Shares represented by certificates in bearer form) of the
requisite coupons and talons pertaining thereto, (B) such certifications and
payments (including, without limitation, the Depositary's fees and related
charges) and evidence of such payments (including, without limitation,
stamping or otherwise marking such Shares by way of receipt) as may be
required by the Depositary or the Custodian in accordance with the provisions
of this Deposit Agreement and applicable law, (C) if the Depositary so
requires, a written order directing the Depositary to execute and deliver to,
or upon the written order of, the
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<PAGE> 17
person(s) or entity(ies) stated in such order a Receipt or Receipts for the
number of American Depositary Shares representing the Shares so deposited,
(D) evidence satisfactory to the Depositary (which may be an opinion of counsel)
that all necessary approvals have been granted by, or there has been compliance
with the rules and regulations of, any applicable governmental agency in
Singapore, including those which are then performing the function of the
regulation of currency exchange, and (E) if the Depositary so requires, (i) an
agreement, assignment or other instrument satisfactory to the Depositary or the
Custodian which provides for the prompt transfer by any person or entity in
whose name the Shares are or have been recorded to the Custodian of any
distribution, or right to subscribe for additional Shares or to receive other
property in respect of any such deposited Shares or, in lieu thereof, such
indemnity or other agreement as shall be satisfactory to the Depositary or the
Custodian and (ii) if the Shares are registered in the name of the person or
entity on whose behalf they are presented for deposit, a proxy or proxies
entitling the Custodian to exercise voting rights in respect of the Shares for
any and all purposes until the Shares so deposited are registered in the name of
the Depositary, the Custodian or any nominee.
Without limiting any other provision of this Deposit Agreement, the
Depositary shall instruct the Custodian not to, and the Depositary shall not
knowingly, accept for deposit (a) any Restricted Securities, except as
expressly permitted by Section 2.12 herein, nor (b) any fractional Shares or
fractional Deposited Securities nor (c) a number of Shares or Deposited
Securities which, upon application of the ADS to Shares ratio, would give rise
to fractional ADSs. No Share shall be accepted for deposit unless accompanied
by evidence, if required by the Depositary, that is reasonably satisfactory to
the Depositary or the Custodian that all conditions to such deposit have been
satisfied by the person or entity depositing such Shares under the laws and
regulations of
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Singapore and any necessary approval has been granted by any governmental body
in Singapore, if any, which is then performing the function of the regulation
of currency exchange. The Depositary may issue Receipts against evidence of
rights to receive Shares from the Company, any agent of the Company or any
custodian, registrar, transfer agent, clearing agency or other entity involved
in ownership or transaction records in respect of the Shares. Such evidence of
rights shall consist of written blanket or specific guarantees of ownership of
Shares furnished by the Company or any such custodian, registrar, transfer
agent, clearing agency or other entity involved in ownership or transaction
records in respect of such Shares.
Section 2.4 Registration of Shares. The Depositary shall instruct
the Custodian upon each delivery of certificates representing registered Shares
being deposited hereunder with the Custodian (or other Deposited Securities
pursuant to Article IV hereof), together with the other documents above
specified, to present such certificate or certificates, together with the
appropriate instrument or instruments of transfer or endorsement, duly stamped,
to the Share Registrar for transfer and registration of the Shares (as soon as
transfer and registration can be accomplished and at the expense of the person
or entity for whom the deposit is made) in the name of the Depositary, the
Custodian or a nominee of either. Deposited Securities shall be held by the
Depositary or by a Custodian for the account and to the order of the Depositary
or a nominee in each case on behalf of the Holders and Beneficial Owners, at
such place or places as the Depositary or the Custodian shall determine.
Without limitation of the foregoing, the Depositary shall not
knowingly accept for deposit under this Deposit Agreement any Shares or other
Deposited Securities required to be registered under the provisions of the
Securities Act, unless a registration statement is in effect as
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to such Shares or other Deposited Securities, or any Shares or Deposited
Securities the deposit of which would violate any provisions of the Memorandum
and Articles of Association of the Company.
Section 2.5 Execution and Delivery of Receipts. The Depositary has
made arrangements with the Custodian to confirm to the Depositary (i) that a
deposit of Shares has been made pursuant to Section 2.3 hereof, (ii) that any
such Deposited Securities have been recorded in the name of the Depositary,
Custodian or a nominee of either on the shareholders' register maintained by
or on behalf of the Company, if registered Shares have been deposited or, if
deposit is made by book-entry transfer, confirmation of such transfer in the
books of the CDP, (iii) that all required documents, if any, have been
received, and (iv) the person(s) or entity(ies) to whom or upon whose order
American Depositary Shares are deliverable in respect thereof and the number
of American Depositary Shares to be so delivered thereby. Such notification
may be made by letter, cable, telex, swift message or, at the risk and expense
of the person making the deposit, by facsimile or other means of electronic
transmission. Upon receiving such notice from the Custodian, the Depositary,
subject to the terms and conditions of this Deposit Agreement, shall issue
the American Depositary Shares representing the Shares so deposited and shall
execute and Deliver at its Principal Office to or upon the order of the
person(s) or entity(ies) named in the notice delivered to the Depositary
Receipt(s) registered in the name or names requested by such person(s) or
entity(ies) and evidencing the aggregate number of American Depositary Shares
to which such person(s) or entity(ies) are entitled, but only upon payment to
the Depositary of the charges of the Depositary for accepting a deposit,
issuing American Depositary Shares and executing and delivering such
Receipt(s) (as set forth in Section 5.9 and Exhibit B hereto) and all taxes
and governmental charges and fees payable
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<PAGE> 20
in connection with such deposit and the transfer of the Shares and the issuance
of the Receipt(s). The Depositary shall only issue American Depositary Shares
in whole numbers and deliver American Depositary Receipts evidencing whole
numbers of American Depositary Shares. Nothing herein shall prohibit any
Pre-Release Transaction upon the terms set forth in this Deposit Agreement.
Section 2.6 Transfer, Combination and Split-up of Receipts.
2.6.1. Transfer. The Depositary or the Registrar, if any,
shall, without unreasonable delay, register the transfer of Receipts (and of
the ADSs represented thereby) on the books maintained for such purpose and the
Depositary shall cancel such Receipts and execute new Receipts evidencing the
same aggregate number of ADSs as those evidenced by the Receipts cancelled by
the Depositary, shall cause the Registrar to countersign such new Receipts and
shall Deliver such new Receipts to or upon the order of the person or entity
entitled thereto, if each of the following conditions has been satisfied:
(i) the Receipts have been duly Delivered by the Holder (or by a duly
authorized attorney of the Holder) to the Depositary at its Principal Office
for the purpose of effecting a transfer thereof, (ii) the surrendered Receipts
have been properly endorsed or are accompanied by proper instruments of
transfer (including signature guarantees in accordance with standard securities
industry practice), (iii) the surrendered Receipts have been duly stamped (if
required by the laws of the State of New York or of the United States or any
other applicable law), and (iv) all applicable fees and charges of, and
expenses incurred by, the Depositary and all applicable taxes and governmental
charges (as are set forth in Section 5.9 and Exhibit B hereto) have been paid,
subject, however, in each case, to the terms and conditions of the applicable
Receipts, of this Deposit Agreement and of applicable law , in each case as in
effect at the time thereof.
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2.6.2. Combination & Split Up. The Depositary or the Registrar,
if any, shall, without unreasonable delay, register the split-up or combination
of Receipts (and of the ADSs represented thereby) on the books maintained for
such purpose and the Depositary shall cancel such Receipts and execute new
Receipts for the number of ADSs requested, but in the aggregate not exceeding
the number of ADSs evidenced by the Receipts cancelled by the Depositary, shall
cause the Registrar to countersign such new Receipts and shall Deliver such new
Receipts to or upon the order of the Holder thereof, if each of the following
conditions has been satisfied: (i) the Receipts have been duly Delivered by the
Holder (or by a duly authorized attorney of the Holder) to the Depositary at
its Principal Office for the purpose of effecting a split-up or combination
thereof, and (ii) all applicable fees and charges of, and expenses incurred by,
the Depositary and all applicable taxes and governmental charges (as are set
forth in Section 5.9 and Exhibit B hereto) have been paid, subject, however,
in each case, to the terms and conditions of the applicable Receipts, of this
Deposit Agreement and of applicable law, in each case, as in effect at the time
thereof.
2.6.3. Co-Transfer Agents. The Depositary may, with the prior
written consent of the Company (which consent shall not be unreasonably
withheld), and, upon the written request of the Company, shall promptly,
appoint one or more co-transfer agents for the purpose of effecting transfers,
combinations and split-ups of Receipts at designated transfer offices on behalf
of the Depositary. In carrying out its functions, a co-transfer agent may
require evidence of authority and compliance with applicable laws and other
requirements by Holders, Beneficial Owners, or persons entitled to such
Receipts and will be entitled to protection and indemnity to the same extent
as the Depositary or the Company. Such co-transfer agents may be removed and
substitutes appointed by the Depositary. Each co-transfer agent appointed under
this Section 2.6 (other than the
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Depositary) shall give notice in writing to the Depositary accepting such
appointment and agreeing to be bound by the applicable terms of this Deposit
Agreement.
Section 2.7 Surrender of ADSs and Withdrawal of Deposited
Securities. The Holder of ADSs shall be entitled to Delivery by book-entry
transfer (or in the case of certificates, Delivery at the Custodian's principal
office) of the Deposited Securities at the time represented by the ADS(s) upon
satisfaction of each of the following conditions: (i) the Holder (or a duly
authorized attorney of the Holder) has duly Delivered ADSs to the Depositary at
its Principal Office (and if applicable, the Receipts evidencing such ADSs) for
the purpose of withdrawal of the Deposited Securities represented thereby,
(ii) if so required by the Depositary, the Receipts Delivered to the Depositary
for such purpose have been properly endorsed in blank or are accompanied by
proper instruments of transfer in blank (including signature guarantees in
accordance with standard securities industry practice), (iii) if so required by
the Depositary, the Holder of the ADSs has executed and delivered to the
Depositary a written order directing the Depositary to cause the Deposited
Securities being withdrawn to be Delivered to or upon the written order of the
person(s) or entity(ies) designated in such order, and (iv) all applicable fees
and charges of, and expenses incurred by, the Depositary and all applicable
taxes and governmental charges (as are set forth in Section 5.9 and Exhibit B
hereof) have been paid, subject, however, in each case, to the terms and
conditions of the Receipts evidencing the surrendered ADSs, of this Deposit
Agreement, of the Company's Memorandum and Articles of Association and of any
applicable laws and the rules of the CDP, and to any provisions of or
governing the Deposited Securities, in each case as in effect at the time
thereof.
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Upon satisfaction of each of the conditions specified above, the
Depositary (i) shall cancel the ADSs Delivered to it (and, if applicable, the
Receipts evidencing the ADSs so Delivered), (ii) shall direct the Registrar to
record the cancellation of the ADSs so Delivered on the books maintained for
such purpose, and (iii) shall direct the Custodian to Deliver (without
unreasonable delay) at the Custodian's principal office the Deposited
Securities represented by the ADSs so cancelled together with any certificate
or other document of or relating to title for the Deposited Securities, or
evidence of the electronic transfer thereof (if available), and any other
securities, property and cash to which such Holder is then entitled in respect
of such Receipts, as the case may be, to or upon the written order of the
person(s) or entity(ies) designated in the order delivered to the Depositary
for such purpose, subject however, in each case, to the terms and conditions of
this Deposit Agreement, of the Receipts evidencing the ADSs so cancelled, of
the Memorandum and Articles of Association of the Company, of applicable laws
and of the rules of the CDP, and to the terms and conditions of or governing
the Deposited Securities, in each case as in effect at the time thereof.
The Depositary shall not accept for surrender ADSs representing less
than one Share. In the case of the Delivery of ADSs representing a number other
than a whole number of Shares, the Depositary shall cause ownership of the
appropriate whole number of Shares to be Delivered in accordance with the terms
hereof, and shall, at the discretion of the Depositary, either (i) return to
the person or entity surrendering such ADSs the number of ADSs representing any
remaining fractional Share, or (ii) sell or cause to be sold the fractional
Shares represented by the ADSs so surrendered and remit the proceeds of such
sale (net of (a) applicable fees and charges of, and
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<PAGE> 24
expenses incurred by, the Depositary and (b) taxes withheld) to the person(s)
or entity(ies) designated in the order delivered to the Depositary for such
purpose.
Notwithstanding anything else contained in any Receipt or this
Deposit Agreement, the Depositary may make delivery at the Principal Office of
the Depositary of (i) any cash dividends or cash distributions, or (ii) any
proceeds from the sale of any distributions of shares or rights, which are at
the time held by the Depositary in respect of the Deposited Securities
represented by the ADSs surrendered for cancellation and withdrawal. At the
request, risk and expense of any Holder so surrendering ADSs, and for the
account of such Holder, the Depositary shall direct the Custodian to forward
(to the extent permitted by law) any cash or other property (other than
securities) held by the Custodian in respect of the Deposited Securities
represented by such ADSs to the Depositary for delivery at the Principal Office
of the Depositary. Such direction shall be given by letter or, at the request,
risk and expense of such Holder, by cable, telex or facsimile transmission.
Section 2.8 Limitations on Execution and Delivery, Transfer, etc. of
Receipts; Suspension of Delivery, Transfer, etc.
2.8.1. Additional Requirements. As a condition precedent to the
execution and delivery, registration, registration of transfer, split-up,
combination or surrender of any Receipt, the delivery of any distribution
thereon or withdrawal of any Deposited Securities, the Depositary or the
Custodian may require (i) payment from the depositor of Shares or presenter of
ADSs or of a Receipt of a sum sufficient to reimburse it for any tax or other
governmental charge and any stock transfer or registration fee with respect
thereto (including any such tax or charge and fee with respect to Shares being
deposited or withdrawn) and payment of any applicable fees and charges of the
Depositary as provided in Section 5.9 and Exhibit B hereof, (ii) the production
of proof satisfactory
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to it as to the identity and genuineness of any signature or any other matter
contemplated by Section 3.1 hereof and (iii) compliance with (A) any laws or
governmental regulations relating to the execution and delivery of Receipts or
American Depositary Shares or to the withdrawal of Deposited Securities and
(B) such reasonable regulations, if any, as the Depositary and the Company may
establish consistent with the provisions of this Deposit Agreement and
applicable law.
2.8.2. Additional Limitations. The issuance of ADSs against
deposits of Shares generally or against deposits of particular Shares may be
suspended, or the issuance of ADSs against the deposit of particular Shares
may be withheld, or the registration of transfer of Receipts in particular
instances may be refused, or the registration of transfers of Receipts
generally may be suspended, during any period when the transfer books of the
Company, the Depositary, a Registrar or the Share Registrar are closed or if
any such action is deemed necessary or advisable by the Depositary or the
Company, in good faith, at any time or from time to time because of any
requirement of law, any government or governmental body or commission or any
securities exchange on which the ADSs or Shares are listed, or under any
provision of this Deposit Agreement or provisions of, or governing, the
Deposited Securities, or any meeting of shareholders of the Company or for any
other reason, subject, in all cases, to Section 7.8 hereof.
2.8.3. Regulatory Restrictions. Notwithstanding any provision
of this Deposit Agreement or any Receipt to the contrary, Holders are entitled
to surrender outstanding ADSs to withdraw the Deposited Securities at any time
subject only to (i) temporary delays caused by closing the transfer books of
the Depositary or the Company or the deposit of Shares in connection with
voting at a shareholders' meeting or the payment of dividends, (ii) the payment
of fees, taxes and similar charges, (iii) compliance with any U.S. or non-U.S.
laws or governmental
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regulations relating to the Receipts or to the withdrawal of the Deposited
Securities, and (iv) other circumstances specifically contemplated by Section
I.A.(l) of the General Instructions to Form F-6 (as such General Instructions
may be amended from time to time).
Section 2.9 Lost Receipts, etc. In case any Receipt shall be
mutilated, destroyed, lost, or stolen, the Depositary shall execute and deliver
a new Receipt of like tenor at the expense of the Holder (a) in the case of a
mutilated Receipt, in exchange of and substitution for such mutilated Receipt
upon cancellation thereof, or (b) in lieu of and in substitution for such
destroyed, lost, or stolen Receipt, after the Holder thereof (i) has submitted
to the Depositary a written request for such exchange and substitution before
the Depositary has notice that the Receipt has been acquired by a bona fide
purchaser, (ii) has provided such security or indemnity (including an indemnity
bond) as may be required by the Depositary to save it and any of its agents
harmless, and (iii) has satisfied any other reasonable requirements imposed by
the Depositary, including, without limitation, evidence satisfactory to the
Depositary of such destruction, loss or theft of such Receipt, the authenticity
thereof and the Holder's ownership thereof.
Section 2.10 Cancellation and Destruction of Surrendered Receipts;
Maintenance of Records. All Receipts surrendered to the Depositary shall be
canceled by the Depositary. Canceled Receipts shall not be entitled to any
benefits under this Deposit Agreement or be valid or enforceable against the
Depositary for any purpose. The Depositary is authorized to destroy Receipts so
canceled, provided the Depositary maintains a record of all destroyed Receipts.
Any ADSs held in book-entry form (i.e., through accounts at DTC) shall be
deemed canceled when the Depositary causes the number of ADSs evidenced by the
Balance Certificate to be reduced by the number of ADSs surrendered to it
(without the need to physically destroy the Balance Certificate).
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Section 2.11 Partial Entitlement ADSs. In the event any Shares are
deposited which entitle the holders thereof to receive a per-share distribution
or other entitlement in an amount different from the Shares then on deposit
(the Shares then on deposit collectively, "Full Entitlement Shares" and the
Shares with different entitlement, "Partial Entitlement Shares"), the
Depositary shall (i) cause the Custodian to hold Partial Entitlement Shares
separate and distinct from Full Entitlement Shares, and (ii) subject to the
terms of this Agreement, issue ADSs and deliver ADRs representing Partial
Entitlement Shares which are separate and distinct from the ADSs and ADRs
representing Full Entitlement Shares, by means of separate CUSIP numbering and
legending (if necessary) ("Partial Entitlement ADSs/ADRs" and "Full Entitlement
ADSs/ADRs", respectively). If and when Partial Entitlement Shares become Full
Entitlement Shares, the Depositary shall (a) give notice thereof to Holders of
Partial Entitlement ADSs and give Holders of Partial Entitlement ADRs the
opportunity to exchange such Partial Entitlement ADRs for Full Entitlement
ADRs, (b) cause the Custodian to transfer the Partial Entitlement Shares into
the account of the Full Entitlement Shares, and (c) take such actions as are
necessary to remove the distinctions between (i) the Partial Entitlement ADRs
and ADSs, on the one hand, and (ii) the Full Entitlement ADRs and ADSs on the
other. Holders and Beneficial Owners of Partial Entitlement ADSs shall only be
entitled to the entitlements of Partial Entitlement Shares. Holders and
Beneficial Owners of Full Entitlement ADSs shall be entitled only to the
entitlements of Full Entitlement Shares. All provisions and conditions of this
Deposit Agreement shall apply to Partial Entitlement ADRs and ADSs to the same
extent as Full Entitlement ADRs and ADSs, except as contemplated by this
Section 2.11. The Depositary is authorized to take any and all other actions
as may be necessary (including, without limitation, making the necessary
notations on Receipts) to give effect to the terms of this Section 2.11. The
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Company agrees to give timely written notice to the Depositary if any Shares
issued or to be issued are Partial Entitlement Shares and shall assist the
Depositary with the establishment of procedures enabling the identification of
Partial Entitlement Shares upon Delivery to the Custodian.
