27 December 2005      
Volume `000 
 GZIReit DBeCW060626
 Sing Tel
Weekly movement as at 23 December 2005
 Shang Asia 2kHK$
 SIA 200
Weekly movement as at 23 December 2005

SGX: JV With CBOT To Set Up Electronic Commodity Derivatives exchange
SP AusNet:
Secures A$500 Million Refinancing
Xpress: Acquired 60% Of Precise Media Group Ltd Worth HK$180 Million
UOB: Completes Sale Of 66 Branches In Philippines
SGX: To Improve Its Derivatives Electronic Trading System
Lum Chang: Jointly Develop Homes Near Kuala Lumpur With GIC Property Arm

Auston: To Acquire 81% Stake In M2B Game World For $5 Million
Mapletree Log: To Buy 3 Hong Kong Buildings For HK$799 Million
Ascott: Wins Contract To Manage 630 Unit Complex In
Pattaya Thailand
TAC: Boosts Subscriber Base By 1.5% With New Calling Plan
Ezyhealth: Buys Wilmar Holdings In $1.29 Billion Reverse
Takeover Deal
Sp Ship: Clinches $31.6 Million Deal To Sell 5 Bunker Vessels
To Global Energy
Sincere Watch: Pays $8.9 Million For 175,000 Shares In
Franck Muller
HOT Off The Press

Trek Expands LENOVO Relationship With New Higher-Capacity Storage Device

The new LENOVO ThinkPlus USB 2.0 Memory Key is offered in a 1GB configuration along with embedded security software that enables users to easily save secure and non-secure data. It allows the user to swap files between home and office or between multiple PCs. The security software enables the user to create a password-protected area to store confidential files. In addition, Trek is the first in the world to offer the portable storage device which complies with the USB 2.0 specifications.

Trek supplies the LENOVO ThinkPlus1GB USB 2.0 Memory Key option to LENOVO's design and product specifications using Trek's ThumbDrive® Smart technology. LENOVO previously utilized ThumbDrive® technology for the Company's 32MB and 128MB USB Memory Key.

Trek 2000 International Ltd, an industry leader, innovator and patent owner of the ThumbDrive® (i.e. USB flash Drive) offers state-of-the-art design solutions ranging from portable storage devices, digital technology, wireless, and encryption to sophisticated Enterprise solutions all catering to the fast changing digital industry. [+]

Bio-Treat Signing Of Agreement For Nanjing City BOT Project

The estimated total investment coast of the Project is approximately US$10 million. The Project involves the construction of a 40,000m3/day new wastewater treatment plant. Construction is expected to commence in the first quarter of 2006 and barring unforeseen circumstances, is expected to be completed before the third quarter of 2007.

The Company is expected to build, own, and operate this wastewater treatment plant over the next 25 years during which the Company will reap the operating revenues of this plant. After its 25 year ownership period, the Company will transfer the plant back to the Nanjing municipal government at nil consideration.

Bio-Treat Technology Limited is one of the pioneers in the use of biotechnology for waste and wastewater management in the PRC. [+]

Noble Group On Cutting Edge - Delivers IT Excellence In 2005

Noble continues to bolster its IT capabilities through the implementation of new in-house technologies with the aim to maximize profits amid strong year-on-year annualized growth of 40% through 30 September 2005. This year brought accolades in several key disciplines including technology innovation, logistics, and education and training. As a result, Noble was able to improve service to their vast network of global offices and more effectively communicate with customers and suppliers.

Noble Group Limited is a market leader in managing the global supply chain of agricultural, industrial and energy products. [+]

US Fund Wasatch's Stake In ADVANCED
Crosses 5%

US-based fund Wasatch Advisors, Inc. has increased its stake in Advanced to 5.13%. This follows Wasatch's acquisition of a further 170,000 shares in Advanced at S$0.75, bringing the total number of shares held to 5,767,000 shares.

On 30 November this year, Advanced's Non-Executive Chairman, Dr Emily Choo, had placed out 4.0 million shares at S$0.76 per share to Wasatch to enhance the liquidity of the stock, and to raise institutional shareholding in the Group.

For over 25 years, Wasatch Advisors has been providing small capitalization investment management services to individuals, pension and profit-sharing plans, retirement funds, foundations, endowments and trusts. In addition to individually managed separate accounts, Wasatch Advisors is the investment manager to Wasatch Funds, a family of small cap mutual funds.

Advanced Holdings Ltd. is an ISO9001:2000 certified specialist company which designs and supplies process equipment and process technologies to cater to the different needs of its customers in the chemical and petrochemical, oil and gas, power generation and micro-electronics industries. [+]

COSCO Secured Two High Value Contracts Totaling US$16.5 Million

COSCO Shipyard Group had successfully secured one high value contract to convert a single to double bottom of an oil tanker and completed another conversion of an ore bulk & oil carrier to a sea bulk transhipper totaling US$16.5 million.

