SESDAQ-listed OKP Holdings Limited ("OKP"), through its wholly-owned subsidiary Eng Lam Contractors (Co) Pte Ltd, has bagged a S$6.3 million contract from the Jurong Town Corporation (JTC) for civil engineering works at Tuas View.
This is part of a continuing series of upgrading works by the JTC and the fourth contract that the company has clinched in relation to these works. In July, OKP announced that it had secured a S$4.9 million contract in relation to works at Tuas View.
The scope of work covered under the latest S$6.3 million contract includes the final
premix surfacing works, works relating to road curbs and road pavements, the de-silting
of existing drains, reinstatement works, landscaping works and other ancillary works. The works are expected to start on 8 October and to be completed in a year.
OKP is a leading home-grown infrastructure and civil engineering company in the region, specialising in the construction of airport runways and taxiways, expressways, flyovers, vehicular bridges, urban and arterial roads. The company has recently taken on projects in the Oil and Gas Sector, providing civil construction work for petrochemical plants and oil storage terminals.
Sunpower Group Ltd. announced that its wholly-owned subsidiary, Jiangsu Sunpower, was awarded "2007 China’s Top Brand" by the General Administration of Quality Supervision, Inspection and Quarantine of the People’s Republic of China (AQSIQ). AQSIQ is a ministerial administrative body directly under the State Council of the People's Republic of China in charge of national product quality control and other related matters. The ceremony held at Beijing's Great Hall of the People honoured the 2007 winners of the "China’s Top Brand" and "China’s World Famous Brands" awards. Sunpower was honoured with the "2007 China’s Top Brand" award for its "Sunpower"-brand high efficiency & energy-saving heat exchanger. The award is valid for three years.
According to Pu Changcheng, Head of AQSIQ, the emphasis this year is on products that are environmental-friendly. Companies that are not environmental friendly are not considered for the award. Consequently, several categories of products that help conserve the environment are being included on the awards list for
the first time this year.
Sunpower has maintained a strategy of building its brand based on high product quality standards. Not only has this helped Sunpower's products obtain good reviews from domestic clients it has also enabled the company to become a strong competitor in international markets. The conferment of the "China’s Top Brand" award further affirms Sunpower's leading position in its industry in terms of its product quality, renown and customer satisfaction.
PRC-based Sunpower Group Ltd. specializes in the design, R&D and manufacture of customized energy-saving and environmental protection products using heat transfer technologies. Its products range from heat pipes and heat exchangers to pipe supports, waste gas and energy recovery systems, and pressure vessels. They are used in various industries such as petrochemical, steel and transportation, particularly in energy projects that benefit from the products' energy-saving features.
Sunpower has a strong customer base and is a member of both China Petroleum and Chemical Corporation (SINOPEC) materials supply network and China National Petroleum Corporation (CNPC) first-tier network. These memberships pre-qualify the Group to supply products to companies in the SINOPEC and CNPC groups.
The St James Pte Ltd, which operates St
James Power Station, Singapore’s largest and hippest entertainment complex, today announced plans to seek a listing on Singapore’s soon-to-be launched new board through a S$108 million reverse takeover of JK Technology Group Limited (JK Tech). Under a Sale and Purchase Agreement signed between the shareholders of St James and JK Tech, a Sesdaq-listed IT firm, the former will sell to the latter the entire issued and paid-up capital of St James. The three shareholders of St James are FJD Pte Ltd, a joint-venture between Dennon Entertainment Pte Ltd, a private vehicle controlled by Dennis Foo and his family, and SGX-listed F J Benjamin Holdings Ltd, EK Capital Pte Ltd, a private investment vehicle associated with Jopie Ong and Daniel Ong, and Breadtalk Group Ltd, a Sesdaq-listed company.
To pay for the acquisition, JK Tech will issue to the vendors up to 615,384,614 new shares in 3 tranches, at $0.1755 each. Under the terms of the RTO, St James' shareholders will receive the first tranche of 455,840,455 shares on completion of the reverse takeover representing 82.84% of JK Tech's enlarged share capital. The second tranche of 91,168,091 shares will be issued conditional on St James meeting an audited cumulative aggregate net profit after tax of S$16 million for the financial years ending 30 June 2008 and 2009. If the cumulative net profit is less than S$16 million, but is positive, the number of shares allotted will be abated proportionately. As a performance incentive, St James will also receive a third tranche, up to 68,376,068 shares, if its cumulative net profit is S$18 million or more.
