The issued and paid-up ordinary share capital of the Company as at end-2006 was S$4.3 billion comprising 2.8 billion shares. This was an increase of S$1.6 billion from end-2005 mainly due to the issue of performance shares and the exercise of share options during the year, as well as the transfer of share premium and capital redemption reserve to share capital, following the changes in Companies (Amendment) Act 2005 which abolished the concept of par value with effect from 30 January 2006.

The Group’s total reserves decreased by S$812 million to S$3.1 billion. This decrease was largely attributable to the transfer of share premium and capital redemption reserve to share capital as mentioned above, and the payment of full-year 2005 dividends of S$399.1 million in May 2006. These were partially offset by the S$1.018 billion net profit recorded for the year under review, higher fair value of investment properties, share of associates’ revaluation surpluses, and higher equity compensation reserve.

The shareholders’ fund as at end- 2006 was S$7.4 billion compared to S$6.7 billion in 2005. As at 31 December 2006, the Group’s net tangible assets increased 10% to S$2.65 per share from S$2.41 a year ago.