30 April 2007      
Volume `000 
Gen Int
Weekly movement as at 27 April 2007
CMProp 100 HK$
OmegaNav 50
Weekly movement as at 27 April 2007

Frasers Centrepoint Limited: Proposes plans to sink A$419m
to develop two residential projects in Australia
Olam International: To acquire Universal Blanchers for
Standard Chartered: Proposes formation of US$10b private
equity fund for Asian infrastructure and real estate projects
SGX: Proposes new Order Management System to replace
current system
PSA: Enters JV project with Nippon Yusen Kabushiki Kaisha
and Kawasaki Kisen Kaisha to operate two dedicated car
terminal berths in Singapore
Ezra Holdings: To list EOC production and construction
division on Olso stock exchange
Qian Hu: To increase number of distribution points in China
market from 60 to 100 by end of 2007
Nico Steel: Announces dividends of 1.0 cents per share along
with a one-for-four bonus share issue to reward shareholders
Jurong Tech: To acquire 64 percent SEB stake for $12.1m
ABR Holdings: Enters franchise agreement with Groupe Flo for
rights to the Hippopotamus and Brasserie Flo restaurants in


Meghmani: Obtains initial go ahead to list on the National Stock
Exchange of India
Rickmers Maritime: Expects raising $444m in Singapore IPO
GKE International: Proposes acquisition of Van Der Horst Biodiesel
Interra Resources: Proposes US$2.3m half-stake concession for oil
and gas exploration in Thailand
Keppel Corp:  Clinches conversion orders totaling $160m
RSH: To take measures to bring public float shares back up to 10
percent to maintain listed status on the Singapore Exchange
Chemoil: Has more expansion plans in the pipeline with a $80m tank
farm add-on to the Helios Terminal which is currently still under
China Petrotech: Enters 20-year agreement with Indonesia-based
Pertamina for Exploration and Production rights in an East Indonesia
gas field
Straits Asia: Purchases more coal processing facilities to assist in its
Sebuku expansion plans
United Engineering: Forms its sixth China subsidiary UE Envirotech
(Chenzhou) to process medical waste
China EnerSave: Proposes US$20m acquisition of remaining shares
in subsidiary Yima Jiujiang Energy Comprehensive Utilisation 


HOT Off The Press

Epure To Buy Remaining Stake in China Subsidiary

Epure International Ltd's subsidiary Beijing Epure International Co., Ltd has entered an agreement to purchase the remaining stake in Beijing Sound Environmental Engineering Co., Ltd.

Epure will acquire the outstanding 25 percent of Beijing Sound Environmental Engineering Co., Ltd. from Beijing Sanghua. Beijing Sound is a turnkey solutions provider for water and wastewater treatment in China. Epure will have 100 percent equity interest in Beijing Sound after the Acquisition.

The transaction will take place for a proposed RMB25.963 million, plus 5 percent of Beijing Sound's net profit for the financial period from 1 January to 31 March 2007.

Epure International is one of the leading one-stop water and wastewater treatment solutions providers in the PRC that is backed by extensive R&D, technical expertise and proven track record. They develop proprietary water and wastewater treatment technologies and customise them into effective turnkey solutions for both industrial and municipal projects.

Olam Proposes Acquisition Of Universal Blanchers

Olam International Limited intends to purchase 100 per cent of the world's largest independent peanut blancher and ingredient processor, Universal Blanchers LLC.

The transaction will take place or a total cash consideration of US$77 million as enterprise value (estimated net equity value of US$72.3 million).

This acquisition will enable Olam to expand into peanut blanching and ingredient manufacturing in the United States of America.

Olam is a leading global integrated supply chain manager of agricultural products and food ingredients.

It sources 14 products directly from over 35 origin countries. Its products include:
  •  Edible nuts, spices and beans
  •  Confectionery and beverage ingredients
  •  Food staples and packaged foods
  •  Fibre and wood products.

