HBAP is deemed to have an interest in HSBC Trustee (Singapore) Limited's (HSBC Trustee) interest in United Malacca Berhad (UMB) for the following reasons-
1. HSBC Trustee is the trustee of trusts that hold 17,768,485 shares in UMB.
2. HSBC International Trustee Limited (HKIT) owns the entire issued capital of HSBC Trustee.
3. HSBC International Trustee (Holdings) Pte. Ltd. (HSIT) owns the entire issued capital of HKIT.
4. HBAP owns the entire issued capital of HSIT.