ABC has since 1991 embarked on diversification, having made strategic investments in a number of telecommunications companies either at their inception or at the early stage of their development. Hong Kong cellular operator SmarTone Telecommunications Limited and Taiwan cellular operator Far Eastone Telecommunications Limited are examples of our most successful investments from which handsome returns were generated at the time of divestments.

As at 18 July 2007, our group's telecommunications and technology investments were as follows:

* Very small holdings were still held in SmarTone but the size of these shares would have little significance on the group's net asset value.