The conversion of the single bottom oil tanker to double bottom at Cosco Dalian Shipyard would be recognized in the first half of FY2006. In compliance with International Maritime Organisation's (IMO) safety regulations, more single hull tankers will be phased out over the next few years.

With an established track record in double bottom and hull conversions, Cosco Shipyard Group expects more such high value contracts.

COSCO Corporation is a diversified group with core activities in shipping and shipping related services. [+]

Asian Micro Expansion Of Plastics Recovery Business In Thailand – KK Asia Technology (Thailand) Co., Ltd.

KKAT is a company registered in Thailand with principle activities of plastics scrap collection, recycling, reprocessing and recovery centre.

KKAT shall complete its facility set-up in the newly rented premise by end of January 2006 and full operation is expected to commence by February 2006.

The principle activities of KKAT are similar to World Plastics Recovery Pte Ltd, a wholly owned subsidiary of the Group in Singapore. World Plastics is currently actively carrying out plastics waste recovery activities in its two locations in Tuas and Senoko and is negotiating for purchase of a 80,000 square feet factory on a 140,000 square feet land to cater for its rapid expansion.

Asian Micro engages in the recycling of precision trays and media/disk cassettes, pallets, foam packaging boxes used in HDD industry to help customer on coast saving and re-use of packaging materials. [+]


Official Opening Of 22nd And 23rd "Sembawang Music" Retail Outlets At Hougang Mall And Plaza Singapura

Situated at 90 Hougang Ave 10, #03-12 Hougang Mall and 68 Orchard Road, #03-05 Plaza Singapura, these new outlets join the Group's current pool of 21 "Sembawang Music" and 1 "Audiophile" outlets in Singapore, retailing a broad range of Audio CDs, DVDs and VCDs and related audio and visual products.

The new retail outlets are in line with the Group's plan to increase the number of retail outlets in Singapore and expansion of its retail network.

Sembawang Music is the largest music and visual products retail chain store operator by number of stores in Singapore. [+]

Asia Water Warrants Issue All Fully

At the close of the Warrants Issue on 9 December 2005, valid acceptances and excess applications for a total of 57,793,063 Warrants, representing approximately 173.83% of the total number of Warrants available under the Warrants Issue, were received.

Each Warrant, issued at a price of S$0.04, carries the right to subscribe for one new ordinary share of par value S$0.06 each in the capital of the Company at an exercise price of S$0.18. The Warrants will be listed and quoted on the Official List of the SGX-SESDAQ, and trading of the Warrants will commence at 9.00 am on 21 December 2005. The Warrants will expire on 20 December 2010.

Cooperatieve Centrale Raiffeisen-Boerenleenbank, B.A., Singapore Branch is the manager of the Warrants Issue.

The estimated net proceeds from the Warrants Issue are approximately S$1.21 million and will be used as working capital for the Company, its subsidiaries and associated company. In addition, further gross proceeds of up to approximately S$5.98 million can be expected if all the Warrants issued are exercised and such proceeds would be channelled to repay or prepay certain loan facilities granted by Rabobank International to the Company, with the rest to be used as working capital for the Group.

Asia Water is a Singapore company engaged in the procurement of equipment, design, installation and commissioning of water purification treatment systems. [+]

TPA Signed MOU With Foreign Aerospace Company

The acquisition by the proposed purchaser consists of:

(i) 100% of the share capital of TPA Pte Ltd, [which in turn has representative offices in Beijing and Japan and 29.5% of the share capital of Telair International Service Pte Ltd]

(ii) 100% of the share capital of Aero Systems Pte Ltd

(iii) 70%of the share capital of TPA Airtech Korea Co. Ltd

(iv) 75% of the share capital of TPA Middle East FZCO

The consideration payable by the Proposed Purchaser to the Company shall be a sum of S$52 million based on a multiple of the average Net Profit after tax for the financial years 2006 and 2007 of the said subsidiaries.

TPA Strategic Holdings Ltd, an investment holding company, is primarily focused on the aviation business with a main portion of investments directed towards regional developments within this sector. [+]

Sale And Leaseback Of Aztech Building

Aztech Systems Ltd has entered into a conditional Put and Call Option Agreement for the sale and leaseback of its headquarters building with a site area of 7,114.6 square metres at 31 Ubi Road 1, Singapore 408694 with HSBC Institutional Trust Services (Singapore) Limited, as trustee of A-REIT.

A-REIT is a real estate investment unit trust listed on the SGX-ST, with an asset base of office and industrial properties.

The sale price is fixed at S$23 million. Concurrent with the sale is the operating lease agreement for the facility for a term of 7 years. The annual rental for the building for first two years is S$2.04 million and is subject to an escalation of 5% on the 3rd year and 5th year of the term.

The building serves as the corporate office of Aztech Singapore with surplus space leased out to third parties.

