17 July 2006      
Volume `000 
 China Sun
 Pac Cent
 Sing Tel
Weekly movement as at 14 July 2006
 OmegaNav 50
 STI 2600 DBePW061228
 STI 2500SGAePW060928
Weekly movement as at 14 July 2006

CDL Hospitality Trusts: Priced IPO Of 425 Million Units At $0.83
Each To Raise $352.75 Million
ComfortDelGro: Buys 70% Stake In London-Based Private Hire
Car Operator Flightlink International For $1.43 Million
Mapletree Investment: Clinched $32 Million Deal To Develop
Warehouse In Tianjin Airport International Logistics Zone
BBR Holdings: Subsidiary Awarded $6.6 Million Contract From
Singapore Red Cross Society To Build School In Maldives
GIC: Made Average Annual Return Of 9.5% In US$ Over Past 25

M1: Awarded Nokia A $47 Million Contract To Upgrade Its 3G
SSH: Won $11.7 Million Contract To Supply Steel Plates For Offshore
Gas Platform
MediaRing: To Buy Singapore ISP NetPlus Communications For
$9.5 Million
Hotel Negara: H1 Net Profit Surged To $3.12 Million From $542,000
Samsung: JV With Siltronic To Build US$1 Billion Wafer Fab In
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HOT Off The Press

Bio-Treat Clinches First Large-Scale
Underground Wastewater Treatment Project In Beijing

The project will be built entirely underground is the first of its kind in China costing RMB110 million. it is Bio-Treat's first large-scale project win in the booming city of Beijing as well as its first BOT project in Beijing.

Under the contract, Bio-Treat will construct an underground wastewater treatment plant in Beijing city which is capable of treating up to 40,000 tons of wastewater per day. Construction of the plant will commence by December 2006, and is expected to be completed within 24 months from the commencement of the construction. The contract period inclusive of construction is 29 years, after which, the Company will transfer the plant to the Beijing government at nil consideration.

Bio-Treat Technology Limited is one of the PRC's leading companies in the development and application of biotechnology for the treatment of waste and wastewater. [+]

Sarin Establishment Of A New Subsidiary

Sarin Technologies Ltd. has established a new fully owned subsidiary in Hong Kong, "Sarin Hong Kong Limited".

The new company will serve as a base for expanding the Group's operations in Southeast Asia and particularly in mainland China. Towards this end Sarin, through Sarin Hong Kong Limited, may establish additional entities in China and elsewhere in Southeast Asia.

Sarin's management believes that having a fully owned legal entity in Hong Kong (with a view to establishing additional entities in the region, as aforesaid) will streamline its operations in the region and expedite its potential business growth.

Sarin Technologies Ltd deals in the development, manufacture and sale of precision technology products based mainly on automated three-dimensional geometric measurement (metrology) for the processing of diamonds and gems. [+]

Asia Silk Increase In Shareholding In Subsidiary

Guizhou Zhenxing Cocoon & Silk Co., Ltd., the subsidiary of the Company's wholly-owned subsidiary, Wuxi Dingqiu Silk Co., Ltd, has increased its share capital from RMB3,000,000 to RMB10,000,000. This increase of share capital was by way of a capital injection of RMB7,000,000 by Wuxi Dingqiu Silk. As a result, the shareholding of Wuxi Dingqiu Silk in Guizhou Zhenxing Cocoon & Silk increased from 80% to 94%.

The main business of Guizhou Zhenxing Cocoon & Silk is cultivation of mulberry plants and cocoon silkworm and the trading of silkworm cocoons. As at end of FY2005, the Group had substantially completed the development of the silkworm cocoon agri-produce facility and successfully produced and sold its first batch of silkworm cocoons. The Group expects more silkworm cocoons to be produced and sold in FY2006.

The Directors of Wuxi Dingqiu Silk are of the view that the increase in investment in Guizhou Zhenxing Cocoon & Silk is in line with the strategic development of the Group and also tapping into the Central and Local Government incentives to explore into the agri-based projects.

Asia Silk specialise in spun silk yarn and fabric manufacturing. [+]

HG Metal Strengthens Leading Position With Acquisition Of Stainless Steel Specialist Niho

HG Metal Manufacturing Limited is acquiring majority stake in Niho (Singapore) Pte Ltd for S$1.5 million. Niho supplies stainless steel coils and provides customized metal processing services to major metal stamping companies and electronic companies in Singapore, Malaysia, Indonesia, Thailand and China.

The acquisition will add high-in-demand stainless steel products to HG Metal's existing wide product range and extend its customer base to metal stamping and electronic industry. HG Metal will fund the acquisition internally, initially acquiring 72.29% of the enlarged share capital of Niho. Niho recorded S$7.3 million in revenue for financial year 2004 and 2005, and 43.9% increase in net profit from S$123,000 to $177,000 for financial year 2005.