In connection with the deal, JK Tech will be applying for a transfer from Sesdaq to the proposed new sponsor-supervised board to be set up by the Singapore Exchange Securities Trading Limited. The new board, similar to London's Alternative Investment Market for small, fast-growing firms, does not require companies to meet any prescribed financial entry criteria to be listed. They will, however, need to comply with standard disclosure requirements and will be supervised by sponsors, which could be either merchant banks or boutique financial firms. JK Tech has appointed PrimePartners Corporate Finance as its financial adviser for the transaction and will be working with them on the transfer of its shares to the new board. The RTO is subject to approval from shareholders of JK Tech and the
SGX. JK Tech's majority shareholder and managing director, Eugene Ang Yew Jin who owns 54.8% of the company, has undertaken to vote in favour of the deal, which will include divesting the firm's current businesses.
The RTO is targeted for completion by the first quarter of 2008. Following the RTO, JK Tech will be renamed St James Holdings Ltd.
JK Technology supplies IT products and services mainly to companies, businesses and organisations which are end-users of IT products and services ranging from SME, local subsidiaries and branch offices of MNC, government organisations, schools and educational institutions.
TeleChoice International Limited (TeleChoice), a regional provider of telecommunications solutions and services today pulled out all the stops to organize "Passionatta", a charity run and carnival, to raise S$36,994 for the Children's Cancer Foundation. The event, held as part of TeleChoice's corporate community day, saw management and staff pounding the tracks at Clementi stadium in a 10-hour continuous run/jog/walk relay which lasted from 7.30 am to 5.30 pm. The Guest-of-Honour for the event, Mr Arthur Fong, Member of Parliament, West Coast GRC, presented the Children's Cancer Foundation with the donation cheque later in the day, as TeleChoice hosted nine children and their families from the Children's Cancer Foundation to a buffet dinner. Management and staff from TeleChoice's 3 business units, Distribution Services, Telecommunication Services and Network Engineering Services formed relay teams for the 10-hour run/jog/walk. Corporate sponsors such as Singapore Technologies Telemedia, Nokia, Sony Ericsson, Motorola, StarHub, Eltek and Reach International Telecom Pte Ltd pledged donations for each round completed by the relay teams around the stadium track. Several corporate sponsors also sent their own members to participate in the relays round the stadium.
To add to the celebratory atmosphere of the day, there were stalls selling local favourites such as Pineapple tarts, Tapioca cake, Otah buns, Curry puff, Cookies, handmade jewelry and event t-shirts. Games such as basket ball, table soccer, bowling, fishing, a lucky draw and a jumble sale completed the carnival atmosphere, keeping everyone entertained amidst the ongoing challenging track event. Special activities such as kite-making, balloon-twisting, air brush tattoo and button-making were organized for the children. Passionatta took 5 months of planning and involved all 225 staff of the Group. The Children's Cancer Foundation is TeleChoice adopted charity for 2007.
Incorporated in Singapore on 28 April 1998 and listed on the Main-Board of the Singapore Exchange Securities Trading Limited (SGX-ST) on 25 June 2004, TeleChoice International Limited ("TeleChoice") is a regional diversified provider and enabler of innovative communications. TeleChoice is a subsidiary of Singapore Technologies Telemedia Pte Ltd, a leading info-communications company with operations in Asia-Pacific, the Americas and Europe. DBS Bank Ltd was the manager, underwriter and placement agent for TeleChoice's initial public offering on the SGX-ST in June 2004. Headquartered in Singapore, TeleChoice has operations around the Asia-Pacific region, including Indonesia, Malaysia and Thailand. In recognition of its achievement for continuous and sustained corporate growth, TeleChoice was ranked among the top 30% (revenue) amongst the Singapore 1000 and SME 500 Rankings (2006). The Singapore 1000 ranking recognises Singapore’s largest corporations by annual sales/turnover performance and the Singapore SME 500 ranks the most successful small and medium enterprises. TeleChoice's major customers and principals include StarHub Ltd and PT Indosat Tbk; and Motorola, Nokia, and Sony Ericsson respectively.
Vita Holdings Limited wishes to announce that
Whitehouse Holdings Private Limited, a wholly owned subsidiary of the Company, has incorporated a subsidiary company, Hotel Re! Pte. Ltd.
The issued and paid-up capital of Hotel Re! is S$100,000.00 and its principal activity is hotel management.
The investment would be fully funded through internal funds and is not expected to have any significant impact on the net tangible assets and earnings per share of the Company for the current financial year.
Vita Holdings is principally involved in property leasing and ship chartering. The Group currently leases and manages 11 properties, all of which are located in Singapore and are sub let to tenants for offices, warehouses, hostels, dormitories and other purposes. The company also owns 9 vessels comprising one container vessel and eight cargo vessels. The vessels are offered on a time charter basis, usually for a period of one year, with an option for renewal for another year. Under a time charter contract, the supply of crew and equipment, as well as the technical operation and navigation of the vessel remains the responsibility of the owner. As a general policy, we usually purchase vessels only when we are confident of securing a charter based on the quotations that we have received from our potential charterers.