Aztech Systems Ltd is a multi-national company providing OEM/ODM design and manufacturing services as well as contract manufacturing service. [+]

Daka Designs Collaborates With Renowned Marine Sports Brand Body Glove To
Distribute Its Line Of SeaDoo® Products

The collaboration with Body Glove would help to consolidate and strengthen Daka's efforts in selling the SeaDoo® products in the US, as Daka leverages on the strength of the Body Glove brand, known for its extensive range of marine sports equipment and apparel, and its wide distribution spread.

Body Glove has committed to aggregate sales orders of US$10 million for the line of revolutionary SeaDoo® Seascooter and Motorised Inflatable products up to 15 October 2007, including an initial order amounting to US$4 million in sales by the end of October 2006, with US$2 million worth of orders to be fulfilled by the financial year ending 31 March 2006.

Daka Designs Limited is one of the most celebrated award-winning design and development companies in Hong Kong. [+]

CEO's Walk The Talk

"..LENOVO is a recognized leader in innovative computer technology and its decision to turn to ThumbDrive® Smart technology for Memory Key storage devices are a fine compliment to our own technological leadership in this space..."
Mr Henn Tan
Chief Executive Officer
Trek 2000 International Ltd.

Highlighted Company

Headquartered in the Shandong Province , Reyoung produces pharmaceutical products and personal hygiene products, out of its GMP-compliant production facilities in Yi Yuan in Shandong Province and Song Jiang District in Shanghai .

Reyoung produces western medicines and Traditional Chinese Medicine ("TCM") formulated products, with a niche in penicillin-based and cephalosporin-based antibiotics. The Company has obtained 232 pharmaceutical approval numbers ( 药品批准文号 ) to manufacture 157 pharmaceutical products in different forms and dosages. The products are marketed under the " 瑞阳 " brand through a wide distribution network covering 29 provinces, cities, municipalities and autonomous regions in the PRC.

From January 2004, Reyoung widened its geographical reach by producing for third parties under its brand names for the overseas markets such as Germany , Chile , Cambodia , Vietnam , Nigeria , Pakistan and Afghanistan .

Out of the 157 products, 93 are listed on the Medicine Catalogue. These include its core western medicines and TCM products. Medical practitioners are more inclined to prescribe the drugs listed in the Medicine Catalogue as, under the PRC law, users of these products are entitled to reimbursement from the Basic Medical Insurance Fund.

Moving along the philosophy of enhancement of personal wellness, Reyoung extended its product range to include personal hygiene products, namely sanitary napkins in November 2002, and disposable baby diapers in November 2003. These are sold under house brands " 益母 " for sanitary napkins, and " 益 贝 " and " 调皮蛋 " for disposable baby diapers. The sanitary napkins contain its patented proprietary blend of yimu herbs, which uses motherwort ( 益母草 ) as the principal herb.

With a strong sales team of 380 sales personnel for pharmaceutical division and 210 sales personnel for personal hygiene division, the Group has covered all major provinces, cities and autonomous regions in the PRC. Besides direct selling to hospitals, medical organizations, distributors and retailers, the Group actively participates in the centralised tendering system held by the non-profit medical organizations established by the county or higher levels of government in the PRC.

To remain competitive, Reyoung has adopted a strategy of collaborating with research institutions, universities and hospitals in the PRC to perform R&D. With an experienced R&D team and research partners, the Group constantly develops new products to introduce to the market. To-date, 12 new pharmaceutical products have been developed and commercialised and another 7 new pharmaceutical products are in the process to be developed and commercialised.

"Reyoung has grown from strength to strength over the years. We have a wide distribution network covering 29 out of 34 provinces in China . With our extensive product range and even stronger production capability, we are very confident that we will excel in the industry."

Historical Price Data
 Date Open High Low Close
 23 Dec 2005 0.225 0.235 0.220 0.235
 22 Dec 2005 0.225 0.225 0.220 0.225
 21 Dec 2005 0.230 0.230 0.225 0.225
 20 Dec 2005 0.235 0.235 0.225 0.230
 19 Dec 2005 0.240 0.245 0.235 0.235

EPS ($) *
NAV ($) **
Dividend ($) ****
Price / NAV **
Dividend Yield (%) ****
Market Cap (M)
Par Value ($)
USD 0.075
Issued & Paid-up Shares ***
52 Weeks High
52 Weeks Low
* Based on latest Full Year Results Announcement
** Based on latest Results Announcement (Full Year, Half Year or Interim)
*** Rounded to the nearest thousand. Updated on 08/11/2005. Please click here for more information.
**** Dividend is based on latest Full Year Results Announcement and excludes special dividend

14 Dec 2005 Results Announcement For The Nine Months Ended 30 September 2005
14 Nov 2005 Response To Query Raised By The Singapore Exchange Securities Trading Limited
08 Nov 2005 Changes In Composition Of the Remuneraton Committee And The Nominating Committee
07 Sep 2005 Announcement Pursuant To Paragraph 7.2, Practice Note 2.1 Of The SGX-ST Listing Manual
07 Sep 2005 IPO Balloting Results

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