HG Metal is a premier steel stockist and manufacturer of steel products. [+]

A-REIT Reports First Quarter DPU Of 3.09 cents Which Is 9% Above Prior Corresponding Period

A-REIT's total net income available for distribution rose to S$39.6 million, recording a 20% increase over the prior corresponding period.

A-REIT will pay out a DPU of 3.09 cents for the first quarter on 24 August 2006. This represents an annualised yield of 6.4% based on the closing price of S$1.92 per unit on 30 June 2006.

As at 30 June 2006, A-REIT had a portfolio of 66 properties, valued at S$2.9 billion, housing a tenant base of over 740 international and local companies. In the quarter under review, AREIT acquired two properties: Sembawang Kimtrans Logistics Centre and Logistics 21 for S$78.0 million. The purchase of these properties was completed on 14 June 2006.

A-REIT is the first business space and light industrial real estate investment trust listed on the SGX-ST. [+]

Netelusion Acquisition Of Additional 29% Of The Issued And Paid-Up Share Capital Of Netelusion Games Holdings Limited

Wholly-owned subsidiary, NeteLusion (Hong Kong) Limited has entered into a Sale and Purchase Agreement on 14 July 2006 with Total Forward Technology Limited, Mighty Cyber Holdings Limited and Expolink Holdings Limited to acquire an additional 29% of the issued and paid-up share capital of NeteLusion Games Holdings Limited comprising 29 ordinary shares of US$1 each for a total cash consideration of US$600,000.

The NL Games Group is engaged in the development of online games and other multimedia related products.

NL Games Group is profit making representing an opportunity to increase the profit sharing attributable to the Group. The Acquisition is in line with the Group's intension to focus on its core business of Media and Interactive Entertainment.

NeteLusion is one of Asia's leading consumer-oriented marketing companies that provides highly-regarded and relevant Media and Interactive Entertainment content. [+]


Noble Group Expands Market Share Of U.S. Ethanol Production

Noble Americas Corp., a wholly owned subsidiary of global supply chain manager Noble Group Ltd., has added 114 million gallons in offtake per year to their ethanol business through an arrangement with Northeast Biofuels LP's ethanol plant expected to commence commercial production by December 2007.

The plant will be located in Volney, New York at the site of a closed brewery. An equity investment by Permolex International L.P., debt financing arranged by Goldman Sachs, ownership and management by Permolex International L.P., EPC by Lurgi PSI and marketing of the ethanol by Noble Americas Corp., among other strategic partners will make this project a global model.

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

ASL Marine Wins S$10.8m Offshore Contract To Build Self-Elevating Barge

Wholly-owned subsidiary, ASL Shipyard Pte Ltd has won a S$10.8m contract from a repeat customer, Swiber Offshore Pte Ltd, to build a self-elevating barge scheduled for delivery by the financial year ending 30 June 2007.

ASL Marine is a vertically-integrated marine Group principally engaged in shipbuilding, shiprepair & shipchartering and other marine related services, catering to customers from Asia Pacific, South Asia, the Middle East and Europe.

Swiber Offshore Pte Ltd s a niche service provider to the offshore oil and gas industry, with a complementary business in the supply of marine support vessels. [+]

A-REIT Renewed And Leased 50,279 Sqm Of Space In 1Q FY06/07

Ascendas Real Estate Investment Trust has renewed and signed new leases amounting to a total net lettable area of 50,279 sqm in the three months ended 30 June 2006. These leases represent 7.5% of the net lettable area of its multi-tenanted buildings and an annualised rental income of S$11.0 million for A-REIT.

Total new leases for the Period was 14,754 sqm, of which 30% was in light industrial properties, and 26% was in business and science park properties. The remaining 44% was in the other 2 asset classes - hi-tech industrial, and logistics and distribution centres. The net allocation for this Period was 6,818 sqm.

The overall portfolio occupancy rate as at 30 June 2006 is 96.1% compared to 94.9% in the prior corresponding period. The occupancy rate for A-REIT's multi-tenanted buildings has also increased to 92.1% for this Period compared to 89.8% in the prior corresponding period.

A-REIT's portfolio comprises 54% multi-tenanted buildings and 46% sale-and-leaseback properties based on portfolio value.

A-REIT is the first business space and light industrial real estate investment trust listed on the SGX-ST. [+]

Boustead Incorporation Of A Wholly Owned Subsidiary In Tianjin, China

Boustead Singapore has incorporated a wholly owned subsidiary in Tianjin, China known as Boustead (Tianjin) Industrial Development Co. Ltd.

Boustead Tianjin was incorporated for the purpose of investing in industrial developments in Tianjin special economic zone known as Tianjin Economic and Technological Development Area and its registered paid up capital is US$2 million.