Swiber Holdings Limited announced that it has signed a Memorandum of Understanding (MOU) with Rahaman Sendirian Berhad
(Rahaman), to establish a 51:49 joint venture company in Negara Brunei Darussalam.
Swiber will own 51% of the JVC with Rahaman holding the remaining 49% stake. Rahaman is a Brunei-based company involved in the oil and gas commodity and trading business. It is helmed by its Chairman and Managing Director, Yang Mulia PG. Irwan bin PG. Salleh AB Rahaman, who is also the eldest brother of Her Royal Highness Paduka Seri Pengiran Anak Isteri Pengiran Anak Sarah, the Crown Princess of Brunei.
Under the MOU, the JVC will be another avenue, apart from Swiber's Brunei branch office, through which the Group can actively source and secure onshore and offshore oil and gas projects in the Territory. Of significance, the Brunei-incorporated JVC will allow Swiber to bid for projects that are eligible only to Brunei incorporated companies, thereby opening up new business opportunities for Swiber. Swiber expects a number of synergies to arise from the strategic partnership which will allow the two parties to combine resources and skill sets to jointly explore investment opportunities in the Brunei oil and gas sector.
To date, Swiber has scored a number of key achievements in Brunei. These include clinching its first and single largest offshore installation contract in Brunei, totaling US$146.6 million, with international oil giant, Brunei Shell Petroleum Company Sdn Bhd on 13 February 2007. The Group also registered a branch office in Brunei on 19 April 2007 to facilitate operations and establish and strengthen long term business relationships with Brunei.
Established in 1996, Swiber is today an integrated offshore EPCIC contractor with in-house marine support capabilities (Offshore Marine Support). Through the integration of these two core businesses, we are able to provide customers with one-stop solutions for all the relevant stages of their offshore oil and gas projects. We offer a full suite of offshore EPCIC services which can be customised in accordance with the requirements of our customers in the offshore oil and gas industry. Of significance, while we are focused mainly on the development stage, our services are applicable to all stages in a offshore oil and gas project, spanning exploration, development, production and post-production. Swiber also operates a fleet of marine support vessels which are chartered to customers throughout various stages in their offshore oil and gas exploration, development and production and post production projects. Currently, we own and/or operate a fleet of 20 vessels, comprising nine tug boats, nine barges, one crane barge (Dalihao) and one jack up barge.
Ezra Holdings Limited announced that its wholly-owned subsidiary, Lewek Shipping Pte Ltd, has awarded a contract to Karmsund Maritime Service AS for the design and building of one large 27,000 brake horsepower Multi-Functional Support Vessel (MFSV or Vessel) at a contractual value of S$162,353,200 (the Acquisition).
This MFSV is designed with unique features to meet and integrate the shipowner's requirements as well as the offshore industry's present and future demands. It is equipped for various offshore duties such as:
||Deep water anchor handling of up to
||a 5000-metre depth;
||Standby and rescue; and
The Vessel's arrangement allows swift mobilisation between the various duties via integrated features such as an ROV hangar and foundations for a heave-compensated offshore crane and A-Frame. Furthermore, this large MFSV vessel is built to meet the stringent requirements of the "Environmental Protection" and "Clean Design" notations and is suitable for North Sea operations, including those in Norway. The Vessel is expected to be delivered in the first half of calendar year 2010. The consideration for the contract is payable in stages and will be satisfied through a combination of internal funds and bank borrowings.
Ezra is an integrated offshore support solutions provider for the oil and gas industry. The business was founded in 1992. Today, Ezra is listed on the Singapore Exchange Securities Trading Limited ("SESDAQ") and recently promoted to Mainboard on 8th December 2005. Its headquartered in Singapore. Its offshore support services division provides offshore support vessels for charter, as well as ship management services for its own, and for third party vessels. The Group also has a marine services division that provides marine supplies and engineering services. It has grown to be a market-driven business leader in the offshore support services and marine services industries in the Asia Pacific region.
Global Voice Group announced that it has concluded an agreement with Allianz Worldwide Care, specialists in international health insurance. Under the terms of the agreement, Global Voice will deploy IP|nex – a next generation suite of massively scalable, high performance IP solutions – providing Allianz Worldwide Care with the highest performance access to the Internet.
