Strategic Shareholdings

The Company owns listed equity holdings that it deems beneficial to its Group’s businesses in pursuit of medium/long-term growth in its corporate value.
Its Board of Directors annually reassesses the objectives and risks of owning each of these equity holdings, the state of transactions with the investee and returns accruing from ownership, including returns from actual transactions with the investee, relative to earnings targets with cost of capital factored in. If the Board of Directors deems the Company’s equity stake in any investee to be larger than appropriate, the Company opportunistically sells down its equity holdings in the investee.

Date last revised: June 27, 2023