Boustead is a progressive global Engineering Services & Geo-Spatial Technology Group. [+]

Fu Yu Corporation's Subsidiary, LCTH Corporation Berhad - Joint Venture With Owens-Illinois Plastics Pte, Ltd

The business of the joint venture company O-I Plastics Malaysia Sdn Bhd will be to manufacture, sell and distribute specialty plastics molded parts, assemblies and filled goods. OIM will initially make plastic parts for ink printer cartridges that Owens-illinois Plastics currently manufactures in Singapore.

LCTH and OIP have agreed to subscribe and pay by cash in full 40% and 60% respectively for new ordinary shares of OIM. For the initial subscription, LCTH shall subscribe and pay in full by cash for 1,000,000 ordinary shares of RM1.00 each in OIM. OIP and LCTH will contribute assets including equipment and machinery amounting to approximately RM14.87 million.

Fu Yu Corporation Limited is one of the largest manufacturers and suppliers of high-precision injection moulds and plastic parts in Asia. [+]

Willas-Array Proposed Acquisition By Subsidiary Of Entire Issued Share Capital Of ValenceTech Limited

Wholly-owned subsidiary, Noblehigh Enterprises Inc. has on 14 July 2006 entered into a conditional sale and purchase agreement with SRS Labs, Inc. to acquire from the Vendor shares representing 26.4 per cent. of the issued share capital of ValenceTech Limited. The aggregate purchase consideration is US$4,300,000.

VTL and its subsidiaries are in the business of integrated circuit development for analog, digital and mixed signal standard and custom circuits for consumer applications.

VTL would be able to provide the Company with access to people with technical skills who are not easy to recruit in the region and would thus be able to provide the Company with a fast inroad to developing specific products for the electronics microchips market, which is a growing market.

Willas-Array Electronics (Holdings) Limited is one of the largest Hong Kong-based distributors of electronics components in the Asia Pacific region. [+]

CEO's Walk The Talk

"..We are seeing sustained demand for the offshore support vessels building market. We believe that the increased level of activities in the marine and offshore sector is sustainable and the trend is likely to continue in 2007..."
Mr Ang Kok Tian
Executive Chairman and Managing Director
ASL Marine Holdings Ltd.

Highlighted Company

Known previously as North 22 Technology Services Group Limited, NeteLusion is a company in transformation. We are working to become one of Asia's leading consumer-oriented marketing companies that provides highly-regarded and relevant Media and Interactive Entertainment content. Our target audience is the media-savvy, tech-hungry youth of today, the people who drive change, and demand the very best content through various multiple channels.

Our company metamorphosis is about carpe diem - seize the day.

In today's world of ever-changing technology-driven Media and Interactive Entertainment content, the consumer choices available in any 24-hour period far exceeds the time we have to absorb - let alone sample - meaningful content.

Amidst this overflow, we at NeteLusion abide by three consumer principles that will help our valued clients navigate through the maze:

Be Informed
the right knowledge and information through the right channel at the right time

Be Entertained
the latest, most relevant and exciting content that represents best value for money

the fulfillment of the tribal and inherent human condition of being part of a society or a clan.

These three founding principles drive the company to provide best-in-class service delivery for Media and Interactive Entertainment content in Asia.

We have three business divisions equipped to deliver our consumer principles: 

    • NeteLusion Games 
    • NeteLusion Media 
    • NeteLusion Fortune

Our consumer product brand - www.whoyo.com is NeteLusion's recently launched media and entertainment portal in China. It hosts a variety of the best and latest content surrounding gaming and also features profiles of our fresh TV programming content currently running on local, cable and satellite stations.

Historical Price Data
 Date Open High Low Close
 14 Jul 2006  0.060  0.060  0.060  0.060
 13 Jul 2006  -  -  -  -
 12 Jul 2006  0.065  0.065  0.065  0.065
 11 Jul 2006  0.060  0.065  0.065  0.065
 10 Jul 2006  0.060  0.060  0.060  0.060

EPS ($) *
NAV ($) **
Dividend ($) ****
Price / NAV **
Dividend Yield (%) ****
Market Cap (M)
Par Value ($)
  USD 0.100
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 30/05/2006. Please click here for more information.
**** Dividend is based on latest Full Year Results Announcement and excludes special dividend

14 Jul 2006 Acquisition Of Additional 29% Of The Issued And Paid-Up Share Capital Of Netelusion Games Holdings Limited
05 Jul 2006 Notice Of Annual General Meeting
26 May 2006 Full Year Financial Statement And Dividend Announcement
21 Apr 2006 Report Of Persons Occupying Managerial Positions Who Are Related To A Director, CEO Or Substantial Shareholder
24 Mar 2006 Incorporation Of A Subsidiary And Change Of Name Of A Subsidiary

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