Deal leaves Kidney Foundation holding 8.

4m 'WizOffice shares
cost to NKF was a small sum" A somewhat different picture was given by NKF's chief executive T T Dural. First cone tacted by ET, he said the cost to Nig was "perhaps S30,00)". When asked a few days later Bid Lee Nanlh (SINGAPORE) The National Kidney Founda why a $O0,000 service was paid for with shares tion has opted for shares in WieOffice.com in worth 31.24 million, Mr Dural said he had lieu or cash for providing tolemarku ling ser- made a mistake. The Sateare was the cost of vicee, a decision which may spark a public de- service to another client, and the cost for Wi. bate If only because the shares had an unlit. eOffice could ha somewhat blithe:, The "somewhat higher" figure, people in spiring debut on the market yesterday. NKF, a charitable organisation which the delcom Industry said, is likely to be needs $40 million a year to provide dialysis for around $1 million. "Dotcoma have no money and have to pay 2,000 patients, has thus ended up with 8.4 shares or 2.2 per cent of WizOffice, a com- for almost everything with shires. Still, they pany which prov! ides online purchasing of sta- are not going to issue you share, at many tionery. Witt:Mee chairmen Seah Chin Yew times the cost of service. Even if they want to anld NICE' was given the option last December do It, their existing shareholders will stop to take shares in lieu of cash payment 0(31.24 them because this will ciliate the shareholders' stakes," said the founder of a stave:Oleg million, and it settled for shares. In May, when dolcom stocks were crash ing dotocen. Mr Dural would only sar "(Equity for serall over the world, NKF transferred the WizOfseemed a good I dee teat year. everybody flee sh arts to Iwo of its officials Alwyn Lim, vice) doing it. We had excess capacity In tele chairman of Its finance committee, and pea was marketing and we just used It for Wizeffice. It Soy San to hold in trust. was note lot of cost? "The shares are in our name but the ultiBut what sort of telemarketing would run mate owner Is NKF," Mr Lim told BT. "We to around Si million? Does it Involve using have signed all the necessary papers." The NXF's own database to get businessfor WhOfreason for the transfer, said Mr Lim. who runs Ace? "No, we never do that, 'TheJob for witorhis own accounting firm In Beach Road, Is ce was totally Independent nem our own that the foundation does not want to be seen to head-raising activities," Mr Dural mild. be involved in do teoms, which many now conContinued on Next Pogo sider risky. Mr Lim declined to give details of what sort of telemarketing services NKF performed for Wix011ice, except to say that the Wilistaffi on share priccdfais 30 Pg 4

NEF opts for shares in hen of cash payment of $1.24m

3.01112ArT

I Conlinued from Pg 1

NEF left with 8.4m WizOffice shares

"impeccable reputation" thrmagh the Inter. net. When asked whether his tefusal to reveal m3re of NK was a step back in being trans. parent, Mr Lim disagreed. "We are as trans. parent as any Hated company. More in fact, as we have internal and external auditors," He added that NKF's accounts "are on the Registry of Soc ieties' welts' le". WizOffice shares closed at 14 cants a share on the stock market yesterday, down 30 per cent from its IPO price of 20 cents.

When asked whether NKF could reveal how much mom it has and how it manages its farlds, Mr Lim gave a at retinal. In May, at around the same time he became the trustee of NriFs shares In WizOffice, Mr Lim wrote to the press on how Important It was for NKF to be transparent. The letter was to explain. why the foundation was pursuing legal action against people who attacked its