Section 2.12 Restricted ADSs. The Depositary shall, at the request
and expense of the Company, establish procedures enabling the deposit hereunder
of Shares that are Restricted Securities in order to enable the holder of such
Shares to hold its ownership interests in such Restricted Securities in the
form of ADSs issued under the terms hereof (such Shares, "Restricted Shares").
Upon receipt of a written request from the Company to accept Restricted Shares
for deposit hereunder, the Depositary agrees to establish procedures permitting
the deposit of such Restricted Shares and the issuance of ADSs representing
such deposited Restricted Shares (such ADSs, the "Restricted ADSs," and the
ADRs evidencing such Restricted ADSs, the "Restricted ADRs"). The Company shall
assist the Depositary in the establishment of such procedures and agrees that
it shall take all steps necessary and satisfactory to the Depositary to ensure
that the establishment of such procedures does not violate the provisions of
the Securities Act or any other applicable laws or regulations. The depositors
of such Restricted Shares and the holders of the Restricted ADSs may be
required prior to the deposit of such Restricted Shares, the transfer of the
Restricted ADRs and the Restricted ADSs evidenced thereby or the withdrawal
of the Restricted Shares represented by Restricted ADSs to provide such written
certifications or agreements as the Depositary or the Company may require. The
Company shall provide to the Depositary in writing the legend(s) to be affixed
to the Restricted ADRs, which legends shall (i) be in a form satisfactory to
the Depositary and (ii) set forth the specific circumstances under which the
Restricted ADRs and the Restricted ADSs represented thereby may be transferred
or the Restricted Shares withdrawn. The
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Restricted ADSs issued upon the deposit of Restricted Shares shall be
separately identified on the books of the Depositary and the Restricted Shares
so deposited shall be held separate and distinct from the other Deposited
Securities held hereunder. Neither the Restricted Shares nor the Restricted
ADSs shall be eligible for Pre-Release Transactions described in Section 5.10
hereof. The Restricted ADSs shall not be eligible for inclusion in any
book-entry settlement system, including, without limitation, DTC, and shall not
in any way be fungible with the ADSs issued under the terms hereof that are not
Restricted ADSs. The Restricted ADRs and the Restricted ADSs evidenced thereby
shall be transferable only by the Holder thereof upon delivery to the
Depositary of (i) all documentation otherwise contemplated by this Deposit
Agreement and (ii) an opinion of counsel reasonably satisfactory to the
Depositary setting forth, inter alia, the conditions upon which the Restricted
ADR presented is, and the Restricted ADSs evidenced thereby are, transferable
by the Holder thereof under applicable securities laws and the transfer
restrictions contained in the legend set forth on the Restricted ADR presented
for transfer. Except as set forth in this Section 2.12 and except as required
by applicable law, the Restricted ADRs and the Restricted ADSs evidenced
thereby shall be treated as ADRs and ADSs issued and outstanding under the
terms of this Deposit Agreement.
ARTICLE 3.
CERTAIN OBLIGATIONS OF HOLDERS
AND BENEFICIAL OWNERS OF RECEIPTS
Section 3.1 Proofs, Certificates and Other Information. Any person
or entity presenting Shares for deposit, any Holder and any Beneficial Owner
may be required by the Depositary or the Company, and every Holder and
Beneficial Owner agrees, from time to time to provide to the Depositary, the
Custodian or the Company such proof of citizenship or residence,
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taxpayer status, payment of all applicable taxes or other governmental charges,
exchange control approval, legal or beneficial ownership of ADSs and Deposited
Securities, compliance with applicable laws and the terms of this Deposit
Agreement and the provisions of, or governing, the Deposited Securities, to
execute such certifications and to make such representations and warranties,
and to provide such other information and documentation (or, in the case of
Shares in registered form presented for deposit, such information relating to
the registration on the books of the Company or of the appointed agent of the
Company for the registration and transfer of Shares) as the Depositary or the
Custodian reasonably may deem necessary or proper or as the Company may
reasonably require by written request to the Depositary consistent with its
obligations hereunder. The Depositary and the Registrar, as applicable, may,
and at the reasonable request of the Company, shall, withhold the execution or
delivery or registration of transfer of any Receipt or the distribution or sale
of any dividend or distribution of rights or of the proceeds thereof or, to the
extent not limited by the terms of Section 7.8 hereof, the delivery of any
Deposited Securities until such proof or other information is filed or such
certifications are executed, or such representations are made, or such other
documentation or information provided, in each case to the Depositary's, the
Registrar's and the Company's reasonable satisfaction. The Depositary shall
from time to time advise the Company of (i) any such proofs of citizenship or
residence, taxpayer status, or exchange control approval which it receives from
Holders and Beneficial Owners, and (ii) any other information or documents
which the Company may reasonably request and which the Depositary shall request
and receive from any Holder or Beneficial Owner or any person or entity
presenting Shares for deposit or ADSs for cancellation and withdrawal and shall
provide the Company, in a timely manner, with copies, or originals thereof upon
the request of the Company. Nothing herein shall obligate the Depositary to
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(i) obtain any information for the Company if not provided by the Holders or
Beneficial Owners or (ii) verify or vouch for the accuracy of the information
so provided by the Holders or Beneficial Owners.
Section 3.2 Liability for Taxes and Other Charges. If any tax or
other governmental charge shall become payable with respect to any ADR or any
Deposited Securities or American Depositary Shares, such tax or other
governmental charge shall be payable by the Holders and Beneficial Owners to
the Depositary. The Company, the Custodian and/or the Depositary may withhold
or deduct from any distributions made in respect of Deposited Securities and
may sell for the account of a Holder and/or Beneficial Owner any or all of the
Deposited Securities and apply such distributions and sale proceeds in payment
of such taxes (including applicable interest and penalties) or charges, the
Holder and the Beneficial Owner remaining liable for any deficiency. The
Custodian may refuse the deposit of Shares and the Depositary may refuse to
issue ADSs, to deliver ADRs, register the transfer, split-up or combination of
ADRs and (subject to Section 7.8) the withdrawal of Deposited Securities until
payment in full of such tax, charge, penalty or interest is received. Every
Holder and Beneficial Owner agrees to indemnify the Depositary, the Company,
the Custodian, and any of their agents, officers, employees and Affiliates for,
and to hold each of them harmless from, any claims with respect to taxes
(including applicable interest and penalties thereon) arising from any tax
benefit obtained for such Holder and/or Beneficial Owner.
Section 3.3 Representations and Warranties on Deposit of Shares.
Each person or entity depositing Shares under this Deposit Agreement shall be
deemed thereby to represent and warrant that (i) such Shares and the
certificates therefor are duly authorized, validly issued, fully paid and
legally obtained by such person or entity, (ii) all preemptive (and similar)
rights, if any, with
27
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respect to such Shares have been validly waived or exercised, (iii) the person
or entity making such deposit is duly authorized so to do, (iv) the Shares
presented for deposit are free and clear of any lien, encumbrance, security
interest, charge, mortgage or adverse claim, and are not, except as
contemplated in Section 2.12 herein, and the ADSs issuable upon such deposit
will not be, except as contemplated in Section 2.12 herein, Restricted
Securities, and (v) the Shares presented for deposit have not been stripped of
any right or entitlement. Such representations and warranties shall survive the
deposit and withdrawal of Shares, the issuance and cancellation of American
Depositary Shares in respect thereof and the transfer of such American
Depositary Shares. If any such representations or warranties are false in any
way, the Company and the Depositary shall be authorized, at the cost and
expense of the person or entity depositing Shares, to take any and all actions
necessary to correct the consequences thereof.
Section 3.4 Compliance with Information Requests. Notwithstanding
any other provision of this Deposit Agreement, each Holder and Beneficial Owner
agrees to comply with requests from the Company pursuant to Singapore law, the
rules and requirements of the Singapore Exchange Securities Trading Limited,
and any other stock exchange on which the Shares are, or will be, registered,
traded or listed, the rules and requirements of the CDP or any other clearing
system through which transactions in the Shares may be settled or the
Memorandum and Articles of Association of the Company, which are made to
provide information, inter alia, as to the capacity in which such Holder or
Beneficial Owner owns American Depositary Shares (and Shares as the case may
be) and regarding the identity of any other person(s) or entity(ies) interested
in such American Depositary Shares and the nature of such interest and various
other matters, whether or not they are Holders and/or Beneficial Owners at the
time of such request. The Depositary agrees to use its
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<PAGE> 33
reasonable efforts to forward, upon the request of the Company, and at the
Company's expense, any such request from the Company to the Holders and to
forward to the Company any such responses to such requests received by the
Depositary.
Section 3.5 Ownership Restrictions. Notwithstanding any other
provision in this Deposit Agreement, the Company may restrict transfers of the
Shares where such transfer might result in ownership of Shares exceeding limits
imposed by applicable law or the Memorandum and Articles of Association of the
Company. The Company may also restrict, in such manner as it deems appropriate,
transfers of the American Depositary Shares where such transfer may result in
the total number of Shares represented by the American Depositary Shares owned
by a single Holder or Beneficial Owner to exceed any such limits. The Company
may, in its sole discretion but subject to applicable law, instruct the
Depositary to take action with respect to the ownership interest of any Holder
or Beneficial Owner in excess of the limits set forth in the preceding
sentence, including, but not limited to, the imposition of restrictions on the
transfer of American Depositary Shares, the removal or limitation of voting
rights or mandatory sale or disposition on behalf of a Holder or Beneficial
Owner of the Shares represented by the American Depositary Shares held by such
Holder or Beneficial Owner in excess of such limitations, if and to the extent
such disposition is permitted by applicable law and the Memorandum and Articles
of Association of the Company.
ARTICLE 4.
THE DEPOSITED SECURITIES
Section 4.1 Cash Distributions. Whenever the Depositary receives
confirmation from the Custodian of receipt of any cash dividend or other cash
distribution on any Deposited Securities, or receives proceeds from the sale of
any Shares, rights, securities or other entitlements
29
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under the terms hereof, the Depositary will, if at the time of receipt thereof
any amounts received in a Foreign Currency can, in the reasonable judgment of
the Depositary (pursuant to Section 4.8 hereof), be converted on a practicable
basis into Dollars transferable to the United States, promptly convert or cause
to be converted such cash dividend, distribution or proceeds into Dollars (on
the terms described in Section 4.8) and will distribute promptly the amount thus
received (net of (a) the applicable fees and charges of, and reasonable expenses
incurred by, the Depositary and (b) taxes withheld) to the Holders entitled
thereto as of the ADS Record Date in proportion to the number of American
Depositary Shares held as of the ADS Record Date. The Depositary shall
distribute only such amount, however, as can be distributed without attributing
to any Holder a fraction of one cent, and any balance not so distributed shall
be held by the Depositary (without liability for interest thereon) and shall be
added to and become part of the next sum received by the Depositary for
distribution to Holders of ADSs outstanding at the time of the next
distribution. If the Company, the Custodian or the Depositary is required to
withhold and does withhold from any cash dividend or other cash distribution in
respect of any Deposited Securities an amount on account of taxes, duties or
other governmental charges, the amount distributed to Holders of the American
Depositary Shares representing such Deposited Securities shall be reduced
accordingly. Such withheld amounts shall be forwarded by the Company, the
Custodian or the Depositary to the relevant governmental authority. Evidence of
payment thereof by the Company shall be forwarded by the Company to the
Depositary upon request.
Section 4.2 Distribution in Shares. If any distribution upon any
Deposited Securities consists of a dividend in, or free distribution of,
Shares, the Company shall cause such Shares to be deposited with the Custodian
and registered, as the case may be, in the name of the
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Depositary, the Custodian or any of their nominees. Upon receipt of confirmation
of such deposit from the Custodian, the Depositary shall establish the ADS
Record Date upon the terms described in Section 4.9 hereof and shall, subject to
Section 5.9 hereof, either (i) distribute to the Holders as of the ADS Record
Date in proportion to the number of American Depositary Shares held as of the
ADS Record Date, additional American Depositary Shares, which represent in the
aggregate the number of Shares received as such dividend, or free distribution,
subject to the other terms of this Deposit Agreement (including, without
limitation, (a) the applicable fees and charges of, and expenses incurred by,
the Depositary and (b) taxes), or (ii) if additional American Depositary Shares
are not so distributed, each American Depositary Share issued and outstanding
after the ADS Record Date shall, to the extent permissible by law, thenceforth
also represent rights and interests in the additional integral number of Shares
distributed upon the Deposited Securities represented thereby (net of (a) the
applicable fees and charges of, and expenses incurred by, the Depositary and
(b) taxes). In lieu of delivering fractional American Depositary Shares, the
Depositary shall sell the number of Shares or American Depositary Shares, as the
case may be, represented by the aggregate of such fractions and distribute the
net proceeds upon the terms described in Section 4.1.
In the event that the Depositary determines that any distribution in
property (including Shares) is subject to any tax or other governmental charges
which the Depositary is obligated to withhold, or, if the Company, in the
fulfillment of its obligation under Section 5.7 hereof, has furnished an opinion
of U.S. counsel determining that Shares must be registered under the Securities
Act or other laws in order to be distributed to Holders (and no such
registration statement has been declared effective), the Depositary may dispose
of all or a portion of such property (including Shares and rights to subscribe
therefor) in such amounts and in such manner, including by public or private
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sale, as the Depositary deems necessary and practicable, and the Depositary
shall distribute the net proceeds of any such sale (after deduction of such
(a) taxes and (b) fees and charges of, and expenses incurred by, the Depositary)
to Holders entitled thereto upon the terms described in Section 4.1. The
Depositary shall hold and/or distribute any unsold balance of such property in
accordance with the provisions of this Deposit Agreement.
Section 4.3 Elective Distributions in Cash or Shares. Whenever the
Company intends to distribute a dividend payable at the election of the holders
of Shares in cash or in additional Shares, the Company shall use its best
efforts to give notice thereof to the Depositary at least 60 days prior to the
proposed distribution stating whether or not it wishes such elective
distribution to be made available to Holders of ADSs. Upon receipt of notice
indicating that the Company wishes such elective distribution to be made
available to Holders of ADSs, the Depositary shall consult with the Company to
determine, and the Company shall assist the Depositary in its determination,
whether it is lawful and reasonably practicable to make such elective
distribution available to the Holders of ADSs. The Depositary shall promptly
make such elective distribution available to Holders only if (i) the Depositary
shall have determined that such distribution is reasonably practicable and
(ii) the Depositary shall have received satisfactory documentation within the
terms of Section 5.7. If the above conditions are not satisfied, the Depositary
shall, to the extent permitted by law, distribute to the Holders, on the basis
of the same determination as is made in Singapore in respect of the Shares for
which no election is made, either (x) cash upon the terms described in Section
4.1 or (y) additional ADSs representing such additional Shares upon the terms
described in Section 4.2. If the above conditions are satisfied, the Depositary
shall establish an ADS Record Date (on the terms described in Section 4.9) and
establish procedures to enable Holders to
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elect the receipt of the proposed dividend in cash or in additional ADSs. The
Company shall assist the Depositary in establishing such procedures to the
extent necessary. If a Holder elects to receive the proposed dividend (x) in
cash, the dividend shall be distributed upon the terms described in Section 4.1,
or (y) in ADSs, the dividend shall be distributed upon the terms described in
Section 4.2. Nothing herein shall obligate the Depositary to make available to
Holders a method to receive the elective dividend in Shares (rather than ADSs).
There can be no assurance that Holders generally, or any Holder in particular,
will be given the opportunity to receive elective distributions on the same
terms and conditions as the holders of Shares.
Section 4.4 Distribution of Rights to Purchase Shares.
4.4.1. Distribution to ADS Holders. Whenever the Company intends
to distribute to the holders of the Deposited Securities rights to subscribe for
additional Shares, the Company shall use its best efforts to give notice thereof
to the Depositary at least 60 days prior to the proposed distribution stating
whether or not it wishes such rights to be made available to Holders of ADSs.
Upon receipt of a notice indicating that the Company wishes such rights to be
made available to Holders of ADSs, the Depositary shall consult with the Company
to determine, and the Company shall assist the Depositary in its determination,
whether it is lawful and reasonably practicable to make such rights available to
the Holders. The Depositary shall promptly make such rights available to Holders
only if (i) the Company shall have requested that such rights be made available
to Holders, (ii) the Depositary shall have received satisfactory documentation
within the terms of Section 5.7, and (iii) the Depositary shall have determined
that such distribution of rights is reasonably practicable. In the event any of
the conditions set forth above are not satisfied, the Depositary shall proceed
with the sale of the rights as contemplated in Section 4.4.2 below. In the
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event all conditions set forth above are satisfied, the Depositary shall
establish an ADS Record Date (upon the terms described in Section 4.9) and
establish procedures to distribute rights to purchase additional ADSs (by means
of warrants or otherwise) and to enable the Holders to exercise such rights
(upon payment of applicable (a) fees and charges of, and reasonable expenses
incurred by, the Depositary and (b) taxes). The Company shall assist the
Depositary to the extent necessary in establishing such procedures. Nothing
herein shall obligate the Depositary to make available to the Holders a method
to exercise rights to subscribe for Shares (rather than ADSs).
4.4.2. Sale of Rights. If (i) the Company does not request the
Depositary to make the rights available to Holders or requests that the rights
not be made available to Holders, (ii) the Depositary fails to receive
satisfactory documentation within the terms of Section 5.7 or determines it is
not reasonably practicable to make the rights available to Holders, or (iii) any
rights made available are not exercised and appear to be about to lapse, the
Depositary, upon consultation with the Company, shall determine whether it is
lawful and reasonably practicable to sell such rights, in a riskless principal
capacity, at such place and upon such terms (including public or private sale)
as it may deem proper. The Company shall assist the Depositary to the extent
necessary to determine such legality and practicability. The Depositary shall,
upon such sale, convert and distribute proceeds of such sale (net of applicable
(a) fees and charges of, and reasonable expenses incurred by, the Depositary and
(b) taxes) upon the terms set forth in Section 4.1.
4.4.3. Lapse of Rights. If the Depositary is unable to make any
rights available to Holders upon the terms described in Section 4.4.1 or to
arrange for the sale of the rights upon the terms described in Section 4.4.2,
the Depositary shall allow such rights to lapse.
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Neither the Depositary nor the Company shall be responsible for
(i) any failure to determine that it may be lawful or practicable to make such
rights available to Holders in general or any Holders in particular, or (ii) any
foreign exchange exposure or loss incurred in connection with such sale, or
exercise. The Depositary shall not be responsible for the content of any
materials forwarded to the Holders on behalf of the Company in connection with
the rights distribution.
Notwithstanding anything to the contrary in this Section 4.4, if
registration (under the Securities Act or any other applicable law) of the
rights or the securities to which any rights relate may be required in order for
the Company to offer such rights or such securities to Holders and to sell the
securities represented by such rights, the Depositary will not distribute such
rights to the Holders unless and until a registration statement under the
Securities Act (or other applicable law) covering such offering is in effect. In
the event that the Company, the Depositary or the Custodian shall be required to
withhold and does withhold from any distribution of property (including rights)
an amount on account of taxes or other governmental charges, the amount
distributed to the Holders of American Depositary Shares representing such
Deposited Securities shall be reduced accordingly. In the event that the
Depositary determines that any distribution in property (including Shares and
rights to subscribe therefor) is subject to any tax or other governmental
charges which the Depositary is obligated to withhold, the Depositary may
dispose of all or a portion of such property (including Shares and rights to
subscribe therefor) in such amounts and in such manner, including by public or
private sale, as the Depositary deems necessary and practicable to pay any such
taxes or charges.
There can be no assurance that Holders generally, or any Holder in
particular, will be given the opportunity to receive or exercise rights on the
same terms and conditions as the
35
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holders of Shares or be able to exercise such rights. Nothing herein shall
obligate the Company to file any registration statement in respect of any rights
or Shares or other securities to be acquired upon the exercise of such rights.