Allianz Worldwide Care, one of the foremost providers of international health insurance, demanded the fastest, most secure and highly available networking solution to connect their headquarters and regional offices. Global Voice designed and deployed multiple high capacity IP VPNs (Virtual Private Networks) over which they could run and manage all their corporate data traffic securely and efficiently. Further enhancing the solution, Global Voice provided Allianz Worldwide Care with Tier 1 IP transit for the fastest, most reliable Internet access, warranting the entire solution under a single SLA (Service Level Agreement).
IP|nex is Global Voice’s suite of IP based solutions delivered over Tier 1 IP Transit and dedicated Global Voice infrastructure in the main. Due to our unrivalled peering relationships and ownership of an extensive pan-European network, Global Voice is uniquely positioned to deliver best in class communications solutions required for carriers, service providers and corporations alike.
Global Voice Group owns and operates one of Europe's highest capacity fiber networks and provides mission critical communication infrastructure and services to large Corporates, carriers, and service providers. Constructed at a cost in excess of euro 1.3 billion, Global Voice’s all-fiber optic network uniquely combines 'long-haul' inter-city network linking Europe's largest economies, with high density ‘last-mile’ metropolitan fiber networks in 15 of Europe’s leading cities. Global Voice was recently awarded the prestigious title of "Best New Entrant" by leading telecommunications publication, Capacity Magazine. The award was granted to Global Voice following their acquisition of a pan-European fiber network thus extending their unique proposition of delivering private fiber networks – an offering the judges felt is of immense value to large corporations and carriers alike. Global Voice is a member of euro-one, a unique collaboration of fiber optic network providers to deliver infrastructure and next generation networking solutions connecting Eastern, Central, Western Europe and North America (www.euro-one.com). Global Voice Group, traded as euNetworks in Europe, is headquartered in Frankfurt, publicly listed on the Singapore stock exchange.
Singapore Windsor Holdings Limited announced that its subsidiary, Taiwan 3D Circuit Industrial Co. Ltd (of which the Company holds 51% equity interest through its wholly-owned subsidiary, Windsor Holdings Investment Ltd) has incorporated a new subsidiary, Hong Kong 3D-Circuit Limited, on 5 September 2007.
The incorporation is fully funded by Taiwan 3D-Circuit's internal resources.
Hong Kong 3D-Circuit is incorporated solely for holding a new wholly- foreign owned enterprise in Kunshan, Peoples’ Republic of China for the Group’s business expansion in the eastern PRC region. As at the date of this announcement, Hong Kong 3D-Circuit has an authorized and issued and paid-up share capital of HK$ 10,000.
With over 1,000 staff and 6 production facilities located in the manufacturing hubs of Shenzhen and Kunshan in the People's Republic of China, Hong Kong-based Singapore Windsor Holdings Limited serves component and Printed Circuit Board ("PCB") makers in the dynamic end-product markets of telecommunications, automobile and consumer electronics. Our unique business can be categorised into two principal segments - first, the manufacturing of high-end PCB punching moulds, as well as die-casting and plastic injection mould bases; and second, the provision of PCB electroplating, punching and raw materials trading services. Through the two decades of our establishment, the Group has successfully built a sound reputation in the industry with our strong engineering capabilities and the ability to deliver consistently high quality and fast turnaround times. Our extensive client portfolio includes several renowned industry players, such as the CMK Group, Hong Fu Jin Precision Industry, Mektec Manufacturing Corporation, Nan Ya Printed Circuit Board and Suzhou Matsushita Electric Works. Driven by our passion for excellence, we aim to expand our international footprint as a precision engineering services group, as well as create market leadership through our continual emphasis on production technology.
SP Chemicals Ltd. announced that it plans to invest approximately RMB1.1 billion in facilities for the production of styrene monomer, an intermediate raw chemical used in making polystyrene plastics, protective coatings, polyesters and resins. Styrene monomer, which can be used in a wide range of consumer and industrial applications, is an ideal complement to the Group’s existing product range of chlor-alkali products including aniline, chlorine and caustic soda. It would allow the Group to share the use of the facilities already built for its Vinyl Chloride Monomer (VCM) Plant, such as the ethylene storage tank and the air separators. This will not affect the requirements of its VCM Plant, as these facilities were built with some surplus capacity.
According to the PRC Styrene Monomer Association, the global supply for styrene monomer in 2006 was 25 million tonnes per annum (tpa), with demand standing at 25.5 million tpa. By 2010, the total global supply and demand is estimated to be 28.5 million tpa and 33.5 million tpa, respectively. In China, the total imports of styrene monomer in 2006 amounted to 2.3 million tonnes. Reliance on imports is very high, with only about 48.5% of its demand being met by domestic production. Market research estimates that by 2010, the estimated production capacity of styrene monomer in China would reach 6.5 million tpa, while consumption could hit 7 million tpa.
