ESR AR 2019 EN

Directors’ Report 116 Focused PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES During the period from 1 November 2019 (“Listing Date”) to 31 December 2019, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the listed securities of the Company. DEBENTURES ISSUED The Group has historically financed its expansion through various instruments including fixed rate notes. During the year ended 31 December 2019, the Group issued the following notes: In February 2019, the Group issued S$150 million (approximately US$109.4 million) of three year 6.75% fixed rate notes due February 2022 (the “ 6.75%Notes ”) under its US$2.0 billion Multicurrency Debt Issuance Programme. The Group subsequently issued three further tranches within the same series, two in March 2019 and one in May 2019, amounting to an aggregate of S$200 million (approximately US$145.8 million). The aggregate total amount of 6.75% Notes issued to date is S$350 million (approximately US$255.2 million). In April 2019, the Group issued US$250 million of 7.875% fixed rate notes due April 2022 (the “ 7.875% Notes ”) under its US$2.0 billion Multicurrency Debt Issuance Programme. In July 2019, the Group subsequently issued a further tranche under the same series amounting to an aggregate of US$175 million, which was consolidated with the April 2019 issuance to form a single series of US$425 million 7.875% Notes. PRE-EMPTIVE RIGHTS There are no provisions for pre-emptive rights under the Articles of Association or the Cayman Companies Law, which would oblige the Company to offer new Shares on a pro rata basis to the existing Shareholders. CONNECTED TRANSACTIONS (INCLUDING CONTINUING CONNECTED TRANSACTIONS) The Company did not have any transaction with connected persons of the Group that were subject to the reporting, announcement or independent shareholders’ approval requirements as required under the Listing Rules during the year ended 31 December 2019. RELATED PARTY TRANSACTIONS Parties are considered to be related if one party has the ability, directly or indirectly, control the other party or exercise significant influence over the other party in making financial and operation decisions. Parties are also considered to be related if they are subject to common control. Members of the Company’s key management and their close family member are also considered as related parties. For a discussion of related party transactions, see note 40 to the Consolidated Financial Statements. Directors believe that the related party transactions were carried out on an arm’s length basis and will not distort our results during the year ended 31 December 2019 or make such results not reflective of our future performance. All the related party transactions described in this note do not constitute connected transactions or continuing connected transactions subject to the reporting, announcement or independent shareholders’ approval requirements. CHARITABLE DONATIONS The charitable and other donations made by the Group for the year ended 31 December 2019 amounted to US$424,000. IMPORTANT EVENT AFTER THE REPORTING PERIOD Save for the information disclosed in note 48 to the Consolidated Financial Statements, there was no important event after the year ended 31 December 2019 and up to the date of this report.