Section 4.5 Distributions Other Than Cash, Shares or Rights to
Purchase Shares.
4.5.1. Whenever the Company intends to distribute to the holders
of Deposited Securities property other than cash, Shares or rights to purchase
additional Shares, the Company shall give timely notice thereof to the
Depositary and shall indicate whether or not it wishes such distribution to be
made to Holders of ADSs. Upon receipt of a notice indicating that the Company
wishes such distribution be made to Holders of ADSs, the Depositary shall
consult with the Company, and the Company shall assist the Depositary, to
determine whether such distribution to Holders is lawful and reasonably
practicable. The Depositary shall not make such distribution unless (i) the
Company shall have requested the Depositary to make such distribution to
Holders, (ii) the Depositary shall have received satisfactory documentation
within the terms of Section 5.7, and (iii) the Depositary shall have determined
that such distribution is reasonably practicable.
4.5.2. Upon receipt of satisfactory documentation and the
request of the Company to distribute property to Holders of ADSs and after
making the requisite determinations set forth in (a) above, the Depositary shall
distribute as promptly as practicable the property so received to the Holders of
record, as of the ADS Record Date, in proportion to the number of ADSs held by
them respectively and in such manner as the Depositary may deem reasonably
practicable for accomplishing such distribution (i) upon receipt of payment or
net of the applicable fees and charges of, and expenses incurred by, the
Depositary, and (ii) net of any taxes withheld. The
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Depositary may dispose of all or a portion of the property so distributed and
deposited, in such amounts and in such manner (including public or private sale)
as the Depositary may deem reasonably practicable or necessary to satisfy any
taxes (including applicable interest and penalties) or other governmental
charges applicable to the distribution.
4.5.3. If (i) the Company does not request the Depositary to
make such distribution to Holders or requests not to make such distribution to
Holders, (ii) the Depositary does not receive satisfactory documentation within
the terms of Section 5.7, or (iii) the Depositary reasonably determines that all
or a portion of such distribution is not reasonably practicable, the Depositary
shall as promptly as practicable sell or cause such property to be sold in a
public or private sale, at such place or places and upon such terms as it may
deem reasonably proper and shall as promptly as practicable (i) cause the
proceeds of such sale, if any, to be converted into Dollars and (ii) distribute
the proceeds of such conversion received by the Depositary (net of applicable
(a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes)
to the Holders as of the ADS Record Date upon the terms of Section 4.1. If the
Depositary is unable to sell such property, the Depositary may, upon
consultation with the Company, dispose of such property in any way it deems
reasonably practicable under the circumstances.
Section 4.6 Distributions with Respect to Deposited Securities in
Bearer Form. Subject to the terms of this Article IV, distributions in respect
of Deposited Securities that are held by the Depositary in bearer form shall be
made to the Depositary for the account of the respective Holders of Receipts
with respect to which any such distribution is made upon due presentation by the
Depositary or the Custodian to the Company of any relevant coupons, talons, or
certificates. The Company shall promptly notify the Depositary of such
distributions. The Depositary or the
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Custodian shall promptly present such coupons, talons or certificates, as the
case may be, in connection with any such distribution.
Section 4.7 Redemption. If the Company intends to exercise any right
of redemption in respect of any of the Deposited Securities, the Company shall
use its reasonable best efforts to give notice thereof to the Depositary at
least 60 days prior to the intended date of redemption which notice shall set
forth the particulars of the proposed redemption. Upon receipt of (i) such
notice and (ii) satisfactory documentation given by the Company to the
Depositary within the terms of Section 5.7, and only if the Depositary shall
have determined that such proposed redemption is practicable, the Depositary
shall mail to each Holder a notice setting forth the intended exercise by the
Company of the redemption rights and any other particulars set forth in the
Company's notice to the Depositary. The Depositary shall instruct the Custodian
to present to the Company the Deposited Securities in respect of which
redemption rights are being exercised against payment of the applicable
redemption price. Upon receipt of confirmation from the Custodian that the
redemption has taken place and that funds representing the redemption price have
been received, the Depositary shall convert, transfer, and distribute the
proceeds (net of applicable (a) fees and charges of, and the reasonable expenses
incurred by, the Depositary, and (b) taxes), retire ADSs and cancel ADRs upon
delivery of such ADSs by Holders thereof and the terms set forth in Sections 4.1
and 6.2 hereof. If less than all outstanding Deposited Securities are redeemed,
the ADSs to be retired will be selected by lot or on a pro rata basis, as may be
determined by the Depositary. The redemption price per ADS shall be the per
share amount received by the Depositary upon the redemption of the Deposited
Securities represented by American Depositary Shares (subject to the terms of
Section 4.8 hereof and the applicable fees and charges of, and reasonable
expenses incurred
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by, the Depositary, and taxes) multiplied by the number of Deposited Securities
represented by each ADS redeemed.
Section 4.8 Conversion of Foreign Currency. Whenever the Depositary
or the Custodian shall receive Foreign Currency, by way of dividends or other
distributions or the net proceeds from the sale of securities, property or
rights, which in the reasonable judgment of the Depositary can at such time be
converted on a practicable basis, by sale or in any other manner that it may
determine in accordance with applicable law, into Dollars transferable to the
United States and distributable to the Holders entitled thereto, the Depositary
shall, as promptly as practicable, convert or cause to be converted, by sale or
in any other manner that it may reasonably determine, such Foreign Currency into
Dollars, and shall, as promptly as practicable, distribute such Dollars (net of
any applicable fees, any reasonable and customary expenses incurred in such
conversion and any expenses incurred on behalf of the Holders in complying with
currency exchange control or other governmental requirements) to the Holders in
accordance with the terms of the applicable sections of this Deposit Agreement.
If the Depositary shall have distributed warrants or other instruments that
entitle the holders thereof to such Dollars, the Depositary shall distribute
such Dollars to the holders of such warrants and/or instruments upon surrender
thereof for cancellation, in either case without liability for interest thereon.
Such distribution may be made upon an averaged or other practicable basis
without regard to any distinctions among Holders on account of any application
of exchange restrictions or otherwise.
If such conversion or distribution generally or with regard to a
particular Holder can be effected only with the approval or license of any
government or agency thereof, the Depositary shall promptly file such
application for approval or license, if reasonably practical.
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If at any time the Depositary shall determine that in its reasonable
judgment the conversion of any Foreign Currency and the transfer and
distribution of proceeds of such conversion received by the Depositary is not
reasonably practical or lawful, or if any approval or license of any
governmental authority or agency thereof that is required for such conversion,
transfer and distribution is denied or, in the reasonable opinion of the
Depositary, not obtainable at a reasonable cost or within a reasonable period,
the Depositary shall, upon consultation with the Company, (i) as promptly as
practicable make such conversion and distribution in Dollars to the Holders for
whom such conversion, transfer and distribution is lawful and practicable,
(ii) as promptly as practicable distribute the Foreign Currency (or an
appropriate document evidencing the right to receive such Foreign Currency) to
Holders for whom such distribution is lawful and practicable or (iii) hold (or
cause the Custodian to hold) such Foreign Currency (without liability for
interest thereon) for the respective accounts of the Holders entitled to receive
the same.
Section 4.9 Fixing of ADS Record Date. Whenever the Depositary shall
receive notice of the fixing of a record date by the Company for the
determination of holders of Deposited Securities entitled to receive any
distribution (whether in cash, Shares, rights, or other distribution), or
whenever for any reason the Depositary causes a change in the number of Shares
that are represented by each American Depositary Share, or whenever the
Depositary shall receive notice of any meeting of, or solicitation of consents
or of proxies, of holders of Shares or other Deposited Securities, or whenever
the Depositary shall find it necessary or convenient in connection with the
giving of any notice, solicitation of any consent or any other matter, the
Depositary, upon consultation with the Company, shall fix a record date (the
"ADS Record Date") for the determination of the Holders of Receipts who shall be
entitled to receive such distribution, to give
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instructions for the exercise of voting rights at any such meeting, to give or
withhold such consent, to receive such notice or solicitation or to otherwise
take action, or to exercise the rights of Holders with respect to such changed
number of Shares represented by each American Depositary Share. The Depositary
shall make reasonable efforts to establish the ADS Record Date as closely as
possible to the applicable record date for the Deposited Securities (if any).
Subject to applicable law and the provisions of Section 4.1 through 4.8 and to
the other terms and conditions of this Deposit Agreement, only the Holders of
Receipts at the close of business in New York on such ADS Record Date shall be
entitled to receive such distribution, to give such voting instructions, to
receive such notice or solicitation, or otherwise take action.
Section 4.10 Voting of Deposited Securities. As soon as practicable
after receipt of notice of any meeting at which the holders of Shares are
entitled to vote, or of solicitation of consents or proxies from holders of
Shares or other Deposited Securities, the Depositary shall fix the ADS Record
Date in respect of such meeting or solicitation of consent or proxy. The
Depositary shall, if requested by the Company in writing in a timely manner (the
Depositary having no obligation to take any further action if the request shall
not have been received by the Depositary at least 21 days prior to the date of
such vote or meeting) and at the Company's expense, as soon as practicable, mail
to Holders: (a) such notice of meeting or solicitation of consent or proxy,
(b) a statement that the Holders at the close of business on the ADS Record Date
will be entitled, subject to any applicable law, the Memorandum and Articles of
Association of the Company and the provisions of or governing the Deposited
Securities (which provisions, if any, shall be summarized in pertinent part by
the Company), to instruct the Depositary as to the exercise of the voting
rights, if any, pertaining to the Shares or other Deposited Securities
represented by such Holder's American
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Depositary Shares, and (c) a brief statement as to the manner in which such
instructions may be given. Voting instructions may be given only in respect of a
number of American Depositary Shares representing an integral number of Shares
or other Deposited Securities. Upon the timely receipt of written instructions
of a Holder of American Depositary Shares on the ADS Record Date, the Depositary
shall endeavor, insofar as reasonably practicable and permitted under applicable
law and the provisions of the Memorandum and Articles of Association of the
Company and the provisions of the Deposited Securities, to vote or cause the
Custodian to vote the Shares and/or other Deposited Securities (in person or by
proxy) represented by such Holder's American Depositary Shares in accordance
with such instructions.
Neither the Depositary nor the Custodian shall, under any circumstances
exercise any discretion as to voting and neither the Depositary nor the
Custodian shall vote, attempt to exercise the right to vote, or in any way make
use of, for purposes of establishing a quorum or otherwise, the Shares or other
Deposited Securities represented by American Depositary Shares except pursuant
to and in accordance with such written instructions from Holders. If voting
instructions are received by the Depositary from any Holder on or before the
date established by the Depositary for the receipt of such instructions, which
are signed but without further indication as to specific instructions, the
Depositary will deem such Holder to have instructed the Depositary to vote in
favor of the items set forth in such instructions. Shares or other Deposited
Securities represented by American Depositary Shares for which no specific
voting instructions are received by the Depositary from the Holder shall not be
voted.
Voting at any meeting of shareholders is by a show of hands unless a
poll is demanded. Neither the Depositary nor the Custodian shall demand voting
by a poll. In the event
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a poll is demanded, voting of Shares and/or other Deposited Securities shall be
in accordance with the written instructions received from the Holders giving
such instructions.
There can be no assurance that Holders generally or any Holder in
particular will receive the notice described above with sufficient time to
enable the Holder to return voting instructions to the Depositary in a timely
manner.
Section 4.11 Changes Affecting Deposited Securities. Upon any change in
nominal or par value, split-up, stock split (either forward or reverse),
cancellation, consolidation or any other reclassification of Deposited
Securities, or upon any recapitalization, reorganization, merger or
consolidation or sale of assets affecting the Company or to which it is a party,
any securities which shall be received by the Depositary or the Custodian in
exchange for, or in conversion of or replacement of or otherwise in respect of,
such Deposited Securities shall, to the extent permitted by law, be treated as
new Deposited Securities under this Deposit Agreement, and the Receipts shall,
subject to the provisions of this Deposit Agreement and applicable law, evidence
American Depositary Shares representing the right to receive such securities.
The Depositary may, with the Company's approval, and shall, if the Company shall
so request, subject to the terms of this Deposit Agreement and the receipt of an
opinion of counsel to the Company (if an opinion is requested by the Depositary)
reasonably satisfactory to the Depositary that such distributions are not in
violation of any applicable laws or regulations, execute and deliver additional
Receipts as in the case of a stock dividend or stock split, or call for the
surrender of outstanding Receipts to be exchanged for new Receipts as in the
case of a reverse stock split and in either case, with any necessary
modifications to the form of Receipt contained in Exhibit A hereto, to give
effect to such corporate change. The Company agrees to, jointly with the
Depositary, amend the Registration Statement on
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Form F-6 as filed with the Commission to permit the issuance of such new form of
Receipts. Notwithstanding the foregoing, in the event that any security so
received may not be lawfully distributed to some or all Holders, the Depositary
may, with the Company's approval, and shall, if the Company requests, subject
to, if requested by the Depositary, the receipt of an opinion of counsel to the
Company reasonably satisfactory to the Depositary that such action is not in
violation of any applicable laws or regulations, sell such securities at public
or private sale, at such place or places and upon such terms as it may deem
reasonably proper and may allocate the net proceeds of such sales (net of
(a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes)
for the account of the Holders otherwise entitled to such securities upon an
averaged or other practicable basis without regard to any distinctions among
such Holders and distribute the net proceeds so allocated to the extent
practicable as in the case of a distribution received in cash pursuant to
Section 4.1. Neither the Depositary nor the Company shall be responsible for
(i) any failure to determine that it may be lawful or feasible to make such
securities available to Holders in general or to any Holder in particular or any
foreign exchange exposure or loss incurred in connection with such sale. The
Depositary shall not be responsible for any liability to the purchaser of such
securities.
Section 4.12 Available Information. The Company is subject to the
periodic reporting requirements of the Exchange Act and accordingly files
certain information with the Commission. These reports and documents can be
inspected and copied at the public reference facilities maintained by the
Commission located at Judiciary Plaza, 450 Fifth Street, N.W., Washington D.C.
20549 and at the Commission's New York City office located at Seven World Trade
Center, 13th Floor, New York, New York 10048.
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Section 4.13 Reports. The Depositary shall make available for
inspection by Holders at its Principal Office any reports and communications,
including any proxy soliciting materials, received from the Company which are
both (a) received by the Depositary, the Custodian, or the nominee of either of
them as the holder of the Deposited Securities and (b) made generally available
to the holders of such Deposited Securities by the Company. The Depositary shall
also mail to Holders copies of such reports when furnished by the Company
pursuant to Section 5.6.
Section 4.14 List of Holders. Upon written request by the Company,
the Depositary shall promptly furnish to it a list, as of a recent date, of the
names, addresses and holdings of American Depositary Shares of all Holders.
Section 4.15 Taxation. The Depositary will, and will instruct the
Custodian to, forward to the Company or its agents such information from its
records as the Company may reasonably request to enable the Company or its
agents to file the necessary tax reports with governmental authorities or
agencies. The Depositary, the Custodian or the Company and its agents may file
such reports as are necessary to reduce or eliminate applicable taxes on
dividends and on other distributions in respect of Deposited Securities under
applicable tax treaties or laws for the Holders and Beneficial Owners. In
accordance with instructions from the Company and to the extent reasonably
practicable, the Depositary or the Custodian will take reasonable administrative
actions to obtain tax refunds, reduced withholding of tax at source on dividends
and other benefits under applicable tax treaties or laws with respect to
dividends and other distributions on the Deposited Securities. Holders and
Beneficial Owners may be required from time to time, and in a timely manner, to
file such proof of taxpayer status, residence and beneficial ownership (as
applicable), to execute such certificates and to make such representations and
warranties, or to provide any other
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information or documents, as the Depositary or the Custodian may deem necessary
or proper to fulfill the Depositary's or the Custodian's obligations under
applicable law. Holders and Beneficial Owners shall indemnify the Depositary,
the Company, the Custodian and any of their respective directors, employees,
agents and Affiliates against, and hold each of them harmless from, any claims
by any governmental authority with respect to taxes, additions to tax, penalties
or interest arising out of any refund of taxes, reduced rate of withholding at
source or other tax benefit obtained (except with respect to taxes which are
payable by the Company as provided in Section 3.2).
If the Company (or any of its agents) withholds from any distribution
any amount on account of taxes or governmental charges, or pays any other tax in
respect of such distribution (i.e. stamp duty tax, capital gains or other
similar tax), the Company shall (and shall cause such agent to) remit promptly
to the Depositary information about such taxes or governmental charges withheld
or paid, and, if so requested, the tax receipt (or other proof of payment to the
applicable governmental authority) therefor, in each case, in a form
satisfactory to the Depositary. The Depositary shall, to the extent required by
U.S. law or to the extent requested in writing by the Company, report to Holders
any taxes withheld by it or the Custodian, and, if such information is provided
to it by the Company, any taxes withheld by the Company. The Depositary and the
Custodian shall not be required to provide the Holders with any evidence of the
remittance by the Company (or its agents) of any taxes withheld, or of the
payment of taxes by the Company, except to the extent the evidence is provided
by the Company to the Depositary. None of the Depositary, the Custodian and the
Company shall be liable for any failure by any Holder or Beneficial Owner to
obtain the benefits of credits on the non-U.S. tax paid against such Holder's or
Beneficial Owner's income tax liability.
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The Depositary is under no obligation to provide the Holders and
Beneficial Owners with any information about the tax status of the Company,
except to the extent the Company provides such information to the Depositary for
distribution to the Holders and Beneficial Owners. Neither the Depositary nor
the Company shall incur any liability for any tax consequences that may be
incurred by Holders and Beneficial Owners on account of their ownership of the
American Depositary Shares, including without limitation, tax consequences
resulting from the Company (or any of its subsidiaries) being treated as a
"Foreign Personal Holding Company," or as a "Passive Foreign Investment Company"
(in each case as defined in the U.S. Internal Revenue Code and the regulations
issued thereunder) or otherwise, provided that it has acted in accordance with
the standard of care set forth in Section 5.3.
ARTICLE 5.
THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY
Section 5.1 Maintenance of Office and Transfer Books by the
Registrar. Until termination of this Deposit Agreement in accordance with its
terms, the Registrar shall maintain in the Borough of Manhattan, the City of New
York, an office and facilities for the execution and delivery, registration,
registration of transfers, combination and split-up of Receipts, the surrender
of Receipts for the purpose of withdrawal of Deposited Securities in accordance
with the provisions of this Deposit Agreement.
The Registrar shall keep books for the registration of issuances and
transfers of Receipts which at all reasonable times shall be open for inspection
by the Company and by the Holders of such Receipts, provided that such
inspection shall not be, to the Registrar's knowledge, for the purpose of
communicating with Holders of such Receipts in the interest of a business or
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object other than the business of the Company or other than a matter related to
this Deposit Agreement or the Receipts.
The Registrar may close the transfer books with respect to the
Receipts, at any time or from time to time, when deemed reasonably necessary or
advisable by it in good faith in connection with the performance of its duties
hereunder, or at the reasonable written request of the Company subject, in all
cases, to Section 7.8 hereof.
If any Receipts or the American Depositary Shares evidenced thereby
are listed on one or more stock exchanges or automated quotation systems in the
United States, the Depositary, upon the request of or with the approval of the
Company, shall act as Registrar or appoint a Registrar or one or more
co-registrars for registration of Receipts and transfers, combinations and
split-ups, and to countersign such Receipts in accordance with any requirements
of such exchanges or systems. Such Registrar or co-registrars may be removed and
a substitute or substitutes appointed by the Depositary upon the request of or
with the approval of the Company.