It supplies its products to over 3,000 customers in more than 50 destination markets worldwide. Its customers include leading multinational corporations which own internationally recognised brands such as Cadbury, Kraft, Lavazza, Mars, and Nestle.

Tat Hong Establishes Vietnam JV

Tat Hong Holdings subsidiary entered into a joint venture contract with Financial Leasing Company II to jointly establish a joint venture enterprise in Vietnam to be named Tat Hong Joint Venture Co., Ltd.

Under the Joint Venture Contract, the Charter Capital of THJV shall be US$ 3,000,000. ALCII and THI shall hold 51 percent and 49 percent respectively. Under the terms of the joint venture contract, ACII shall contribute US$1, 530,000 and THI shall contribute US$1,470,000 in cash. Contributions from THI in the THJV will be funded by the Company's internal resources.

The joint venture was formed for the purpose of engaging in the business of import, export, trading, rental of industrial and construction machineries and equipment and provision of related services.

The group is principally involved in the rental and sale of cranes and the sale of spare parts for cranes. Apart from cranes, the group is also involved in the rental and sale of other ancillary heavy equipment such as excavators, bulldozers, earth-moving equipment, foundation equipment, piling rigs and generators.

Ace Achieve Solutions One of Top Ten Key Technology Projects In Beijing

Ace Achieve Infocom Limited's TD-SCDMA repeaters solutions were acknowledged by the Beijing provincial government as one of the top ten key technology projects in Beijing.

Other projects of Ace Achieve in the top ten nominations include groundbreaking 3G multimedia solutions as well as efficient allocation of energy resources during the 2008 Beijing Olympics Games.

This news comes shortly after the Group was certified in March 2007 to participate in the setting up of the third generation (3G) telephony network in China, based on TD-SCDMA standard.

Ace Achieve is a provider of telecommunications solutions and products in China, focusing on the design and development of customized telecommunications solutions and products that are suitable for various telecommunication networks such as fixed line, GSM, CDMA, CDMA2000 and PHS. Its telecommunications solutions and products enable its customers to establish and/or enhance the efficiency and efficacy of their telecommunications networks as well as capture new markets and gain a competitive advantage through the provision of resources and capabilities for new products and services beyond basic telephony.

Global Voice Selected By Blue Face For Highly Redundant Communications

Global Voice Group has signed an agreement with Blue Face, one of Ireland's fastest growing VoIP providers.

Under the terms of the agreement Global Voice will deploy IP¦Nex, a multi- honed Tier 1 global IP connectivity solution for fastest and most reliable Internet access. IP¦nex is Global Voice Group's suite of IP based solutions delivered over Tier 1 IP Transit and dedicated Global Voice infrastructure in the main.

Blue Face required a highly available and scalable solution to support their rollout of VoIP services in Ireland. Global Voice enabled Blue Face with burstable Tier 1 IP Transit for instant scalability, delivered from multiple locations via private fiber Ethernet.

GVN owns and operates one of the largest Metropolitan Area Network businesses (MANs) in Europe. Its fibre networks are located in 14 cities. GVN's uses its highly secure networks to provide its clients with IP products and business continuity services, which include disaster recovery services, online data storage and content delivery. GVN's main target industry sectors are the regulatory-driven banking & insurance industry, pharmaceutical and government.


Olam Sets Up US Subsidiary

Olam International has incorporated a new subsidiary in the State of Delaware, United States of America known as Olam US Holdings, Inc. as an immediate holding company of Olam Americas, Inc.

Olam has invested in the subsidiary's share capital by exchanging 100 shares of common stock of Olam Americas, par value of US$0.01 per share, being all of the issued and outstanding stock of Olam Americas held by the Company, for 100 shares of common stock of Olam US, par value of US$0.01 per share.

Following the above transaction, Olam US becomes a direct wholly-owned subsidiary of the Company and Olam Americas now becomes an indirect wholly-owned subsidiary of the Company. The principal activity of Olam US is that of investment holding.

