In February 2005, the Board of Directors of CYI announced its approval of the implementation of a business expansion and diversification plan. As a result, CYI acquired indirect interests in Thakral Corporation Ltd (“TCL”) and HL Global Enterprises Limited (“HLGE”). Currently we hold a 13.9% and 46.4% interest in TCL and HLGE respectively. The TCL group is a distributor of consumer electronics products with operations mainly in the People’s Republic of China (including Hong Kong). TCL also has other business activities relating to contract manufacturing, property development and investment in the PRC. On December 1, 2009 TCL’s Board of Directors announced a capital reduction and cash distribution exercise subject to receipt of approvals from its shareholders and the regulatory and legal authorities in Singapore. Concurrently with the capital reduction exercise, CYI announced its intention to sell 21% of its total shareholding in TCL through a placement exercise where settlement of the shares purchased would be after the completion of TCL’s capital reduction and cash distribution exercise. On June 9, 2010, TCL announced that the expected date of payment of the cash distribution of S$0.05 per issued share in TCL was July 7, 2010. On July 8, 2010, CYI announced that it had proceeded to complete the sale of 536,000,000 shares out of 550,000,000 shares in TCL available in the placement exercise to the various purchasers and that arising from its sale of the 536,000,000 shares in TCL, it will retain, through its subsidiaries a 13.9% shareholding interest in TCL. CYI has since, sold additional TCL shares in the open market resulting in its shareholding interest in TCL decreasing further from 13.9% to 12.3%.The core businesses of HLGE are hospitality operations and property development. TCL and HLGE are listed on the Main Board of the Singapore Exchange Securities Trading Limited.

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