Section 5.2 Exoneration. Neither the Depositary nor the Company shall
be obligated to do or perform any act which is inconsistent with the provisions
of this Deposit Agreement or incur any liability (i) if the Depositary or the
Company shall be prevented or forbidden from, or delayed in, doing or performing
any act or thing required by the terms of this Deposit Agreement, by reason of
any provision of any present or future law or regulation of the United States,
Singapore or any other country, or of any other governmental authority or
regulatory authority or stock exchange, or on account of the possible criminal
or civil penalties or restraint, or by reason of any provision, present or
future of the Memorandum and Articles of Association of the Company or any
provision of or governing any Deposited Securities, or by reason of any act of
God or war or
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other circumstances beyond its control (including, without limitation,
nationalization, expropriation, currency restrictions, work stoppage, strikes,
civil unrest, revolutions, rebellions, explosions and computer failure), (ii) by
reason of any exercise of, or failure to exercise, any discretion provided for
in this Deposit Agreement or in the Memorandum and Articles of Association of
the Company or provisions of or governing Deposited Securities, (iii) for any
action or inaction in reliance upon the advice of or information from legal
counsel, accountants, any person or entity presenting Shares for deposit, any
Holder, any Beneficial Owner or authorized representative thereof, or any other
person or entity believed by it in good faith to be competent to give such
advice or information, (iv) for the inability by a Holder or Beneficial Owner to
benefit from any distribution, offering, right or other benefit which is made
available to holders of Deposited Securities but is not, under the terms of this
Deposit Agreement, made available to Holders of American Depositary Shares or
(v) for any consequential or punitive damages for any breach of the terms of
this Deposit Agreement.
The Depositary, its controlling persons, its agents, any Custodian and
the Company, its controlling persons and its agents may rely and shall be
protected in acting upon any written notice, request or other document believed
by it to be genuine and to have been signed or presented by the proper party or
parties.
No disclaimer of liability under the Securities Act is intended by any
provision of this Deposit Agreement.
Section 5.3 Standard of Care. The Company and its agents assume no
obligation and shall not be subject to any liability under this Deposit
Agreement or the Receipts to Holders or Beneficial Owners or other persons,
except that the Company and its agents agree to perform their obligations
specifically set forth in this Deposit Agreement without negligence or bad
faith.
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The Depositary and its agents assume no obligation and shall not be
subject to any liability under this Deposit Agreement or the Receipts to Holders
or Beneficial Owners or other persons, except that the Depositary and its agents
agree to perform their obligations specifically set forth in this Deposit
Agreement without negligence or bad faith.
Without limitation of the foregoing, neither the Depositary, the
Company, nor any of their respective controlling persons, or agents, shall be
under any obligation to appear in, prosecute or defend any action, suit or other
proceeding in respect of any Deposited Securities or in respect of the Receipts,
which in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expense (including fees and disbursements of
counsel) and liability be furnished as often as may be required (and no
Custodian shall be under any obligation whatsoever with respect to such
proceedings, the responsibility of the Custodian being solely to the
Depositary).
The Depositary and its agents shall not be liable for any failure to
carry out any instructions to vote any of the Deposited Securities, or for the
manner in which any vote is cast or the effect of any vote, provided that any
such action or omission is in good faith and in accordance with the terms of
this Deposit Agreement. Neither the Depositary nor, to the extent permitted by
law, the Company, shall incur any liability for any failure to determine that
any distribution or action may be lawful or reasonably practicable, for any
investment risk associated with acquiring an interest in the Deposited
Securities, for the validity or worth of the Deposited Securities or for any tax
consequences that may result from the ownership of ADSs, Shares or Deposited
Securities, for the credit-worthiness of any third party, or for allowing any
rights to lapse upon the terms of this Deposit Agreement. The Depositary shall
not incur liability for the content of any information submitted to
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it by the Company for distribution to the Holders or for any inaccuracy of any
translation thereof or the failure or timeliness of any notice from the Company.
Section 5.4 Resignation and Removal of the Depositary; Appointment of
Successor Depositary. The Depositary may at any time resign as Depositary
hereunder by written notice of resignation delivered to the Company, such
resignation to be effective on the earlier of (i) the 60th day after delivery
thereof to the Company (whereupon the Depositary shall be entitled to take the
actions contemplated in Section 6.2 hereof), or (ii) upon the appointment by the
Company of a successor depositary and its acceptance of such appointment as
hereinafter provided. The Depositary may at any time be removed by the Company
by written notice of such removal, which removal shall be effective on the
earlier of (i) the 60th day after delivery thereof to the Depositary (whereupon
the Depositary shall be entitled to take the actions contemplated in Section 6.2
hereof), or (ii) upon the appointment by the Company of a successor depositary
and its acceptance of such appointment as hereinafter provided.
In case at any time the Depositary acting hereunder shall resign or be
removed, the Company shall use its best efforts to appoint a successor
depositary, which shall be a bank or trust company having an office in the
Borough of Manhattan, the City of New York. Every successor depositary shall be
required by the Company to execute and deliver to its predecessor and to the
Company an instrument in writing accepting its appointment hereunder, and
thereupon such successor depositary, without any further act or deed (except as
required by applicable law), shall become fully vested with all the rights,
powers, duties and obligations of its predecessor. The predecessor depositary,
upon payment of all sums due it and on the written request of the Company shall,
(i) execute and deliver an instrument transferring to such successor all rights
and powers of
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such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9),
(ii) duly assign, transfer and deliver all right, title and interest to the
Deposited Securities to such successor, and (iii) deliver to such successor a
list of the Holders of all outstanding Receipts and such other information
relating to Receipts and Holders thereof as the successor may reasonably
request. Any such successor depositary shall promptly mail notice of its
appointment to such Holders.
Any corporation into or with which the Depositary may be merged or
consolidated shall be the successor of the Depositary without the execution or
filing of any document or any further act.
Section 5.5 The Custodian. The Depositary has initially appointed
Citibank Nominees Singapore Pte Ltd as Custodian for the purpose of this Deposit
Agreement. The Custodian or its successors in acting hereunder shall be subject
at all times and in all respects to the direction of the Depositary for the
Shares, for which the Custodian acts as custodian and shall be responsible
solely to it. If any Custodian resigns or is discharged from its duties
hereunder with respect to any Deposited Securities and no other Custodian has
previously been appointed hereunder, the Depositary, with the prior written
consent of the Company, shall promptly appoint a substitute custodian that is
organized under the laws of Singapore. The Depositary shall require such
resigning or discharged Custodian to deliver the Deposited Securities held by
it, together with all such records maintained by it as Custodian with respect to
such Deposited Securities as the Depositary may request, to the Custodian
designated by the Depositary. Whenever the Depositary determines, with the prior
approval of the Company, that it is appropriate to do so, it may appoint an
additional custodian with respect to any Deposited Securities, or discharge the
Custodian with respect to any Deposited Securities and appoint a substitute
custodian, which shall thereafter be Custodian
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hereunder with respect to the Deposited Securities. Immediately upon any such
change, the Depositary shall give prompt notice thereof in writing to all
Holders of Receipts, each other Custodian and the Company.
Upon the appointment of any successor depositary, any Custodian then
acting hereunder shall, unless otherwise instructed by the Depositary, continue
to be the Custodian of the Deposited Securities without any further act or
writing, and shall be subject to the direction of the successor depositary. The
successor depositary so appointed shall, nevertheless, on the written request of
any Custodian, execute and deliver to such Custodian all such instruments as may
be proper to give to such Custodian full and complete power and authority to act
on the direction of such successor depositary.
Section 5.6 Notices and Reports. As soon as practicable after the
first date on which the Company gives notice, by publication or otherwise, of
any meeting of holders of Shares or other Deposited Securities, or of any
adjourned meeting of such holders, or of the taking of any action by such
holders other than at a meeting, or of the taking of any action in respect of
any cash or other distributions or the offering of any rights in respect of
Deposited Securities, the Company shall transmit to the Depositary and the
Custodian a copy of the notice thereof in the English language but otherwise in
the form given or to be given to holders of Shares or other Deposited
Securities. The Company shall also furnish to the Custodian and the Depositary a
summary, in English, of any applicable provisions or proposed provisions of the
Memorandum and Articles of Association of the Company that may be relevant or
pertain to such notice of meeting or be the subject of a vote thereat.
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The Company will also transmit to the Depositary (a) an English
language version of the other notices, reports and communications which are made
generally available by the Company to holders of its Shares or other Deposited
Securities and (b) the English-language versions of the Company's annual and
semi-annual reports prepared in accordance with the applicable requirements of
the Commission. The Depositary shall arrange, at the request of the Company and
at the Company's expense, for the mailing of copies thereof to all Holders or
make such notices, reports and other communications available to all Holders on
a basis similar to that for holders of Shares or other Deposited Securities or
on such other basis as the Company may advise the Depositary or as may be
required by any applicable law, regulation or stock exchange requirement. The
Company has delivered to the Depositary and the Custodian a copy of the
Company's Memorandum and Articles of Association along with the provisions of or
governing the Shares and any other Deposited Securities issued by the Company or
any Affiliate of the Company in connection with such Shares, and promptly upon
any amendment thereto or change therein, the Company shall deliver to the
Depositary and the Custodian a copy of such amendment thereto or change therein.
The Depositary may rely upon such copy for all purposes of this Deposit
Agreement.
The Depositary will, at the expense of the Company, make available a
copy of any such notices, reports or communications issued by the Company and
delivered to the Depositary for inspection by the Holders of the Receipts
evidencing the American Depositary Shares representing such Shares governed by
such provisions at the Depositary's Principal Office, at the office of the
Custodian and at any other designated transfer office.
Section 5.7 Issuance of Additional Shares, ADSs etc. The Company
agrees that in the event it or any of its Affiliates proposes (i) an issuance,
sale or distribution of additional
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Shares, (ii) an offering of rights to subscribe for Shares or other Deposited
Securities, (iii) an issuance of securities convertible into or exchangeable for
Shares, (iv) an issuance of rights to subscribe for securities convertible into
or exchangeable for Shares, (v) an elective dividend of Shares, (vi) a meeting
of holders of Deposited Securities, or solicitation of consents or proxies,
relating to any reclassification of securities, merger or consolidation or
transfer of assets, or (vii) any reclassification, recapitalization,
reorganization, merger, consolidation or sale of assets, and in the event that
any such transaction affects the Deposited Securities, the Company, if requested
by the Depositary, will furnish to the Depositary (a) a written opinion of U.S.
counsel (reasonably satisfactory to the Depositary) stating whether or not
application of such transaction to Holders and Beneficial Owners (1) requires a
registration statement under the Securities Act to be in effect or (2) is exempt
from the registration requirements of the Securities Act and (b) an opinion of
Singapore counsel stating that (1) making the transaction available to Holders
and Beneficial Owners does not violate the laws or regulations of Singapore and
(2) all requisite regulatory consents and approvals have been obtained in
Singapore. The Company further agrees that in the event it or any of its
Affiliates proposes a redemption of Deposited Securities, the Company, if
requested by the Depositary, will furnish to the Depositary an opinion of
Singapore counsel satisfying the requirements of (b) above. If the filing of a
registration statement is required, the Depositary shall not have any obligation
to proceed with the transaction unless it shall have received evidence
reasonably satisfactory to it that such registration statement has been declared
effective. If, being advised by counsel, the Company determines that a
transaction is required to be registered under the Securities Act, the Company
will either (i) register such transaction to the extent necessary, (ii) alter
the terms of the transaction to avoid the registration requirements of the
Securities Act or (iii) direct
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the Depositary to take specific measures, in each case as contemplated in this
Deposit Agreement, to prevent such transaction from violating the registration
requirements of the Securities Act.
The Company agrees with the Depositary that neither the Company nor
any of its Affiliates will at any time (i) deposit any Shares or other Deposited
Securities, either upon original issuance or upon a sale of Shares or other
Deposited Securities previously issued and reacquired by the Company or by any
such Affiliate, or (ii) issue additional Shares, rights to subscribe for such
Shares, securities convertible into or exchangeable for Shares or rights to
subscribe for such securities, unless such transaction and the securities
issuable in such transaction are exempt from registration under the Securities
Act and, if applicable, the Exchange Act or have been registered under the
Securities Act and, if applicable, the Exchange Act (and such registration
statement has been declared effective).
Notwithstanding anything else contained in this Deposit Agreement,
nothing in this Deposit Agreement shall be deemed to obligate the Company to
file any registration statement in respect of any proposed transaction.
Section 5.8 Indemnification. The Depositary agrees to indemnify the
Company and its directors, officers, employees, agents and Affiliates against,
and hold each of them harmless from, any direct loss, liability, tax, charge or
expense of any kind whatsoever (including, but not limited to, the reasonable
fees and expenses of counsel) which may arise out of acts performed or omitted
under the terms hereof due to the negligence or bad faith of (i) the Depositary,
(ii) any custodian, registrar or transfer agent which is a subsidiary (as such
term is defined under Regulation C of the Securities Act) or branch of the
Depositary, and (iii) any other Citibank entities performing the function of
custodian, registrar or transfer agent.
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The Company agrees to indemnify the (i) the Depositary, (ii) any
custodian, registrar or transfer agent which is a subsidiary (as such term is
defined under Regulation C of the Securities Act) or branch of the Depositary
and (iii) any other Citibank entities performing the function of custodian,
registrar or transfer agent, and any of their respective directors, officers,
employees, agents and Affiliates (each, an "Indemnified Person") against, and
hold each of them harmless from, any direct loss, liability, tax, charge or
expense of any kind whatsoever (including, but not limited to, the reasonable
fees and expenses of counsel) that may arise out of acts performed or omitted
(x) at the instruction and on behalf of the Company pursuant to the provisions
of this Deposit Agreement or the Receipts by an Indemnified Person, except to
the extent such loss, liability, tax, charge or expense is due to the negligence
or bad faith of such Indemnified Person, or (y) by the Company or any of its
directors, officers, employees, agents and Affiliates pursuant to the provisions
of this Deposit Agreement or the Receipts.
The Company shall not be liable for any loss or liability or expense
which arises out of information (or omissions from such information) relating to
the Indemnified Persons, furnished in writing to the Company by such Indemnified
Person expressly for use in any registration statement, proxy statement or
prospectus under the Securities Act.
The obligations set forth in this Section shall survive the
termination of this Deposit Agreement and the succession or substitution of any
party hereto.
Any person seeking indemnification hereunder (an "indemnified person")
shall notify the person from whom it is seeking indemnification (the
"indemnifying person") of the commencement of any indemnifiable action or claim
promptly after such indemnified person becomes aware of such commencement
(provided that the failure to make such notification shall not affect such
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<PAGE> 62
indemnified person's rights to seek indemnification except to the extent the
indemnifying person is materially prejudiced by such failure) and shall consult
in good faith with the indemnifying person as to the conduct of the defense of
such action or claim that may give rise to an indemnity hereunder, which defense
shall be reasonable in the circumstances. No indemnified person shall compromise
or settle any action or claim that may give rise to an indemnity hereunder
without the consent of the indemnifying person, which consent shall not be
unreasonably withheld.
Section 5.9 Fees and Charges of Depositary. The Company, the Holders,
the Beneficial Owners, and persons depositing Shares or surrendering ADSs for
cancellation and withdrawal of Deposited Securities shall be required to pay to
the Depositary the Depositary's fees and related charges identified as payable
by them respectively in the Fee Schedule attached hereto as Exhibit B. All fees
and charges so payable may, at any time and from time to time, be changed by
agreement between the Depositary and the Company, but, in the case of fees and
charges payable by Holders and Beneficial Owners, only in the manner
contemplated in Section 6.1. The Depositary shall provide, without charge, a
copy of its latest fee schedule to anyone upon request.
The Company agrees to promptly pay to the Depositary such other fees
and charges and to reimburse the Depositary for such out-of-pocket expenses as
the Depositary and the Company may agree to in writing from time to time.
Responsibility for payment of such charges may at any time and from time to time
be changed by agreement in writing between the Company and the Depositary.
Unless otherwise agreed, the Depositary shall present its statement for such
expenses and fees or charges to the Company once every three months. The charges
and expenses of the Custodian are for the sole account of the Depositary.
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Notwithstanding any provision to the contrary in this Deposit
Agreement, the fees and expenses payable by the Company to the Depositary shall
be paid in accordance with arrangements previously agreed to in writing between
the Company and the Depositary, as well as any further agreements which the
Depositary and the Company may agree to in writing from time to time, which
terms shall govern in the event of an inconsistency between such agreements and
this Deposit Agreement.
The right of the Depositary to receive payment of fees, charges and
expenses as provided above shall survive the termination of this Deposit
Agreement. As to any Depositary, upon the resignation or removal of such
Depositary as described in Section 5.4 hereof, such right shall extend for those
fees, charges and expenses incurred prior to the effectiveness of such
resignation or removal.
Section 5.10 Pre-Release. Subject to the further terms and provisions
of this Section 5.10, the Depositary, its Affiliates and their agents, on their
own behalf, may own and deal in any class of securities, including ADSs, of the
Company and its Affiliates. In its capacity as Depositary, the Depositary shall
not lend Shares or ADSs; provided, however, that the Depositary may (i) issue
ADSs prior to the receipt of Shares pursuant to Section 2.3 and (ii) deliver
Shares prior to the receipt of ADSs for withdrawal of Deposited Securities
pursuant to Section 2.7, including ADSs which were issued under (i) above but
for which Shares may not have been received (each such transaction a
"Pre-Release Transaction"). The Depositary may receive ADSs in lieu of Shares
under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such
Pre-Release Transaction will be (a) subject to a written agreement whereby the
person or entity (the "Applicant") to whom ADSs or Shares are to be delivered
(w) represents that at the time of the Pre-Release
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Transaction the Applicant or its customer owns the Shares or ADSs that are to be
delivered by the Applicant under such Pre-Release Transaction, (x) agrees to
indicate the Depositary as owner of such Shares or ADSs in its records and to
hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs
are delivered to the Depositary or the Custodian, (y) unconditionally guarantees
to deliver to the Depositary or the Custodian, as applicable, such Shares or
ADSs, and (z) agrees to any additional restrictions or requirements that the
Depositary deems appropriate, (b) at all times fully collateralized with cash,
United States government securities or such other collateral as the Depositary
deems appropriate, (c) terminable by the Depositary on not more than five (5)
business days' notice and (d) subject to such further indemnities and credit
regulations as the Depositary deems appropriate. The Depositary will normally
limit the number of ADSs and Shares involved in such Pre-Release Transactions at
any one time to thirty percent (30%) of the ADSs outstanding (without giving
effect to ADSs outstanding under (i) above), provided, however, that the
Depositary reserves the right to change or disregard such limit from time to
time as it deems reasonably appropriate.
The Depositary may also set limits with respect to the number of ADSs
and Shares involved in Pre-Release Transactions with any one person on a case by
case basis as it deems reasonably appropriate. The Depositary may retain for its
own account any compensation received by it in conjunction with the foregoing.
Collateral provided pursuant to (b) above, but not the earnings thereon, shall
be held for the benefit of the Holders (other than the Applicant).
Section 5.11 Restricted Securities Owners. The Company agrees to
provide the Depositary a list setting forth each of the persons who, to the
actual knowledge of the Company, holds Restricted Securities and agrees to
advise each of the persons so listed that such Restricted
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Securities are ineligible for deposit hereunder, except as contemplated by
Section 2.12 hereof. Upon each issuance by the Company of any securities that
are Restricted Securities, the Company shall provide the Depositary with an
updated list setting forth, to the actual knowledge of the Company, those
persons who beneficially acquired Restricted Securities, and shall advise each
of the persons so listed but not previously notified that such Restricted
Securities are ineligible for deposit hereunder, except as contemplated by
Section 2.12 hereof. The Depositary may rely on such a list or update but shall
not be liable for any action or omission made in reliance thereon. The Company
shall establish reasonable procedures to reasonably ensure that such Restricted
Securities are not deposited hereunder by the holders thereof except as
contemplated by Section 2.12 hereof.