Olam is a leading global integrated supply chain manager of agricultural products and food ingredients.

It sources 14 products directly from over 35 origin countries. Its products include:
  •  Edible nuts, spices and beans
  •  Confectionery and beverage ingredients
  •  Food staples and packaged foods
  •  Fibre and wood products.

It supplies its products to over 3,000 customers in more than 50 destination markets worldwide. Its customers include leading multinational corporations which own internationally recognised brands such as Cadbury, Kraft, Lavazza, Mars, and Nestle.

Middle East Development Secures Key Contracts In Middle East Region

Middle East Development Singapore Ltd has raised approximately S$12.6 million of new capital following the completion of its recent strategic investment exercise involving the issue of new shares to its current controlling shareholder and new investors as well as a one-for-two rights issue to shareholders.

The company has secured a contractual agreement to provide project and construction management services in Dubai for five of its property development projects and one in Bahrain. The building projects in Dubai are - The Arabian Crowne and Windsor Tower in Dubailand and the Red Residence, Kensington Royale and Sports Plaza in Dubai Sports City. In Bahrain, it is the Diamond Plaza.

The total construction value of these projects is AED1, 341.2 million (approximately S$552.6 million), and the company will be entitled to a management fee of approximately S$31.3 million for a period of 24 to 36 months.

The Company is a provider of integrated solutions in the waterproofing and protection of building and concrete structures. It is principally engaged in the following two main areas of business:
(a) the manufacture and sale of waterproofing and concrete protection materials; and
(b) the installation of such materials.

Ezra's EOC to list on Oslo bourse

Ezra Holdings Limited will list wholly-owned EOC Limited its Production & Construction division on the OTC of the Oslo Stock Exchange.

Ezra also intends to list EOC on the main board before the end of2007. EOC is expected to raise a gross amount of approximately US$43.3 million in a private placement of 13,314,540 new shares at US$3.25 each to sophisticated investors.

The new shares represent 12 percent of EOC's ordinary issued and paid up capital of 110,954,502 shares post-listing. The listing will enable EOC to undertake further growth and acquisitions such as the acquisition of a Floating Production, Storage and Offloading facility as well as a heavy lift accommodation and pipe-laying vessel and also two heavy lift accommodation crane barges from Ezra.

The Group provides offshore support vessels and services to the offshore oil and gas industry. It also provides the shipping industry with other marine services such as provision of marine supplies and engineering services. Its business activities are carried out by its offshore support services division and marine services division.

Jurong Tech Acquires SEB Pte Ltd

Jurong Technologies Industrial Corporation Ltd has entered an agreement to acquire all of the outstanding issued share capital in SEB Pte Ltd that it does not currently hold.

The agreement will involve Jurong Tech acquiring 63.935 percent of the issued share capital in SEB. Jurong Tech currently holds 36.065 percent of the issued share capital in SEB. The shares in SEB will be acquired for an aggregate consideration of S$12,147,650.

The consideration will be fully satisfied by 12,147,650 million new shares in Jurong Tech at an agreed price of S$1.00 per share, being the last done traded price of Jurong Tech shares on 20 April 2007, the last full trading day preceding the date of the agreement.

Established in 1986, Jurong Technologies began providing Electronics Contract Manufacturing Service (EMS) to local as well as overseas electronics Original Equipment Manufacturers (OEMs) in 1988. Production facilities in Singapore, Malaysia, Suzhou (China) and Batam (Indonesia), with a total of 34 SMT assembly lines and still expanding. State-of-the-art technology and facility with trained and experienced process engineering team. BGA volume production complete with X-ray inspection and rework equipment. Ready for advanced assembly technology like flip chip and chip-on-flex. Full turnkey material and supply chain management.

Design Studio wins contract with Burj Dubai

Design Studio Furniture Manufacturer Ltd has been awarded a contract to furnish luxury apartments of Burj Dubai in Dubai, UAE.

