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CDIB subsidiary, Esplanade Investments Pte.Ltd., in liquidation

      2004-11-30

CDIB's subsidiary, Esplanade Investments Pte. Ltd., in which CDIB indirectly holds a 55% stake, is about to go into liquidation. The final decision was made at a board meeting. Esplanade is a holding company that was established in Singapore in 1995 with capital of S$27 million. The company was set up mainly for the purpose of investing in a pig farming project in Australia. However, operations were unprofitable and were halted recently. Thus CDIB believes that there is no longer any need for Esplanade to exist. Therefore, the board made the final decision to proceed with liquidation.

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