ARTICLE 6.
AMENDMENT AND TERMINATION
Section 6.1 Amendment/Supplement. The Receipts outstanding at any
time, the provisions of this Deposit Agreement and the form of Receipt attached
thereto and to be issued under the terms thereof may at any time and from time
to time be amended or supplemented by written agreement between the Company and
the Depositary in any respect which they may deem necessary or desirable without
the prior written consent of the Holders or Beneficial Owners. Any amendment or
supplement which shall impose or increase any fees or charges (other than
charges in connection with foreign exchange control regulations, and taxes and
other governmental charges, delivery and other such expenses), or which shall
otherwise materially prejudice any substantial existing right of Holders or
Beneficial Owners, shall not, however, become effective as to outstanding
Receipts until the expiration of 30 days after notice of such amendment or
supplement shall have been given to the Holders of outstanding Receipts. The
parties hereto agree that any amendments or supplements
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which (i) are reasonably necessary (as agreed by the Company and the Depositary)
in order for (a) the American Depositary Shares to be registered on Form F-6
under the Securities Act or (b) the American Depositary Share(s) to be traded
solely in electronic book-entry form and (ii) do not in either such case impose
or increase any fees or charges to be borne by Holders, shall be deemed not to
materially prejudice any substantial rights of Holders or Beneficial Owners.
Every Holder and Beneficial Owner at the time any amendment or supplement so
becomes effective shall be deemed, by continuing to hold such American
Depositary Share(s), to consent and agree to such amendment or supplement and to
be bound by this Deposit Agreement as amended and supplemented thereby. In no
event shall any amendment or supplement impair the right of the Holder to
surrender such Receipt and receive therefor the Deposited Securities represented
thereby, except in order to comply with mandatory provisions of applicable law.
Notwithstanding the foregoing, if any governmental body should adopt new laws,
rules or regulations which would require amendment or supplement of this Deposit
Agreement to ensure compliance therewith, the Company and the Depositary may
amend or supplement this Deposit Agreement and the Receipt at any time in
accordance with such changed laws, rules or regulations. Such amendment or
supplement to this Deposit Agreement in such circumstances may become effective
before a notice of such amendment or supplement is given to Holders or within
any other period of time as required for compliance with such laws, rules or
regulations.
Section 6.2 Termination. The Depositary shall, at any time at the
written direction of the Company, terminate this Deposit Agreement by mailing
notice of such termination to the Holders of all Receipts then outstanding at
least 30 days prior to the date fixed in such notice for such termination. If
60 days shall have expired after (i) the Depositary shall have delivered to the
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Company a written notice of its election to resign, or (ii) the Company shall
have delivered to the Depositary a written notice of the removal of the
Depositary, and in either case a successor depositary shall not have been
appointed and accepted its appointment as provided in Section 5.4, the
Depositary may terminate this Deposit Agreement by mailing notice of such
termination to the Holders of all Receipts then outstanding at least 30 days
prior to the date fixed for such termination. On and after the date of
termination of this Deposit Agreement, the Holder will, upon surrender of such
Receipt at the Principal Office of the Depositary, upon the payment of the
charges of the Depositary for the surrender of Receipts referred to in Section
2.7 and subject to the conditions and restrictions therein set forth, and upon
payment of any applicable taxes or governmental charges, be entitled to
delivery, to him or upon his order, of the amount of Deposited Securities
represented by such Receipt. If any Receipts shall remain outstanding after the
date of termination of this Deposit Agreement, the Registrar thereafter shall
discontinue the registration of transfers of Receipts, and the Depositary shall
suspend the distribution of dividends to the Holders thereof, and shall not give
any further notices or perform any further acts under this Deposit Agreement,
except that the Depositary shall continue to collect dividends and other
distributions pertaining to Deposited Securities, shall sell rights as provided
in this Deposit Agreement, and shall continue to deliver Deposited Securities,
subject to the conditions and restrictions set forth in Section 2.7, together
with any dividends or other distributions received with respect thereto and the
net proceeds of the sale of any rights or other property, in exchange for
Receipts surrendered to the Depositary (after deducting, or charging, as the
case may be, in each case, the charges of the Depositary for the surrender of a
Receipt, any expenses for the account of the Holder in accordance with the terms
and conditions of this Deposit Agreement and any applicable taxes or
governmental charges or assessments). At any
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time after the expiration of six months from the date of termination of this
Deposit Agreement, the Depositary may sell the Deposited Securities then held
hereunder and may thereafter hold uninvested the net proceeds of any such sale,
together with any other cash then held by it hereunder, in an unsegregated
account, without liability for interest for the pro rata benefit of the Holders
of Receipts whose Receipts have not theretofore been surrendered. After making
such sale, the Depositary shall be discharged from all obligations under this
Deposit Agreement with respect to the Receipts, the Deposited Securities and the
American Depositary Shares, except to account for such net proceeds and other
cash (after deducting, or charging, as the case may be, in each case, the
charges of the Depositary for the surrender of a Receipt, any expenses for the
account of the Holder in accordance with the terms and conditions of this
Deposit Agreement and any applicable taxes or governmental charges or
assessments). Upon the termination of this Deposit Agreement, the Company shall
be discharged from all obligations under this Deposit Agreement except for its
obligations to the Depositary under Sections 5.8, 5.9 and 7.6 hereof.
ARTICLE 7.
MISCELLANEOUS
Section 7.1 Counterparts. This Deposit Agreement may be executed in
any number of counterparts, each of which shall be deemed an original and all of
such counterparts together shall constitute one and the same agreement. Copies
of this Deposit Agreement shall be maintained with the Depositary and shall be
open to inspection by any Holder during business hours.
Section 7.2 No Third-Party Beneficiaries. This Deposit Agreement is
for the exclusive benefit of the parties hereto (and their successors) and shall
not be deemed to give any legal or equitable right, remedy or claim whatsoever
to any other person or entity, except to the
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extent specifically set forth in this Deposit Agreement. Nothing in this Deposit
Agreement shall be deemed to give rise to a partnership or joint venture among
the parties nor establish a fiduciary or similar relationship among the parties.
The parties hereto acknowledge and agree that (i) the Depositary and its
Affiliates may at any time have multiple banking relationships with the Company
and its Affiliates, (ii) the Depositary and its Affiliates may be engaged at any
time in transactions in which parties adverse to the Company or the Holders or
Beneficial Owners may have interests and (iii) nothing contained in this
Agreement shall (a) preclude the Depositary or any of its Affiliates from
engaging in such transactions or establishing or maintaining such relationships,
(b) obligate the Depositary or any of its Affiliates to disclose such
transactions or relationships or to account for any profit made or payment
received in such transactions or relationships.
Section 7.3 Severability. In case any one or more of the provisions
contained in this Deposit Agreement or in the Receipts should be or
become invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein or therein shall
in no way be affected, prejudiced or disturbed thereby.
Section 7.4 Holders and Beneficial Owners as Parties; Binding
Effect. The Holders and Beneficial Owners from time to time of American
Depositary Shares shall be parties to this Deposit Agreement and shall be bound
by all of the terms and conditions thereof and of any Receipt by acceptance
thereof of any beneficial interest therein.
Section 7.5 Notices. Any and all notices to be given to the Company
shall be deemed to have been duly given if personally delivered or sent by mail,
air courier or cable, telex or facsimile transmission, confirmed by letter,
addressed to ST Assembly Test Services Ltd, 5 Yishun
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23, Singapore 768442, Republic of Singapore, Attention: Legal Department, or to
any other address which the Company may specify in writing to the Depositary.
Any and all notices to be given to the Depositary shall be deemed to
have been duly given if personally delivered or sent by mail, air courier or
cable, telex or facsimile transmission, confirmed by letter, addressed to
Citibank, N.A., 111 Wall Street, New York, New York 10043, U.S.A. Attention: ADR
Department, or to any other address which the Depositary may specify in writing
to the Company.
Any and all notices to be given to the Custodian shall be deemed to
have been duly given if personally delivered or sent by mail, air courier or
cable, telex or facsimile transmission, confirmed by letter, addressed to
Citibank Nominees Singapore Pte Ltd, 300 Tampines Avenue #07-00, Tampines
Junction, Singapore 529653 or to any other address which the Custodian may
specify in writing to the Company.
Any and all notices to be given to any Holder shall be deemed to have
been duly given if personally delivered or sent by mail or cable, telex or
facsimile transmission, confirmed by letter, addressed to such Holder at the
address of such Holder as it appears on the transfer books for Receipts of the
Depositary, or, if such Holder shall have filed with the Depositary a written
request that notices intended for such Holder be mailed to some other address,
at the address specified in such request. Notice to Holders shall be deemed to
be notice to Beneficial Owners for all purposes of this Deposit Agreement.
Delivery of a notice sent by mail, air courier or cable, telex or
facsimile transmission shall be deemed to be effective at the time when a duly
addressed letter containing the same (or a confirmation thereof in the case of a
cable, telex or facsimile transmission) is deposited, postage
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prepaid, in a post-office letter box or delivered to an air courier service. The
Depositary or the Company may, however, act upon any cable, telex or facsimile
transmission received by it from the other or from any Holder, notwithstanding
that such cable, telex or facsimile transmission shall not subsequently be
confirmed by letter as aforesaid.
Section 7.6 Governing Law and Jurisdiction. This Deposit Agreement
and the Receipts shall be interpreted in accordance with, and all rights
hereunder and thereunder and provisions hereof and thereof shall be governed by,
the laws of the State of New York without reference to the principles of choice
of law thereof. Notwithstanding anything contained in this Deposit Agreement,
any Receipt or any present or future provisions of the laws of the State of New
York, the rights of holders of Shares and of any other Deposited Securities and
the obligations and duties of the Company in respect of the holders of Shares
and other Deposited Securities, as such, shall be governed by the laws of
Singapore (or, if applicable, such other laws as may govern the Deposited
Securities).
Except as set forth in the following paragraph of this Section 7.6,
the Company and the Depositary agree that the federal or state courts in the
City of New York shall have jurisdiction to hear and determine any suit, action
or proceeding and to settle any dispute between them that may arise out of or in
connection with this Deposit Agreement and, for such purposes, each irrevocably
submits to the non-exclusive jurisdiction of such courts. The Company hereby
irrevocably designates, appoints and empowers the president of Singapore
Technologies Assembly and Test Services, Inc. (the "Agent") now at 1450
McCandless Drive, Milpitas, California 95035 as its authorized agent to receive
and accept for and on its behalf, and on behalf of its properties, assets and
revenues, service by mail of any and all legal process, summons, notices and
documents that
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may be served in any suit, action or proceeding brought against the Company in
any federal or state court as described in the preceding sentence or in the next
paragraph of this Section 7.6. If for any reason the Agent shall cease to be
available to act as such, the Company agrees to designate a new agent on the
terms and for the purposes of this Section 7.6 reasonably satisfactory to the
Depositary. The Company further hereby irrevocably consents and agrees to the
service of any and all legal process, summons, notices and documents in any
suit, action or proceeding against the Company, by service by mail of a copy
thereof upon the Agent (whether or not the appointment of such Agent shall for
any reason prove to be ineffective or such Agent shall fail to accept or
acknowledge such service), with a copy mailed to the Company by registered or
certified air mail, postage prepaid, to its address provided in Section 7.5
hereof. The Company agrees that the failure of the Agent to give any notice of
such service to it shall not impair or affect in any way the validity of such
service or any judgment rendered in any action or proceeding based thereon.
Notwithstanding the foregoing, the Depositary and the Company
unconditionally agree that in the event that a Holder or Beneficial Owner brings
a suit, action or proceeding against (a) the Company, (b) the Depositary in its
capacity as Depositary under this Deposit Agreement or (c) against both the
Company and the Depositary, in any such case, in any state or federal court of
the United States, and the Depositary or the Company have any claim, for
indemnification or otherwise, against each other arising out of the subject
matter of such suit, action or proceeding, then the Company and the Depositary
may pursue such claim against each other in the state or federal court in the
United States in which such suit, action, or proceeding is pending and, for such
purposes, the Company and the Depositary irrevocably submit to the non-exclusive
jurisdiction of such courts. The Company agrees that service of process upon the
Agent in the manner set forth in the preceding
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paragraph shall be effective service upon it for any suit, action or proceeding
brought against it as described in this paragraph.
The Company irrevocably and unconditionally waives, to the fullest
extent permitted by law, any objection that it may now or hereafter have to the
laying of venue of any actions, suits or proceedings brought in any court as
provided in this Section 7.6, and hereby further irrevocably and unconditionally
waives and agrees not to plead or claim in any such court that any such action,
suit or proceeding brought in any such court has been brought in an inconvenient
forum.
The Company irrevocably and unconditionally waives, to the fullest
extent permitted by law, and agrees not to plead or claim, any right of immunity
from legal action, suit or proceeding, from setoff or counterclaim, from the
jurisdiction of any court, from service of process, from attachment upon or
prior to judgment, from attachment in aid of execution or judgment, from
execution of judgment, or from any other legal process or proceeding for the
giving of any relief or for the enforcement of any judgment, and consents to
such relief and enforcement against it, its assets and its revenues in any
jurisdiction, in each case with respect to any matter arising out of, or in
connection with, this Deposit Agreement, any Receipt or the Deposited
Securities.
No disclaimer of liability under the Securities Act is intended by any
provision of this Deposit Agreement. The provisions of this Section 7.6 shall
survive any termination of this Deposit Agreement, in whole or in part.
Section 7.7 Assignment. Subject to the provisions of Section 5.4
hereof, this Deposit Agreement may not be assigned by either the Company or the
Depositary.
Section 7.8 Compliance with U.S. Securities Laws. Notwithstanding
anything in this Deposit Agreement to the contrary, the withdrawal or delivery
of Deposited Securities will not
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be suspended by the Company or the Depositary except as would be permitted by
Instruction I.A.(1) of the General Instructions to Form F-6 Registration
Statement, as amended from time to time, under the Securities Act.
Section 7.9 Titles. All references in this Deposit Agreement to
exhibits, articles, sections, subsections, and other subdivisions refer to the
exhibits, articles, sections, subsections and other subdivisions of this Deposit
Agreement unless expressly provided otherwise. The words "this Deposit
Agreement", "herein", "hereof", "hereby", "hereunder", and words of similar
import refer to this Deposit Agreement as a whole as in effect between the
Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to
any particular subdivision unless expressly so limited. Pronouns in masculine,
feminine and neuter gender shall be construed to include any other gender, and
words in the singular form shall be construed to include the plural and vice
versa unless the context otherwise requires. Titles to sections of this Deposit
Agreement are included for convenience only and shall be disregarded in
construing the language contained in this Deposit Agreement.
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IN WITNESS WHEREOF, ST ASSEMBLY TEST SERVICES LTD and CITIBANK, N.A.
have duly executed this Deposit Agreement as of the day and year first above set
forth and all Holders and Beneficial Owners shall become parties hereto upon
acceptance by them of American Depositary Shares evidenced by Receipts issued in
accordance with the terms hereof, or upon acquisition of any beneficial interest
therein.
ST ASSEMBLY TEST SERVICES LTD
By:
--------------------------------
Name:
Title:
CITIBANK, N.A.
By:
--------------------------------
Name:
Title:
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EXHIBIT A
[FORM OF RECEIPT]
Number CUSIP NUMBER:
American Depositary
Shares (each American
Depositary Share
representing ten (10)
ordinary shares each
of par value S$0.25)
AMERICAN DEPOSITARY RECEIPT
FOR
AMERICAN DEPOSITARY SHARES
representing
DEPOSITED ORDINARY SHARES
of
ST ASSEMBLY TEST SERVICES LTD
(Incorporated under the laws of the Republic of Singapore)
CITIBANK, N.A., a national banking association organized and existing
under the laws of the United States of America, as depositary (the
"Depositary"), hereby certifies that is the owner of
----------- --------------
American Depositary Shares (hereinafter "ADS"), representing deposited ordinary
shares, each of Par Value of S$0.25, including evidence of rights to receive
such ordinary shares (the "Shares") of ST Assembly Test Services Ltd, a
corporation incorporated under the laws of the Republic of Singapore (the
"Company"). As of the date of the Deposit Agreement (as hereinafter defined),
each ADS represents ten (10) Shares deposited under
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the Deposit Agreement with the Custodian, which at the date of execution of the
Deposit Agreement is Citibank Nominees Singapore Pte Ltd (the "Custodian"). The
ratio of American Depositary Shares to Shares is subject to amendment as
provided in Article IV of the Deposit Agreement. The Depositary's Principal
Office is located at 111 Wall Street, New York, New York 10043, U.S.A.
(1) The Deposit Agreement. This American Depositary Receipt
is one of an issue of American Depositary Receipts ("Receipts"), all issued and
to be issued upon the terms and conditions set forth in the Deposit Agreement,
dated as of -, 1999 (as amended from time to time, the "Deposit Agreement"), by
and among the Company, the Depositary, and all Holders and Beneficial Owners
from time to time of American Depositary Shares ("ADSs") evidenced by Receipts
issued thereunder, each of whom by accepting an ADS (or an interest therein)
agrees to become a party thereto and becomes bound by all the terms and
conditions thereof. The Deposit Agreement sets forth the rights and obligations
of Holders and Beneficial Owners of Receipts and the rights and duties of the
Depositary in respect of the Shares deposited thereunder and any and all other
securities, property and cash from time to time received in respect of such
Shares and held thereunder (such Shares, securities, property and cash are
herein called "Deposited Securities"). Copies of the Deposit Agreement are on
file at the Principal Office of the Depositary and with the Custodian.
The statements made on the face and reverse of this Receipt are summaries
of certain provisions of the Deposit Agreement and the Memorandum and Articles
of Association of the Company (as in effect on the date of the signing of the
Deposit Agreement) and are qualified by and subject to the detailed provisions
of the Deposit Agreement and the Memorandum and Articles of Association, to
which reference is hereby made. All capitalized terms used herein which are not
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otherwise defined herein shall have the meanings ascribed thereto in the Deposit
Agreement. The Depositary makes no representation or warranty as to the validity
or worth of the Deposited Securities. The Depositary has made arrangements for
the acceptance of the ADSs into DTC. Each Beneficial Owner of ADSs held through
DTC must rely on the procedures of DTC and the DTC Participants to exercise and
be entitled to any rights attributable to such ADSs.
(2) Surrender of Receipts and Withdrawal of Deposited Securities. The
Holder of this Receipt (and of the ADSs evidenced hereby) shall be
entitled to Delivery (at the Custodian's designated office) of the Deposited
Securities at the time represented by the ADS(s) evidenced hereby upon
satisfaction of each of the following conditions: (i) the Holder (or a duly
authorized attorney of the Holder) has duly Delivered to the Depositary at its
Principal Office the ADSs evidenced hereby (and, if applicable, this Receipt)
for the purpose of withdrawal of the Deposited Securities represented thereby,
(ii) if so required by the Depositary, this Receipt has been properly endorsed
in blank or is accompanied by proper instruments of transfer in blank (including
signature guarantees in accordance with standard securities industry practice),
(iii) if so required by the Depositary, the Holder of the ADSs has executed and
delivered to the Depositary a written order directing the Depositary to cause
the Deposited Securities being withdrawn to be Delivered to or upon the written
order of the person(s) or entity(ies) designated in such order, and (iv) all
applicable fees and charges of, and expenses incurred by, the Depositary and all
applicable taxes and governmental charges (as are set forth in Section 5.9 and
Exhibit B of the Deposit Agreement) have been paid, subject, however, in each
case, to the terms and conditions of this Receipt, of the Deposit Agreement, of
the Company's Memorandum and Articles of Association and of any applicable laws
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<PAGE> 79
and the rules of the CDP, and to any provisions of or governing the Deposited
Securities, in each case as in effect at the time thereof.