The contract worth S$9.43 million will be to supply and install kitchen cabinet for the 889 units in Burj Dubai.

When completed, the 500-acre development by Emaar Properties will be the world's tallest building.

The Company is principally engaged in the manufacture, supply and installation of panelling products for residential property developments. It is also involved in interior fitting-out projects for residential, commercial and retail properties. In order to provide a full spectrum of services and products for its clients, it brings in premier brands of complementary products. The Company has the exclusive rights to sell SieMatic fitted kitchens in Singapore and Brunei. It also has the sole rights to sell the Italian brand of MAP quality furniture products in Singapore, Malaysia, Indonesia and Brunei, Further, it markets, sells and fabricates Corian solid surfaces products for residential and commercial developments (excluding the retail market) in Singapore.


CEO's Walk The Talk

"..The continuous enhancement of shareholders' value is paramount. We have set our vision to become a major player in the international market pulp industry. We strive to translate this vision into seamless execution of our business plan, measured by the strengthening of our overall financial performance..."
Jaka Prasetya, Chief Executive Officer
United Fiber System Ltd.

Highlighted Company

The Company was incorporated on 2 December 1995 as an investment holding company of the Group to hold the operating companies of the Group. The current business activities include the manufacture, sale, rental and supply of access equipment, construction activities in the public and private sectors, vessel staging, property investment and development, and other construction-related activities.

The Company is an investment holding company. The three core business activities which the Group is presently engaged in are access equipment trading and rental and related services; building construction; and property development.

In 2000, the Group ventured into the pulp industry by buying into two Indonesian companies, one a forest concessionaire and the other in pulp milling.

The Company changed its name to United Fiber System Limited wef 23 April 2002. On 22 April 2002, the shareholders of Poh Lian approved the plan to turn Poh Lian into a pulp-producing company with a forestry asset comprising a forest plantation of 268,585 hectares (4 1/2 times the size of Singapore) in South Kalimantan. UFS will now comprise of three main divisions, namely the Forestry, Pulp Mill and the existing business of Poh Lian.

Poh Lian Group of companies will continue with their existing construction-related business activities in the manufacture, sale, rental and supply of access equipment, construction activities in the public and private sectors, vessel staging, property investments and development, and other construction-related activities.

The Pulp Mill division shall concentrate on building a 600,000 adt/year Pulp Mill in South Kalimantan. The Forestry Division will continue with the development of its forestry. The forestry concession rights being until 2041.

Historical Price Data
 Date Open High Low Close
27 Apr 2007 0.270 0.275 0.265 0.265
26 Apr 2007 0.275 0.280 0.270 0.270
25 Apr 2007 0.275 0.275 0.270 0.270
24 Apr 2007
23 Apr 2007 0.285 0.285 0.270 0.270

Historial EPS ($) a
Rolling EPS ($) e
NAV ($) b
Historical PE
Rolling PE f
Price / NAV b
Dividend ($) d
52 Weeks High
Par Value ($)
Dividend Yield (%) d
52 Weeks Low
Market Cap (M)
Issued & Paid-up Units c
a Based on latest Full Year Results Announcement
b Based on latest Results Announcement (Full Year, Half Year or Interim)
c Rounded to the nearest thousand. Updated on 28/02/2007. Please click here for more information.
d Dividend is based on latest Full Year results announcement and excludes special dividend.
e Summation of the earnings from the latest 4 Quarter (or 2 Half Year) results announcement, adjusted for the current number of shares.
f Based on rolling EPS

20 April 2007 Resolutions Passed At Annual General Meeting
20 Apr 2007 Change Of Registered Address
13 Apr 2007 Update On The Use Of Placement Share Proceeds
04 Apr 2007 Full Completion Of Construction Of Wood Chip Mill
04 Apr 2007 Notice Of Annual General Meeting

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