WE refer to "Ezra disclosures baffle more than enlighten" by Melissa Tan (BT, Oct 8). We would like to point out that the transaction was between DNB Bank ASA and Frontica Global Employment Limited. Ezra Holdings Limited was not involved in the transaction in any way and that it was a private arrangement between the two transacting parties. Thus, we feel that the article is misleading.

DNB's substantial shareholding notification to Ezra was sent to us on Sept 25, while Frontica's notification to Ezra on ceasing to be a substantial shareholder and then subsequently exercising the right on the forward agreement was sent to us on Sept 28. In compliance with the listing requirements of a publicly-listed company on the Singapore Exchange (SGX), Ezra notified SGX of a change in substantial shareholding on Sept 28 and Sept 29 from DNB and Frontica respectively, after trading hours.

We would also like to add that each transacting party is not obliged to disclose any further information to Ezra apart from its change in substantial shareholding. We were not privy to the content or context regarding the "forward agreement" between DNB and Frontica.