Upon satisfaction of each of the conditions specified above, the Depositary
(i) shall cancel the ADSs Delivered to it (and, if applicable, the Receipt
evidencing the ADSs so Delivered), (ii) shall direct the Registrar to record the
cancellation of the ADSs so Delivered on the books maintained for such purpose,
and (iii) shall direct the Custodian to Deliver (without unreasonable delay) at
the Custodian's designated office the Deposited Securities represented by the
ADSs so cancelled together with any certificate or other document of or relating
to title for the Deposited Securities, or evidence of the electronic transfer
thereof (if available), as the case may be, to or upon the written order of the
person(s) or entity(ies) designated in the order delivered to the Depositary for
such purpose, subject however, in each case, to the terms and conditions of the
Deposit Agreement, of this Receipt, of the Memorandum and Articles of
Association of the Company, of applicable laws and of the rules of the CDP, and
to the terms and conditions of or governing the Deposited Securities, in each
case as in effect at the time thereof.
The Depositary shall not accept for surrender ADSs representing less than
one Share. In the case of surrender of ADSs representing other than a whole
number of Shares, the Depositary shall cause ownership of the appropriate whole
number of Shares to be Delivered in accordance with the terms hereof, and shall,
at the discretion of the Depositary, either (i) return to the person or entity
surrendering such ADSs the number of ADSs representing any remaining fractional
Share, or (ii) sell or cause to be sold the fractional Shares represented by the
ADSs so surrendered and remit the proceeds of such sale (net of (a) applicable
fees and charges of, and expenses incurred by, the Depositary and (b) taxes
withheld) to the person or entity surrendering the ADSs. Notwithstanding
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<PAGE> 80
anything else contained in this Receipt or the Deposit Agreement, the
Depositary may make delivery at the Principal Office of (i) any cash dividends
or cash distributions, or (ii) any proceeds from the sale of any distributions
of stock or rights, which may at the time be held by the Depositary in respect
of the Deposited Securities represented by the ADSs evidenced by this Receipt.
At the request, risk and expense of any Holder surrendering ADSs represented
by this Receipt, and for the account of such Holder, the Depositary shall
direct the Custodian to forward (to the extent permitted by law) any cash or
other property (other than securities) held by the Custodian in respect of the
Deposited Securities represented by such ADSs to the Depositary for delivery
at the Principal Office of the Depositary. Such direction shall be given by
letter or, at the request, risk and expense of such Holder, by cable, telex or
facsimile transmission.
(3) Transfer, Combination and Split-Up of Receipts. (a) Transfer. The
Registrar shall, without unreasonable delay, register the transfer of this
Receipt (and of the ADSs represented thereby) on the books maintained for such
purpose and the Depositary shall cancel this Receipt and execute new Receipts
evidencing the same aggregate number of ADSs as those evidenced by this Receipt
when cancelled, shall cause the Registrar to countersign such new Receipts, and
shall Deliver such new Receipts to or upon the order of the person or entity
entitled thereto, if each of the following conditions has been satisfied:
(i) this Receipt has been duly Delivered by the Holder (or by a duly authorized
attorney of the Holder) to the Depositary at its Principal Office for the
purpose of effecting a transfer thereof, (ii) this Receipt has been properly
endorsed or is accompanied by proper instruments of transfer (including
signature guarantees in accordance with standard securities industry practice),
(iii) this Receipt has been duly stamped (if required by the laws of the State
of New York or of the United States), and (iv) all applicable fees and charges
of, and expenses incurred
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<PAGE> 81
by, the Depositary and all applicable taxes and governmental charges (as are
set forth in Section 5.9 and Exhibit B to the Deposit Agreement) have been
paid, in each case, however, subject to the terms and conditions of this
Receipt, of the Deposit Agreement and of applicable law, in each case as in
effect at the time thereof.
(b) Combination and Split-Up. The Registrar shall, without unreasonable
delay, register the split-up or combination of this Receipt (and of the ADSs
represented hereby) on the books maintained for such purpose and the Depositary
shall cancel this Receipt and execute new Receipts for the number of ADSs
requested, but in the aggregate not exceeding the number of ADSs evidenced by
this Receipt (when cancelled), shall cause the Registrar to countersign such
new Receipts, and shall Deliver such new Receipts to or upon the order of the
Holder thereof, if each of the following conditions has been satisfied: (i) this
Receipt has been duly Delivered by the Holder (or by a duly authorized attorney
of the Holder) to the Depositary at its Principal Office for the purpose of
effecting a split-up or combination hereof, and (ii) all applicable fees and
charges of, and expenses incurred by, the Depositary and all applicable taxes
and governmental charges (as are set forth in Section 5.9 and Exhibit B to the
Deposit Agreement) have been paid, subject, however, in each case, to the terms
and conditions of this Receipt, of the Deposit Agreement and of applicable law,
in each case, as in effect at the time thereof.
(4) Pre-Conditions to Registration, Transfer, Etc. As a condition
precedent to the execution and delivery, registration of transfer, split-up,
combination or surrender of any Receipt or withdrawal of any Deposited
Securities, the Depositary or the Custodian may require (i) payment from the
depositor of Shares or presenter of ADSs or of a Receipt of a sum sufficient to
reimburse it for any tax or other governmental charge and any stock transfer or
registration fee with respect
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<PAGE> 82
thereto (including any such tax, charge or fee with respect to Shares being
deposited or withdrawn) and payment of any applicable fees and charges of the
Depositary as provided in the Deposit Agreement and in this Receipt, (ii) the
production of proof satisfactory to it as to the identity and genuineness of
any signature or any other matters and (iii) compliance with (A) any laws or
governmental regulations relating to the execution and delivery of Receipts and
ADSs or to the withdrawal of Deposited Securities and (B) such reasonable
regulations of the Depositary or the Company consistent with the Deposit
Agreement and applicable law.
The issuance of ADSs against deposits of Shares generally or against
deposits of particular Shares may be suspended, or the delivery of ADSs against
the deposit of particular Shares may be withheld, or the registration of
transfer of Receipts in particular instances may be refused, or the
registration of transfer of outstanding Receipts generally may be suspended,
during any period when the transfer books of the Company, Depositary, a
Registrar or the Share Registrar are closed or if any such action is deemed
necessary or advisable by the Depositary or the Company, in good faith, at any
time or from time to time because of any requirement of law, any government or
governmental body or commission or any securities exchange upon which the
Receipts or Shares are listed, or under any provision of the Deposit Agreement
or provisions of, or governing, the Deposited Securities or any meeting of
shareholders of the Company or for any other reason, subject in all cases to
Article (24) hereof. Notwithstanding any provision of the Deposit Agreement
or this Receipt to the contrary, Holders are entitled to surrender outstanding
ADSs to withdraw the Deposited Securities at any time subject only to
(i) temporary delays caused by closing the transfer books of the Depositary or
the Company or the deposit of Shares in connection with voting at a
shareholders' meeting or the payment of dividends, (ii) the payment of fees,
taxes and similar charges, (iii) compliance with any
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<PAGE> 83
U.S. or foreign laws or governmental regulations relating to the Receipts or to
the withdrawal of the Deposited Securities, and (iv) other circumstances
specifically contemplated by Section I.A.(l) of the General Instructions to
Form F-6 (as such General Instructions may be amended from time to time).
(5) Compliance With Information Requests. Notwithstanding any other
provision of the Deposit Agreement or this Receipt, each Holder and Beneficial
Owner of the ADSs represented hereby agrees to comply with requests from the
Company pursuant to Singapore law, the rules and requirements of the Singapore
Exchange Securities Trading Limited, and of any stock exchange on which Shares
or ADSs are or will be registered, traded or listed, the rules and requirements
of the CDP or any other clearing system through which transactions in the
Shares may be settled or the Memorandum and Articles of Association of the
Company, which are made to provide information as to the capacity in which such
Holder or Beneficial Owner owns ADSs (and Shares, as the case may be) and
regarding the identity of any other persons then or previously interested in
such ADSs and the nature of such interest and various other matters, whether
or not they are Holders and/or Beneficial Owners at the time of such request.
The Depositary agrees to use reasonable efforts to forward, upon the request of
the Company, any such requests to the Holders and to forward to the Company any
such responses to such requests received by the Depositary.
(6) Ownership Restrictions. The Company may restrict transfers of the
Shares where such transfer might result in ownership of Shares exceeding limits
under applicable law or the Memorandum and Articles of Association of the
Company. The Company may also restrict, in such manner as it deems appropriate,
transfers of ADSs where such transfer may result in the total number of Shares
represented by the ADSs owned by a single Holder or Beneficial Owner to exceed
any
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<PAGE> 84
such limits. The Company may, in its sole discretion but subject to applicable
law, instruct the Depositary to take action with respect to the ownership
interest of any Holder or Beneficial Owner in excess of the limits set forth in
the preceding sentence, including but not limited to the imposition of
restrictions on the transfer of ADSs, the removal or limitation of voting
rights or a mandatory sale or disposition on behalf of a Holder or Beneficial
Owner of the Shares represented by the ADSs held by such Holder or Beneficial
Owner in excess of such limitations, if and to the extent such disposition is
permitted by applicable law and the Memorandum and Articles of Association of
the Company.
(7) Liability of Holder for Taxes, Duties and Other Charges. If any
tax or other governmental charge shall become payable with respect to any
Receipt or any Deposited Securities or ADSs, such tax, or other governmental
charge shall be payable by the Holders and Beneficial Owners to the Depositary.
The Company, the Custodian and/or Depositary may withhold or deduct from any
distributions made in respect of Deposited Securities and may sell for the
account of the Holder and/or Beneficial Owner any or all of the Deposited
Securities and apply such distributions and sale proceeds in payment of such
taxes (including applicable interest and penalties) or charges, the Holder and
the Beneficial Owner hereof remaining liable for any deficiency. The Custodian
may refuse the deposit of Shares and the Depositary may refuse to issue ADSs,
to deliver Receipts, register the transfer, split-up or combination of ADRs and
(subject to Article (24) hereof) the withdrawal of Deposited Securities until
payment in full of such tax, charge, penalty or interest is received. Every
Holder and Beneficial Owner agrees to indemnify the Depositary, the Company,
the Custodian and any of their agents, employees and Affiliates for, and hold
each of then harmless
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<PAGE> 85
from, any claims with respect to taxes (including applicable interest and
penalties thereon) arising from any tax benefit obtained for such Holder and/or
Beneficial Owner.
(8) Representations and Warranties of Depositors. Each person or entity
depositing Shares under the Deposit Agreement shall be deemed thereby to
represent and warrant that (i) such Shares (and the certificates therefor) are
duly authorized, validly issued, fully paid and legally obtained by such person
or entity, (ii) all preemptive (and similar) rights, if any, with respect to
such Shares, have been validly waived or exercised, (iii) the person or entity
making such deposit is duly authorized so to do, (iv) the Shares presented for
deposit are free and clear of any lien, encumbrance, security interest, charge,
mortgage or adverse claim and are not, except as contemplated in Section 2.12
therein, and the ADSs issuable upon such deposit will not be, except as
contemplated in Section 2.12 therein, Restricted Securities; and (v) the Shares
presented for deposit have not been stripped of any rights or entitlements.
Such representations and warranties shall survive the deposit and withdrawal of
Shares, the issuance and cancellation of ADSs in respect thereof and the
transfer of such ADSs. If any such representations or warranties are false in
any way, the Company and Depositary shall be authorized, at the cost and
expense of the person or entity depositing Shares, to take any and all actions
necessary to correct the consequences thereof.
(9) Filing Proofs, Certificates and Other Information. Any person or
entity presenting Shares for deposit, any Holder and any Beneficial Owner may
be required, and every Holder and Beneficial Owner agrees, from time to time to
provide to the Depositary and the Custodian such proof of citizenship or
residence, taxpayer status, payment of all applicable taxes or other
governmental charges, exchange control approval, legal or beneficial ownership
of ADSs and Deposited Securities, compliance with applicable laws and the terms
of the Deposit Agreement and
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<PAGE> 86
the provisions of, or governing, the Deposited Securities, to execute such
certifications and to make such representations and warranties and to provide
such other information or documentation (or, in the case of Shares in
registered form presented for deposit, such information relating to the
registration on the books of the Company or of the appointed agent of the
Company for registration and transfer of Shares) as the Depositary or the
Custodian may deem reasonably necessary or proper or as the Company may
reasonably require by written request to the Depositary consistent with its
obligations under the Deposit Agreement. Subject to Article (24) hereof and the
terms of the Deposit Agreement, the Depositary and the Registrar, as
applicable, may, and at the reasonable request of the Company, shall, withhold
the delivery or registration of transfer of any Receipt or the distribution or
sale of any dividend or other distribution of rights or of the proceeds thereof
or the delivery of any Deposited Securities until such proof or other
information is filed or such certificates are executed, or such representations
and warranties made or such information and documentation are provided, in each
case to the Depositary's, the Registrar's and the Company's reasonable
satisfaction.
(10) Charges of Depositary. The Depositary shall charge the following fees
for the services performed under the terms of the Deposit Agreement:
(i) to any person or entity to whom ADSs are issued upon the deposit
of Shares, a fee not in excess of U.S. $ 5.00 per 100 ADSs (or
portion thereof) so issued under the terms of the Deposit Agreement
(excluding issuances pursuant to paragraph (iii) and (iv) below);
(ii) to any person or entity surrendering ADSs for cancellation and
withdrawal of Deposited Securities, a fee not in excess of
U.S. $5.00 per 100 ADSs (or portion thereof) so surrendered;
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<PAGE> 87
(iii) to any Holder of ADRs, a fee not in excess of U.S. $5.00 per 100
ADSs (or portion thereof) held for the distribution of (a) cash
dividends or (b) ADSs pursuant to stock dividends (or other free
distributions of stock);
(iv) to any Holder of ADRs, a fee not in excess of U.S. $ 2.00 per 100
ADSs (or portion thereof) held for the distribution of cash
proceeds (i.e. upon the sale of rights and other entitlements); and
(v) to any Holder of ADRs, a fee not in excess of U.S. $ 5.00 per 100
ADSs (or portion thereof) issued upon the exercise of rights.
In addition, Holders, Beneficial Owners, persons depositing Shares for
deposit and persons surrendering ADSs for cancellation and withdrawal of
Deposited Securities will be required to pay the following charges:
(i) taxes (including applicable interest and penalties) and other
governmental charges;
(ii) such registration fees as may from time to time be in effect for
the registration of Shares or other Deposited Securities on the
share register and applicable to transfers of Shares or other
Deposited Securities to or from the name of the Custodian, the
Depositary or any nominees upon the making of deposits and
withdrawals, respectively;
(iii) such cable, telex and facsimile transmission and delivery expenses
as are expressly provided in the Deposit Agreement to be at the
expense of the person or entity depositing or withdrawing Shares or
Holders and Beneficial Owners of ADSs;
(iv) the expenses and charges incurred by the Depositary in the
conversion of foreign currency;
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<PAGE> 88
(v) such fees and expenses as are incurred by the Depositary in
connection with compliance with exchange control regulations and
other regulatory requirements applicable to Shares, Deposited
Securities, ADSs and ADRs; and
(vi) the fees and expenses incurred by the Depositary in connection
with the delivery of Deposited Securities.
Any other charges and expenses of the Depositary under the Deposit
Agreement will be paid by the Company upon agreement between the Depositary and
the Company. All fees and charges may, at any time and from time to time, be
changed by agreement between the Depositary and Company but, in the case of
fees and charges payable by Holders or Beneficial Owners, only in the manner
contemplated by Article (22) of this Receipt. The Depositary will provide,
without charge, a copy of its latest fee schedule to anyone upon request. The
charges and expenses of the Custodian are for the sole account of the
Depositary.
(11) Title to Receipts. It is a condition of this Receipt, and every
successive Holder of this Receipt by accepting or holding the same consents and
agrees, that title to this Receipt (and to each ADS evidenced hereby) shall be
transferable on the same terms as a certificated security under the laws of the
State of New York, provided that the Receipt has been properly endorsed or is
accompanied by proper instruments of transfer. Notwithstanding any notice to
the contrary, the Depositary may deem and treat the Holder of this Receipt
(that is, the person or entity in whose name this Receipt is registered on the
books of the Depositary) as the absolute owner thereof for all purposes.
Neither the Depositary nor the Company shall have any obligation nor be subject
to any liability under the Deposit Agreement or this Receipt to any holder of
this Receipt or any Beneficial Owner unless such holder is the Holder of this
Receipt registered on the books of the Depositary or,
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<PAGE> 89
in the case of a Beneficial Owner, such Beneficial Owner or the Beneficial
Owner's representative is the Holder registered on the books of the Depositary.
(12) Validity of Receipt. This Receipt (and the American Depositary Shares
represented hereby) shall not be entitled to any benefits under the Deposit
Agreement or be valid or enforceable for any purpose against the Depositary or
the Company unless this Receipt has been (i) dated, (ii) signed by the manual or
facsimile signature of a duly authorized signatory of the Depositary, (iii)
countersigned by the manual or facsimile signature of a duly authorized
signatory of the Registrar, and (iv) registered in the books maintained by the
Registrar for the registration of issuances and transfers of Receipts. Receipts
bearing the facsimile signature of a duly-authorized signatory of the Depositary
or the Registrar, who at the time of signature was a duly authorized signatory
of the Depositary or the Registrar, as the case may be, shall bind the
Depositary, notwithstanding the fact that such signatory has ceased to be so
authorized prior to the delivery of such Receipt by the Depositary.
(13) Available Information; Reports; Inspection of Transfer Books. The
Company is subject to the periodic reporting requirements of the Exchange Act
and accordingly files certain information with the Commission. These reports and
documents can be inspected and copied at public reference facilities maintained
by the Commission located at Judiciary Plaza, 450 Fifth Street, N.W.,
Washington, D.C. 20549 and at the Commission's New York City office located at
Seven World Trade Center, 13th Floor, New York, New York 10048. The Depositary
shall make available for inspection by Holders at its Principal Office any
reports and communications, including any proxy soliciting materials, received
from the Company which are both (a) received by the Depositary,
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<PAGE> 90
the Custodian, or the nominee of either of them as the holder of the Deposited
Securities and (b) made generally available to the holders of such Deposited
Securities by the Company.
The Registrar shall keep books for the registration of issuances and
transfers of Receipts which at all reasonable times shall be open for inspection
by the Company and by the Holders of such Receipts, provided that such
inspection shall not be, to the Registrar's knowledge, for the purpose of
communicating with Holders of such Receipts in the interest of a business or
object other than the business of the Company or other than a matter related to
the Deposit Agreement or the Receipts.
The Registrar may close the transfer books with respect to the Receipts, at
any time or from time to time, when deemed reasonably necessary or advisable by
it in good faith in connection with the performance of its duties hereunder, or
at the reasonable written request of the Company subject, in all cases, to
Article (24) hereof.
<TABLE>
<S> <C>
Dated: CITIBANK, N.A.,
as Depositary
Countersigned
By: By:
------------------------------ -----------------------------
Authorized Representative Vice President
</TABLE>
The address of the Principal Office of the Depositary is 111 Wall Street,
New York, New York 10043, U.S.A.
