Ann: Appendix 3Y - Low Ngee Tong, page-66

Elkem has been delivering record after record, they are a quality outfit who are diversified in many products and assets, management has been faultless.. Hard to compare it with OMH who rely on only raw product & sole smelter operation in Swarak... Though OMH is profitable operation, its yet to deliver to its full potential from its assets... Also there is a sizable debt that has been there for years, I feel they need to reduce that instead of trying to pay dividends, though market cap is around 450mil odd...enterprise value is close to $1bil after including debt.. Yes there net assets are worth around the same, but never good to have similar debt levels to the market cap even if its serviceable..