Companies should follow WBL’s lead in getting investor opinions

Date: February 2, 2006

SIAS notes that WBL Corporation Ltd has written to shareholders of WBL inviting them to reply to an online survey in a bid to get better value for all shareholders and to aid in the company’s efforts to streamline itself. The survey asked for investor’s opinion on the company annual report, company share price performance, executive compensation, and general observations on the company.

SIAS commends the effort of WBL to connect with its minority shareholders by valuing their opinions and hopes that other companies follow in their footsteps of shareholder communication and promotion of good corporate governance.

On the issue of privatization of Wearnes International, SIAS understands that there are some minority shareholders who are against the privatization at the offered price. SIAS urges WBL to settle the issue amicably with its minority shareholders as this would go far in adding to WBL’s track record of its fair dealing with shareholders.

Mr David Gerald J.
President & CEO
Securities Investors Association (Singapore)