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[FORM OF REVERSE OF RECEIPT]
SUMMARY OF CERTAIN ADDITIONAL PROVISIONS
OF THE DEPOSIT AGREEMENT
(14) Dividends and Distributions in Cash, Shares, etc. Whenever the
Depositary receives confirmation from the Custodian of receipt of any cash
dividend or other cash distribution on any Deposited Securities, or receives
proceeds from the sale of any Shares, rights securities or other entitlements
under the Deposit Agreement, the Depositary will, if at the time of receipt
thereof any amounts received in a Foreign Currency can, in the reasonable
judgment of the Depositary (upon the terms of the Deposit Agreement), be
converted on a practicable basis into Dollars transferable to the United States,
promptly convert or cause to be converted such dividend, distribution or
proceeds into Dollars (upon the terms of the Deposit Agreement) and will
distribute promptly the amount thus received (net of (a) applicable fees and
charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to
the Holders entitled thereto as of the ADS Record Date in proportion to the
number of ADSs held as of the ADS Record Date. The Depositary shall distribute
only such amount, however, as can be distributed without attributing to any
Holder a fraction of one cent, and any balance not so distributed shall be held
by the Depositary (without liability for interest thereon) and shall be added to
and become part of the next sum received by the Depositary for distribution to
Holders of ADSs then outstanding. If the Company, the Custodian or the
Depositary is required to withhold and does withhold from any cash dividend or
other cash distribution in respect of any Deposited Securities an amount on
account of taxes, duties or other governmental charges, the amount distributed
to Holders of the ADSs representing such Deposited Securities shall be reduced
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<PAGE> 92
accordingly. Such withheld amounts shall be forwarded by the Company to the
relevant governmental authority.
If any distribution upon any Deposited Securities consists of a dividend
in, or free distribution of, Shares, the Company shall cause such Shares to be
deposited with the Custodian and registered, as the case may be, in the name of
the Depositary, the Custodian or their nominees. Upon receipt of confirmation of
such deposit from the Custodian, the Depositary shall, subject to and in
accordance with the Deposit Agreement, establish the ADS Record Date and either
(i) distribute to the Holders as of the ADS Record Date in proportion to the
number of ADSs held as of the ADS Record Date, additional ADSs, which represent
in aggregate the number of Shares received as such dividend, or free
distribution, subject to the terms of the Deposit Agreement (including, without
limitation, (a) the applicable fees and charges of, and expenses incurred by,
the Depositary and (b) taxes), or (ii) if additional ADSs are not so
distributed, each ADS issued and outstanding after the ADS Record Date shall, to
the extent permissible by law, thenceforth also represent rights and interests
in the additional integral number of Shares distributed upon the Deposited
Securities represented thereby (net (a) of the applicable fees and charges of,
and the expenses incurred by, the Depositary, and (b) taxes). In lieu of
delivering fractional ADSs, the Depositary shall sell the number of Shares or
ADSs, as the case may be, represented by the aggregate of such fractions and
distribute the net proceeds upon the terms set forth in the Deposit Agreement.
In the event that the Depositary determines that any distribution in
property (including Shares) is subject to any tax or other governmental charges
which the Depositary is obligated to withhold, or, if the Company, in the
fulfillment of its obligations under the Deposit Agreement, has furnished an
opinion of U.S. counsel determining that Shares must be registered under the
Securities
17
<PAGE> 93
Act or other laws in order to be distributed to Holders (and no such
registration statement has been declared effective), the Depositary may dispose
of all or a portion of such property (including Shares and rights to subscribe
therefor) in such amounts and in such manner, including by public or private
sale, as the Depositary deems necessary and practicable and the Depositary shall
distribute the net proceeds of any such sale (after deduction of (a) taxes and
fees and (b) charges of, and expenses incurred by, the Depositary) to Holders
entitled thereto upon the terms of the Deposit Agreement. The Depositary shall
hold and/or distribute any unsold balance of such property in accordance with
the provisions of the Deposit Agreement.
Upon timely receipt of a notice indicating that the Company wishes an
elective distribution to be made available to Holders upon the terms described
in the Deposit Agreement, the Company and the Depositary shall determine whether
such distribution is lawful and reasonably practicable. If so, the Depositary
shall, to the extent permitted by law and subject to the terms and conditions of
the Deposit Agreement, promptly distribute either (x) cash as in the case of a
cash distribution or (y) additional ADSs representing such additional Shares as
in the case of a distribution of Shares. In either case, the Depositary shall,
subject to the terms and conditions of the Deposit Agreement, establish an ADS
Record Date according to Article (16) and establish procedures to enable the
Holder hereof to elect to receive the proposed distribution in cash or in
additional ADSs. If a Holder elects to receive the distribution in cash, the
dividend shall be distributed as in the case of a distribution in cash. If the
Holder hereof elects to receive the distribution in additional ADSs, the
distribution shall be distributed as in the case of a distribution in Shares.
Nothing herein or in the Deposit Agreement shall obligate the Depositary to make
available to the Holder hereof a method to receive the elective distribution in
Shares (rather than ADSs). There can be no assurance that the
18
<PAGE> 94
Holder hereof will be given the opportunity to receive elective distributions on
the same terms and conditions as the holders of Shares.
Upon timely receipt by the Depositary of a notice indicating that the
Company wishes rights to subscribe for additional Shares (or any rights of any
other nature) to be made available to Holders of ADSs, the Depositary upon
consultation with the Company, shall determine, whether it is lawful and
reasonably practicable to make such rights available to the Holders. The
Depositary shall promptly make such rights available to any Holders only if
(i) the Company shall have requested that such rights be made available to
Holders, (ii) the Depositary shall have received the documentation contemplated
in the Deposit Agreement, and (iii) the Depositary shall have determined that
such distribution of rights is reasonably practicable. If such conditions are
not satisfied, the Depositary shall sell the rights as described below. In the
event all conditions set forth above are satisfied, the Depositary shall
establish an ADS Record Date (upon the terms described in the Deposit Agreement)
and establish procedures to distribute rights to purchase additional ADSs (by
means of warrants or otherwise) and to enable the Holders to exercise the rights
(upon payment of applicable (a) fees and charges of, and expenses incurred by,
the Depositary and (b) taxes). Nothing herein or in the Deposit Agreement shall
obligate the Depositary to make available to the Holders a method to exercise
rights to subscribe for Shares (rather than ADSs).
If (i) the Company does not request the Depositary to make the rights
available to Holders or if the Company requests that the rights not be made
available to Holders, (ii) the Depositary fails to receive the documentation
required by the Deposit Agreement or determines it is not reasonably practicable
to make the rights available to Holders, or (iii) any rights made available are
not exercised and appear to be about to lapse, the Depositary upon consultation
with the Company shall
19
<PAGE> 95
determine whether it is lawful and reasonably practicable to sell such rights,
in a riskless principal capacity, at such place and upon such terms (including
public and private sale) as it may deem proper. The Depositary shall, upon such
sale, convert and distribute proceeds of such sale (net of applicable fees and
charges of, and expenses incurred by, the Depositary and taxes) upon the terms
hereof and of the Deposit Agreement.
If the Depositary is unable to make any rights available to Holders or to
arrange for the sale of the rights upon the terms described above, the
Depositary shall allow such rights to lapse. Neither the Depositary nor the
Company shall be responsible for (i) any failure to determine that it may be
lawful or feasible to make such rights available to Holders in general or any
Holders in particular or (ii) any foreign exchange exposure or loss incurred in
connection with such sale or exercise. The Depositary shall not be responsible
for the content of any materials forwarded to the ADR Holders on behalf of the
Company in connection with the rights distribution.
Notwithstanding anything herein or in the Deposit Agreement to the
contrary, if registration (under the Securities Act or any other applicable law)
of the rights or the securities to which any rights relate may be required in
order for the Company to offer such rights or such securities to Holders and to
sell the securities represented by such rights, the Depositary will not
distribute such rights to the Holders unless and until a registration statement
under the Securities Act (or other applicable law) covering such offering is in
effect. In the event that the Company, the Depositary or the Custodian shall be
required to withhold and does withhold from any distribution of property
(including rights) an amount on account of taxes or other governmental charges,
the amount distributed to the Holders of ADSs representing such Deposited
Securities shall be reduced accordingly. In the event that the Depositary
determines that any distribution in property (including
20
<PAGE> 96
Shares and rights to subscribe therefor) is subject to any tax or other
governmental charges which the Depositary is obligated to withhold, the
Depositary may dispose of all or a portion of such property (including Shares
and rights to subscribe therefor) in such amounts and in such manner, including
by public or private sale, as the Depositary deems necessary and practicable to
pay any such taxes or charges.
There can be no assurance that Holders generally, or any Holder in
particular, will be given the opportunity to exercise rights on the same terms
and conditions as the holders of Shares or to exercise such rights. Nothing
herein or in the Deposit Agreement shall obligate the Company to file any
registration statement in respect of any rights or Shares or other securities to
be acquired upon the exercise of such rights.
Upon receipt of a notice indicating that the Company wishes property other
than cash, Shares or rights to purchase additional Shares, to be made to Holders
of ADSs, the Depositary shall determine whether such distribution to Holders is
lawful and reasonably practicable. The Depositary shall not make such
distribution unless (i) the Company shall have requested the Depositary to make
such distribution to Holders, (ii) the Depositary shall have received the
documentation contemplated in the Deposit Agreement, and (iii) the Depositary
shall have reasonably determined that such distribution is reasonably
practicable. Upon satisfaction of such conditions, the Depositary shall
distribute as promptly as practicable, the property so received to the Holders
of record, as of the ADS Record Date, in proportion to the number of ADSs held
by them respectively and in such manner as the Depositary may deem reasonably
practicable for accomplishing such distribution (i) upon receipt of payment or
net of the applicable fees and charges of, and expenses incurred by, the
Depositary, and (ii) net of any taxes withheld. The Depositary may dispose of
all or a portion of the
21
<PAGE> 97
property so distributed and deposited, in such amounts and in such manner
(including public or private sale) as the Depositary may deem reasonably
practicable or necessary to satisfy any taxes (including applicable interest and
penalties) or other governmental charges applicable to the distribution.
If the conditions above are not satisfied, the Depositary shall sell or
cause such property to be sold in a public or private sale, at such place or
places and upon such terms as it may deem reasonably proper and shall as
promptly as practicable (i) cause the proceeds of such sale, if any, to be
converted into Dollars and (ii) distribute the proceeds of such conversion
received by the Depositary (net of (a) applicable fees and charges of, and
expenses incurred by, the Depositary and (b) taxes) to the Holders upon the
terms hereof and of the Deposit Agreement. If the Depositary is unable to sell
such property, the Depositary, upon consultation with the Company, may dispose
of such property in any way it deems reasonably practicable under the
circumstances.
(15) Redemption. Upon timely receipt of notice from the Company that it
intends to exercise its right of redemption in respect of any of the Deposited
Securities, and a satisfactory opinion of counsel (if requested by the
Depositary), and upon determining that such proposed redemption is practicable,
the Depositary shall (to the extent practicable) mail to each Holder a notice
setting forth the Company's intention to exercise the redemption rights and any
other particulars set forth in the Company's notice to the Depositary. Upon
receipt of confirmation that the redemption has taken place and that funds
representing the redemption price have been received, the Depositary shall
convert, transfer, distribute the proceeds (net of applicable (a) fees and
charges of, and expenses incurred by, the Depositary, and (b) taxes), retire
ADSs and cancel ADRs upon delivery of such ADSs by Holders thereof upon the
terms of the Deposit Agreement. If less than all
22
<PAGE> 98
outstanding Deposited Securities are redeemed, the ADSs to be retired will be
selected by lot or on a pro rata basis, as may be determined by the Depositary.
The redemption price per ADS shall be the dollar equivalent of per share amount
received by the Depositary upon the redemption of the Deposited Securities
represented by American Depositary Shares (subject to the terms of the Deposit
Agreement and the applicable fees and charges of, and expenses incurred by, the
Depositary, and taxes) multiplied by the number of Units or Deposited Securities
represented by each ADS redeemed.
(16) Fixing of Record Date. Whenever the Depositary shall receive notice
of the fixing of a record date by the Company for the determination of holders
of Deposited Securities entitled to receive any distribution (whether in cash,
Shares, rights or other distribution), or whenever for any reason the Depositary
causes a change in the number of Shares that are represented by each ADS, or
whenever the Depositary shall receive notice of any meeting of, or solicitation
of consents or proxies of, holders of Shares or other Deposited Securities, or
whenever the Depositary shall find it necessary or convenient in connection with
the giving of any notice, or any other matter, the Depositary shall fix a record
date ("ADS Record Date") for the determination of the Holders of Receipts who
shall be entitled to receive such distribution, to give instructions for the
exercise of voting rights at any such meeting, or to give or withhold such
consent, or to receive such notice or solicitation or to otherwise take action,
or to exercise the rights of Holders with respect to such changed number of
Shares represented by each ADS. Subject to applicable law and the terms and
conditions of this Receipt and the Deposit Agreement, only the Holders of
Receipts at the close of business in New York on such ADS Record Date shall be
entitled to receive such distributions, to give such instructions, to receive
such notice or solicitation, or otherwise take action.
23
<PAGE> 99
(17) Voting of Deposited Securities. As soon as practicable after receipt
of notice of any meeting at which the holders of Shares are entitled to vote, or
of solicitation of consents or proxies from holders of Shares or other Deposited
Securities, the Depositary shall fix the ADS Record Date in respect of such
meeting or solicitation of such consent or proxy. The Depositary shall (if
requested in writing in a timely manner by the Company and at the Company's
expense) as soon as practicable mail to Holders: (a) such notice of meeting or
solicitation of consent or proxies, (b) a statement that the Holders as of the
ADS Record Date will be entitled, subject to any applicable law, the Company's
Memorandum and Articles of Association and the provisions of or governing
Deposited Securities (which provisions, if any, shall be summarized in pertinent
part by the Company), to instruct the Depositary as to the exercise of the
voting rights, if any, pertaining to the Shares or other Deposited Securities
represented by such Holder's ADS and (c) a brief statement as to the manner in
which such instructions may be given. Upon the timely receipt of written
instructions of a Holder of ADSs on the ADS Record Date, the Depositary shall
endeavor, insofar as reasonably practicable and permitted under applicable law
and the provisions of the Memorandum and Articles of Association of the Company
and the provisions of the Deposited Securities, to vote or cause the Custodian
to vote the Shares and/or other Deposited Securities represented by ADSs held by
such Holder in accordance with such instructions.
Neither the Depositary nor the Custodian shall, under any circumstances
exercise any discretion as to voting and neither the Depositary nor the
Custodian shall vote, attempt to exercise the right to vote, or in any way make
use of, for purposes of establishing a quorum or otherwise the Shares or other
Deposited Securities represented by ADSs except pursuant to and in accordance
with such written instructions from Holders. If voting instructions are received
by the Depositary from
24
<PAGE> 100
any Holder on or before the date established by the Depositary for the receipt
of such instructions, which are signed but without further indication as to
specific instructions, the Depositary will deem such Holder to have instructed
the Depositary to vote in favor of the items set forth in such instructions.
Shares or other Deposited Securities represented by ADSs for which no specific
voting instructions are received by the Depositary from the Holder shall not be
voted. There can be no assurance that Holders generally or any Holder in
particular will receive the notice described above with sufficient time to
enable the Holder to return voting instructions to the Depositary in a timely
manner.
(18) Changes Affecting Deposited Securities. Upon any change in nominal or
par value, split-up, stock split (either forward or reverse), cancellation,
consolidation or any other reclassification of Deposited Securities, or upon any
recapitalization, reorganization, merger or consolidation or sale of assets
affecting the Company or to which it is a party, any securities which shall be
received by the Depositary or the Custodian in exchange for, or in conversion of
or replacement of or otherwise in respect of, such Deposited Securities shall,
to the extent permitted by law, be treated as new Deposited Securities under the
Deposit Agreement, and the Receipts shall, subject to the provisions of the
Deposit Agreement and applicable law, evidence ADSs representing the right to
receive such securities. The Depositary may, with the Company's approval, and
shall, if the Company shall so request, subject to the terms of the Deposit
Agreement and receipt of satisfactory documentation contemplated by the Deposit
Agreement, execute and deliver additional Receipts as in the case of a stock
dividend or stock split, or call for the surrender of outstanding Receipts to be
exchanged for new Receipts as in the case of a reverse stock split, and in
either case, with any necessary modifications to the form of Receipt contained
in Exhibit A to the Deposit Agreement,
25
<PAGE> 101
to give effect to such corporate change. Notwithstanding the foregoing, in the
event that any security so received may not be lawfully distributed to some or
all Holders, the Depositary may, with the Company's approval, and shall if the
Company requests, subject to receipt of satisfactory legal documentation
contemplated in the Deposit Agreement, sell such securities at public or private
sale, at such place or places and upon such terms as it may deem reasonably
proper and may allocate the net proceeds of such sales (net of (a) fees and
charges of, and expenses incurred by, the Depositary and (b) taxes) for the
account of the Holders otherwise entitled to such securities and distribute the
net proceeds so allocated to the extent practicable as in the case of a
distribution received in cash pursuant to the Deposit Agreement. Neither the
Depositary nor the Company shall be responsible for (i) any failure to determine
that it may be lawful or feasible to make such securities available to Holders
in general or any Holder in particular, (ii) any foreign exchange exposure or
loss incurred in connection with such sale, or (iii) any liability to the
purchaser of such securities.
(19) Exoneration. Neither the Depositary nor the Company shall be
obligated to do or perform any act which is inconsistent with the provisions of
the Deposit Agreement or incur any liability (i) if the Depositary or the
Company shall be prevented or forbidden from, or subjected to any civil or
criminal penalty or restraint on account of, or delayed in, doing or performing
any act or thing required by the terms of the Deposit Agreement and this
Receipt, by reason of any provision of any present or future law or regulation
of the United States, Singapore or any other country, or of any other
governmental authority or regulatory authority or stock exchange, or by reason
of any provision, present or future of the Memorandum and Articles of
Association of the Company or any provision of or governing any Deposited
Securities, or by reason of any act of God or war or other circumstances beyond
its control (including, without limitation, nationalization, expropriation,
26
<PAGE> 102
currency restrictions, work stoppage, strikes, civil unrest, revolutions,
rebellions, explosions and computer failure), (ii) by reason of any exercise of,
or failure to exercise, any discretion provided for in this Deposit Agreement or
in the Memorandum and Articles of Association of the Company or provisions of or
governing Deposited Securities, (iii) for any action or inaction in reliance
upon the advice of or information from legal counsel, accountants, any person or
entity presenting Shares for deposit, any Holder, any Beneficial Owner or
authorized representative thereof, or any other person or entity believed by it
in good faith to be competent to give such advice or information, (iv) for any
inability by a Holder or Beneficial Owner to benefit from any distribution,
offering, right or other benefit which is made available to holders of Deposited
Securities but is not, under the terms of the Deposit Agreement, made available
to Holders of ADSs or (v) for any consequential or punitive damages for any
breach of the terms of the Deposit Agreement.
The Depositary, its controlling persons, its agents, any Custodian and the
Company, its controlling persons and its agents may rely and shall be protected
in acting upon any written notice, request or other document believed by it to
be genuine and to have been signed or presented by the proper party or parties.
No disclaimer of liability under the Securities Act is intended by any provision
of the Deposit Agreement.
