METRO HOLDINGS LIMITED

Metro Holdings Ltd is engaged in property development and investment group as well as retailing services. The Group had its beginnings in 1957 in a small store in High Street, Singapore measuring 250 square metres. That store, founded by the late Mr Ong Tjoe Kim, flourished and grew to become one of Singapore’s major department store chains. Metro Holdings Ltd was formed in 1973 to take over the three then existing Metro department stores and was listed on the Stock Exchange of Singapore... that same year. The Group then grew its retail business and diversified into the property development, construction, marketing and distribution and leisure sectors. Today, the Group focuses on its two core business segments - property development and investment, and retail. Metro’s initial involvement in property development commenced with the search for a prime retail district Orchard Road location for a Metro department store and resulted in the acquisition of Orchard Square Development Corporation Pte Ltd (“OSDC”) in 1976. OSDC held a 99 year lease for a prime site, Orchard Square, with frontage along Orchard Road, Singapore. After a period of delays in obtaining planning permission and resolution of issues with the lessor, construction work commenced in 1989 on Ngee Ann City, a retail cum office complex. On completion in 1993, OSDC’s 27% stake yielded 34,731 square metres of gross leasable area. Meanwhile in 1987, Metrobilt ventured into China and secured a joint venture to develop an office tower in Guangzhou, China. The collapse of the stock markets in 1987 prevented this development from proceeding until 1992. In 1993, joint ventures were established to develop Metro Tower, an office building, and Metro City, an entertainment centre, in Xujiahui, Shanghai, China. This was followed by more joint ventures to develop properties in China, as well as in Penang, Malaysia, in subsequent years. Metro is one of Singapore’s major retail companies and the department store business is a household name in Singapore. The department store business subsequently expanded into Malaysia and Indonesia. The Metrojaya business in Malaysia was later spun-off into a separate listed vehicle before divestment. At various points over the years, Metro has been instrumental in introducing into Singapore various brands such as TOYS “R” US, Kmart, Cartier, Piaget, Tag-Heuer and Burberry.More