Pan-Electric Industries was a Singapore-based company that specialised in marine salvage work, and had 71 subsidiary companies, including hotel and property interests, with a market capitalization of S$230 million. The company collapsed in 1985 due to unsettled forward contracts, forcing the stock exchanges of both Singapore and Malaysia to shut down for three days. At its demise, the company had a total debt of S$480 million, and all its shares held by 5,500 shareholders were found to be worthless overnight. As of 2000, it remains the largest corporate collapse in Singapore's history, and the only instance where the Stock Exchange of Singapore (SES) had to close. The Malaysian Kuala Lumpur Stock Exchange was also forced to close for three days as a result.