(20) Standard of Care. The Company and its agents assume no obligation and
shall not be subject to any liability under the Deposit Agreement or the
Receipts to Holders or Beneficial Owners or other persons, except that the
Company and its agents agree to perform their obligations specifically set forth
in the Deposit Agreement without negligence or bad faith. The Depositary and its
agents assume no obligation and shall not be subject to any liability under the
Deposit Agreement or the Receipts to Holders or Beneficial Owners or other
persons, except that the Depositary and its
27
<PAGE> 103
agents agree to perform their obligations specifically set forth in the Deposit
Agreement without negligence or bad faith. The Depositary and its agents shall
not be liable for any failure to carry out any instructions to vote any of the
Deposited Securities, or for the manner in which any vote is cast or the effect
of any vote, provided that any such action or omission is in good faith and in
accordance with the terms of the Deposit Agreement. Neither the Depositary nor,
to the extent permitted by law, the Company, shall incur any liability for any
failure to determine that any distribution or action may be lawful or reasonably
practicable, for any investment risk associated with acquiring an interest in
the Deposited Securities, for the validity or worth of the Deposited Securities
or for any tax consequences that may result from the ownership of ADSs, Shares
or Deposited Securities, for the credit-worthiness of any third party, or for
allowing any rights to lapse upon the terms of the Deposit Agreement. The
Depositary shall not incur liability for the content of any information
submitted to it by the Company for distribution to the Holders or for any
inaccuracy of any translation thereof or for the failure or timeliness of any
notice from the Company.
(21) Resignation and Removal of the Depositary; Appointment of Successor
Depositary. The Depositary may at any time resign as Depositary under the
Deposit Agreement by written notice of resignation delivered to the Company,
such resignation to be effective on the earlier of (i) the 60th day after
delivery thereof to the Company, or (ii) upon the appointment of a successor
depositary and its acceptance of such appointment as provided in the Deposit
Agreement. The Depositary may at any time be removed by the Company by written
notice of such removal which notice shall be effective on the earlier of (i) the
60th day after delivery thereof to the Depositary, or (ii) upon the appointment
of a successor depositary and its acceptance of such appointment as provided in
the Deposit Agreement.
28
<PAGE> 104
In case at any time the Depositary acting hereunder shall resign or be
removed, the Company shall use its best efforts to appoint a successor
depositary which shall be a bank or trust company having an office in the
Borough of Manhattan, the City of New York. Every successor depositary shall
execute and deliver to its predecessor and to the Company an instrument in
writing accepting its appointment hereunder, and thereupon such successor
depositary, without any further act or deed, shall become fully vested with all
the rights, powers, duties and obligations of its predecessor. The predecessor
depositary, upon payment of all sums due it and on the written request of the
Company, shall (i) execute and deliver an instrument transferring to such
successor all rights and powers of such predecessor hereunder (other than as
contemplated in the Deposit Agreement), (ii) duly assign, transfer and deliver
all right, title and interest to the Deposited Securities to such successor, and
(iii) deliver to such successor a list of the Holders of all outstanding
Receipts and such other information relating to Receipts and Holders thereof as
the successor may reasonably request. Any such successor depositary shall
promptly mail notice of its appointment to such Holders. Any corporation into or
with which the Depositary may be merged or consolidated shall be the successor
of the Depositary without the execution or filing of any document or any further
act.
(22) Amendment/Supplement. This Receipt and any provisions of the Deposit
Agreement may at any time and from time to time be amended or supplemented by
written agreement between the Company and the Depositary in any respect which
they may deem necessary or desirable without the prior written consent of the
Holders or Beneficial Owners. Any amendment or supplement which shall impose or
increase any fees or charges (other than the charges in connection with foreign
exchange control regulations, and taxes and other governmental charges, delivery
and other such expenses), or which shall otherwise prejudice any substantial
existing right of Holders or Beneficial
29
<PAGE> 105
Owners, shall not, however, become effective as to outstanding Receipts until
the expiration of 30 days after notice of such amendment or supplement shall
have been given to the Holders of outstanding Receipts. The parties hereto agree
that any amendments or supplements which (i) are reasonably necessary (as agreed
by the Company and the Depositary) in order for (a) the ADSs to be registered on
Form F-6 under the Securities Act or (b) the ADSs to be traded solely in
electronic book-entry form and (ii) do not in either such case impose or
increase any fees or charges to be borne by Holders, shall be deemed not to
materially prejudice any substantial rights of Holders or Beneficial Owners.
Every Holder and Beneficial Owner at the time any amendment or supplement so
becomes effective shall be deemed, by continuing to hold such ADS(s), to consent
and agree to such amendment or supplement and to be bound by the Deposit
Agreement as amended or supplemented thereby. In no event shall any amendment or
supplement impair the right of the Holder to surrender such Receipt and receive
therefor the Deposited Securities represented thereby, except in order to comply
with mandatory provisions of applicable law. Notwithstanding the foregoing, if
any governmental body should adopt new laws, rules or regulations which would
require amendment or supplement of the Deposit Agreement to ensure compliance
therewith, the Company and the Depositary may amend or supplement the Deposit
Agreement and the Receipt at any time in accordance with such changed laws,
rules or regulations. Such amendment or supplement to the Deposit Agreement in
such circumstances may become effective before a notice of such amendment or
supplement is given to Holders or within any other period of time as required
for compliance with such laws, or rules or regulations.
(23) Termination. The Depositary shall, at any time at the written
direction of the Company, terminate the Deposit Agreement by mailing notice of
such termination to the Holders
30
<PAGE> 106
of all Receipts then outstanding at least 30 days prior to the date fixed in
such notice for such termination. If 60 days shall have expired after (i) the
Depositary shall have delivered to the Company a written notice of its election
to resign, or (ii) the Company shall have delivered to the Depositary a written
notice of the removal of the Depositary, and in either case a successor
depositary shall not have been appointed and accepted its appointment as
provided herein and in the Deposit Agreement, the Depositary may terminate the
Deposit Agreement by mailing notice of such termination to the Holders of all
Receipts then outstanding at least 30 days prior to the date fixed for such
termination. On and after the date of termination of the Deposit Agreement, the
Holder will, upon surrender of such Holders' Receipt(s) at the Principal Office
of the Depositary, upon the payment of the charges of the Depositary for the
surrender of ADSs referred to in Article (2) hereof and in the Deposit Agreement
and subject to the conditions and restrictions therein set forth, and upon
payment of any applicable taxes or governmental charges, be entitled to
delivery, to him or upon his order, of the amount of Deposited Securities
represented by such Receipt. If any Receipts shall remain outstanding after the
date of termination of the Deposit Agreement, the Registrar thereafter shall
discontinue the registration of transfers of Receipts, and the Depositary shall
suspend the distribution of dividends to the Holders thereof, and shall not give
any further notices or perform any further acts under the Deposit Agreement,
except that the Depositary shall continue to collect dividends and other
distributions pertaining to Deposited Securities, shall sell rights as provided
in the Deposit Agreement, and shall continue to deliver Deposited Securities,
subject to the conditions and restrictions set forth in the Deposit Agreement,
together with any dividends or other distributions received with respect thereto
and the net proceeds of the sale of any rights or other property, in exchange
for Receipts surrendered to the Depositary (after deducting, or charging, as the
case may
31
<PAGE> 107
be, in each case the charges of the Depositary for the surrender of a Receipt,
any expenses for the account of the Holder in accordance with the terms and
conditions of the Deposit Agreement and any applicable taxes or governmental
charges or assessments). At any time after the expiration of six months from the
date of termination of the Deposit Agreement, the Depositary may sell the
Deposited Securities then held hereunder and may thereafter hold uninvested the
net proceeds of any such sale, together with any other cash then held by it
hereunder, in an unsegregated account, without liability for interest for the
pro rata benefit of the Holders of Receipts whose Receipts have not theretofore
been surrendered. After making such sale, the Depositary shall be discharged
from all obligations under the Deposit Agreement with respect to the Receipts
and the Shares, the Deposited Securities and the ADSs, except to account for
such net proceeds and other cash (after deducting, or charging, as the case may
be, in each case the charges of the Depositary for the surrender of a Receipt,
any expenses for the account of the Holder in accordance with the terms and
conditions of the Deposit Agreement and any applicable taxes or governmental
charges or assessments). Upon the termination of the Deposit Agreement, the
Company shall be discharged from all obligations under the Deposit Agreement
except as set forth in the Deposit Agreement.
(24) Compliance with U.S. Securities Laws. Notwithstanding any provisions
in this Receipt or the Deposit Agreement to the contrary, the withdrawal or
delivery of Deposited Securities will not be suspended by the Company or the
Depositary except as would be permitted by Section I.A.(1) of the General
Instructions to the Form F-6 Registration Statement, as amended from time to
time, under the Securities Act of 1933.
(25) Certain Rights of the Depositary; Limitations. Subject to the further
terms and provisions of this Article (25), the Depositary, its Affiliates and
their agents, on their own behalf,
32
<PAGE> 108
may own and deal in any class of securities of the Company and its Affiliates
and in ADSs. The Depositary may issue ADSs against evidence of rights to receive
Shares from the Company, any agent of the Company or any custodian, registrar,
transfer agent, clearing agency or other entity involved in ownership or
transaction records in respect of the Shares. Such evidence of rights shall
consist of written blanket or specific guarantees of ownership of Shares. In its
capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided,
however, that the Depositary may (i) issue ADSs prior to the receipt of Shares
pursuant to Section 2.3 of the Deposit Agreement and (ii) Deliver Shares prior
to the receipt of ADSs for withdrawal of Deposited Securities pursuant to
Section 2.7 of the Deposit Agreement, including ADSs which were issued under
(i) above but for which Shares may not have been received (each such transaction
a "Pre-Release Transaction"). The Depositary may receive ADSs in lieu of Shares
under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such
Pre-Release Transaction will be (a) accompanied by or subject to a written
agreement whereby the person or entity (the "Applicant") to whom ADSs or Shares
are to be delivered (w) represents that at the time of the Pre-Release
Transaction the Applicant or its customer owns the Shares or ADSs that are to be
delivered by the Applicant under such Pre-Release Transaction, (x) agrees to
indicate the Depositary as owner of such Shares or ADSs in its records and to
hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs
are delivered to the Depositary or the Custodian, (y) unconditionally guarantees
to deliver to the Depositary or the Custodian, as applicable, such Shares or
ADSs and (z) agrees to any additional restrictions or requirements that the
Depositary deems appropriate, (b) at all times fully collateralized with cash,
U.S. government securities or such other collateral as the Depositary deems
appropriate, (c) terminable by the Depositary on not more than five (5) business
days notice and (d) subject to such
33
<PAGE> 109
further indemnities and credit regulations as the Depositary deems reasonably
appropriate. The Depositary will normally limit the number of ADSs and Shares
involved in such Pre-Release Transactions at any one time to thirty percent
(30%) of the ADSs outstanding (without giving effect to ADSs outstanding under
(i) above), provided, however, that the Depositary reserves the right to change
or disregard such limit from time to time as it deems appropriate. The
Depositary may also set limits with respect to the number of ADSs and Shares
involved in Pre-Release Transactions with any one person on a case by case basis
as it deems appropriate. The Depositary may retain for its own account any
compensation received by it in conjunction with the foregoing. Collateral
provided pursuant to (b) above, but not earnings thereon, shall be held for the
benefit of the Holders (other than the Applicant).
34
<PAGE> 110
(ASSIGNMENT AND TRANSFER SIGNATURE LINES)
FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and
transfer(s) unto whose taxpayer identification
-------------------------------
number is and whose address including postal zip code is
------------------------
, the within Receipt and all rights thereunder, hereby
- ----------------
irrevocably constituting and appointing
------------------------------
attorney-in-fact to transfer said Receipt on the books of the Depositary with
full power of substitution in the premises.
Dated:
Name:
--------------------------------
By:
Title:
NOTICE: The signature of the Holder to
this assignment must correspond with the
name as written upon the face of the
within instrument in every particular,
without alteration or enlargement or any
change whatsoever.
If the endorsement be executed by an
attorney, executor, administrator,
trustee or guardian, the person
executing the endorsement must give
his/her full title in such capacity and
proper evidence of authority to act in
such capacity, if not on file with the
Depositary, must be forwarded with this
Receipt.
All endorsements or assignments of
Receipts must be guaranteed by a member
of a Medallion Signature Program
approved by the Securities Transfer
Association, Inc.
SIGNATURE GUARANTEED
35
<PAGE> 111
LEGENDS
EACH RECEIPT ISSUED IN RESPECT OF PARTIAL ENTITLEMENT AMERICAN
DEPOSITARY SHARES SHALL BEAR THE FOLLOWING LEGEND ON THE FACE OF THE
RECEIPT: "THIS RECEIPT EVIDENCES AMERICAN DEPOSITARY SHARES
REPRESENTING "PARTIAL ENTITLEMENT" ORDINARY SHARES OF ST ASSEMBLY TEST
SERVICES LTD AND AS SUCH DO NOT ENTITLE THE HOLDERS THEREOF TO THE
SAME PER-SHARE ENTITLEMENT AS OTHER ORDINARY SHARES (WHICH ARE "FULL
ENTITLEMENT" ORDINARY SHARES) ISSUED AND OUTSTANDING AT SUCH TIME. THE
AMERICAN DEPOSITARY SHARES REPRESENTED BY THIS RECEIPT SHALL ENTITLE
HOLDERS TO DISTRIBUTIONS AND ENTITLEMENTS IDENTICAL TO OTHER AMERICAN
DEPOSITARY SHARES WHEN THE ORDINARY SHARES REPRESENTED BY SUCH
AMERICAN DEPOSITARY SHARES BECOME "FULL ENTITLEMENT" ORDINARY SHARES."
EACH RESTRICTED ADR ISSUED IN RESPECT OF RESTRICTED SHARES SHALL BEAR
THE FOLLOWING LEGEND ON THE FACE OF THE RESTRICTED ADR: "THIS
CERTIFICATE REPRESENTS "RESTRICTED ADSS" ISSUED UPON THE TERMS OF
SECTION 2.12 OF THE DEPOSIT AGREEMENT (AS HEREINAFTER DEFINED). THIS
CERTIFICATE AND THE RESTRICTED ADSS REPRESENTED HEREBY MAY NOT BE SOLD
OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
FOR SUCH SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
UNLESS AN EXEMPTION FROM REGISTRATION UNDER SAID ACT IS AVAILABLE FOR
SUCH SALE OR TRANSFER."
36
<PAGE> 112
EXHIBIT B
FEE SCHEDULE
DEPOSITARY FEES AND RELATED CHARGES
All capitalized terms used but not otherwise defined herein shall have the
meaning given to such terms in the Deposit Agreement.
I. DEPOSITARY FEES
The Company, the Holders, the Beneficial Owners and the persons depositing
Shares or surrendering ADSs for cancellation agree to pay the following fees of
the Depositary:
<TABLE>
<CAPTION>
SERVICE RATE BY WHOM PAID
------- ---- ------------
<S> <C> <C>
(1) Issuance of ADSs upon Up to $5.00 per 100 ADSs (or Person for whom deposits
deposit of Shares (excluding fraction thereof) issued. are made or party
issuances contemplated by receiving ADSs.
paragraphs (3) and (5) below).
(2) Delivery of Deposited Up to $5.00 per 100 ADSs (or Person surrendering ADSs
Securities, property and cash fraction thereof) surrendered. or making withdrawal.
against surrender of ADSs.
(3) Distribution of (a) cash Up to $2.00 per 100 ADSs (or Person to whom distribution
dividends or (b) ADSs pursuant fraction thereof) held. is made.
to stock dividends (or other free
whom distribution of stock).
distribution is made.
(4) Distribution of cash Up to $2.00 per 100 ADSs (or Person to whom distribution
proceeds (i.e. upon sale of fraction thereof) held. is made.
rights and other entitlements)
(5) Distribution of ADSs Up to $5.00 per 100 ADSs (or Person to whom distribution
pursuant to exercise of rights. fraction thereof) issued. is made.
</TABLE>
II. CHARGES. Holders, Beneficial Owners, persons depositing Shares for
deposit and persons surrendering ADSs for cancellation and for the purpose of
withdrawing Deposited Securities shall be responsible for the following charges:
37
<PAGE> 113
(i) taxes (including applicable interest and penalties) and other
governmental charges;
(ii) such registration fees as may from time to time be in effect for the
registration of Shares or other Deposited Securities on the share
register and applicable to transfers of Shares or other Deposited
Securities to or from the name of the Custodian, the Depositary or any
nominees upon the making of deposits and withdrawals, respectively;
(iii) such cable, telex and facsimile transmission and delivery expenses as
are expressly provided in the Deposit Agreement to be at the expense of
the person depositing Shares or Holders and Beneficial Owners of ADSs;
(iv) the expenses and charges incurred by the Depositary in the conversion of
foreign currency;
(v) such fees and expenses as are incurred by the Depositary in connection
with compliance with exchange control regulations and other regulatory
requirements applicable to Shares, Deposited Securities, ADSs and ADRs;
and
(vi) the fees and expenses incurred by the Depositary in connection with the
deliver of Deposited Securities.
38
<PAGE> 1
EXHIBIT 5
[SASM&F LETTERHEAD]
January 11, 2000
Citibank, N.A.
as Depositary
111 Wall Street
New York, New York 10043
U.S.A.
Re: American Depositary Shares
Representing Ordinary Shares of
ST Assembly Test Services Ltd
Ladies and Gentlemen:
We refer to the Registration Statement on Form F-6 (the "Registration
Statement") relating to American Depositary Shares ("ADSs") evidenced by
American Depositary Receipts ("ADRs") to be issued under the Deposit Agreement
(the form of which is set forth as an exhibit to the Registration Statement)
(the "Deposit Agreement") among ST Assembly Test Services Ltd, a company
incorporated under the laws of the Republic of Singapore (the "Company"),
Citibank, N.A., a national banking association organized under the laws of the
United States of America (the "Depositary"), and all holders and beneficial
owners from time to time of ADSs issued thereunder. Each ADS represents ten (10)
deposited ordinary registered shares of the Company, par value S$0.25 each,
including evidence of rights to receive such shares ("Shares"). The Registration
Statement is being signed and filed with the Securities and Exchange Commission
under the Securities Act of 1933, as amended (the "Securities Act"), by the
Depositary on behalf of the legal entity created by the Deposit Agreement.
In our capacity as counsel to the Depositary, we have examined originals or
copies, certified or otherwise identified to our satisfaction, of such
documents, certificates and records as we have deemed necessary or appropriate
as a basis for the opinions set forth herein.
<PAGE> 2
Citibank, N.A.
January 11, 2000
Page 2
In our examination, we have assumed the legal capacity of all natural
persons, the genuineness of all signatures, the authenticity of all documents
submitted to us as originals, the conformity to original documents of all
documents submitted to us as certified or photostatic copies and the
authenticity of the originals of such latter documents. In making our
examination of executed documents, we have assumed that all parties thereto had
the power, corporate or other, to enter into and perform all obligations
thereunder and have also assumed the due authorization by all requisite action,
corporate or other, and execution and delivery by such parties of such documents
and the validity and binding effect thereof. As to any facts material to the
opinions expressed herein which were not independently established or verified,
we have relied upon oral or written statements and representations of officers
and other representatives of the Depositary and others.
Members of our firm are admitted to the Bar in the State of New York. We do
not express any opinion as to the laws of any other jurisdiction (or as to the
effect of the laws of any other jurisdiction on the opinions stated herein),
including the Republic of Singapore.
Based upon and subject to the foregoing, we are of the opinion that upon
due issuance, execution and delivery by the Depositary of ADSs against the
deposit of Shares in respect thereof, in accordance with the terms of the
Deposit Agreement, such ADSs will be legally issued and the holders and
beneficial owners thereof will be entitled to the rights of owners of ADSs
specified in the ADR evidencing such ADSs and in the Deposit Agreement.
<PAGE> 3
Citibank, N.A.
January 11, 2000
Page 3
We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement. In giving such consent, we do not thereby admit that we
are in the category of persons whose consent is required under Section 7 of the
Securities Act.
Very truly yours,
/s/ SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
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