SP Chemicals' plan is to produce 320,000 tpa of styrene monomer, which requires ethylene and benzene. Construction of its new styrene monomer production facilities is expected to commence in third quarter of FY2008, and completed by fourth quarter FY2009. Trial production is targeted to take place by first quarter FY2010. About one-third of the total investment amount of RMB1.1 billion will be financed by internal cash flow, while the remaining two-thirds will be financed from China bank borrowings.
SP Chemicals, a Singapore-based company listed on the Main-Board of SGX-ST on 6 August 2003, is the fourth largest ion-membrane chlor-alkali producer in the PRC, and the fifth largest aniline producer in the PRC as at 31 March 2007. Backed by an 11-year track record in the PRC, SP Chemicals manufactures and sells chlor-alkali products and related downstream products to PRC-based and export customers.
China Powerplus Limited has entered into a conditional agreement with Jadefield Group Limited (JGL) to acquire 30% interest in the issued and paid up capital of China Steel Limited in consideration of RMB 114,090,000 (Proposed Acquisition). China Steel is an investment holding company incorporated in Singapore. Its entire share capital interest is held by JGL, a company incorporated in the British Virgin Islands. Linyi Yilida Steel Mill Co., Ltd, a wholly owned subsidiary of China Steel, is a company incorporated in the PRC and is located in Zhudi, Dazhuang Town, Yinan County, Shandong Province, PRC. Linyi Steel is principally engaged in the business of manufacturing nickel alloy that is used directly in the production of stainless steel. As part of its expansion plans, Linyi Steel intends to move up the value chain and produce stainless steel.
The consideration is arrived at on a willing buyer and willing seller basis, based on the unaudited Net Profit After Tax (NAPT) of the Consolidation Management Accounts of China Steel for the financial year ended 30 June 2007 (Management Accounts) and determined based on the following formula:- Consideration = NPAT x Price-to-Earnings Ratio x 30%
The Price-to-Earnings Ratio is 8.5 times.
China Powerplus intends to gradually increase it’s usage of stainless steel instead of iron steel in the products that it manufactures in an effort to enhance the durability of its products. Currently, the components are made of iron steel which are susceptible to corrosion. The usage of stainless steel alleviates the problem without any compromise in quality. This enhancement of Powerplus’ products will also sharpen its competitive edge in the international market where export sales has grown by 112% based on the first 6 months of 2007 compared to the corresponding 6 months in 2006. Export sales also amounted to 37% of total revenue for the first 6 months of 2007 compared to 22% in the corresponding period in 2006. The healthy growth reinforces the Company’s commitment to establish itself as a leading global portable power tools company that is associated with strong branding and high product quality.
China Powerplus Limited is principally engaged in the design, production and sale of portable power tools including mist duster and brush cutter. Its products are distributed in more than 25 countries including Australia, China, Indonesia, Italy, Malaysia, Singapore, South Africa, South Korea and Thailand. The company has a dominant market position in China with over 360 distributors located in more than 30 provinces, autonomous regions, municipalities and special administrative regions in China. Its factory in Shandong Province of China has a design annual production capacity of approximately 3 million units per year (based on production schedule of 3 shifts per day). It is one of the leading producers of power tools in China.
Jacket Micro Devices, Inc. (JMD), a worldwide
supplier of integrated RF modules for high-performance wireless products, has selected
Singapore-based MicroCircuit Technology (S) Pte. Ltd. (MCT) for large-scale fabrication of substrates and other products using JMD’s proprietary Multi-Layer Organic (MLO) technology.
MLO technologies use organic hydrocarbon materials in a system-on-package (SoP) approach to RF modules. This enables the production of substrates for RF front-end modules with higher component aerial density compared to traditional solutions using ceramics.
AEM Holdings (AEM) is a public-listed company on the Singapore Exchange. AEM is in the core business of design and manufacturing of equipment, precision engineering products, chemicals and organic substrates as well as providing engineering materials and services to the microelectronics industry. The company envisions being among the world's leading companies supplying assembly, packaging equipment, materials and services to the global electronics industry and has grown to become a company with sales revenue of more than US$100 million and a worldwide workforce of 1,100. AEM has established itself in Malaysia, Philippines, and China to support and complement the overall operations in Singapore.
Epure International Ltd. announced that it has incorporated a wholly-owned subsidiary, Beijing Epure Sound Environmental Engineering Technology Co., Ltd (Beijing Engineering) in Beijing, People’s Republic of China.
Epure's share capital investment in Beijing Engineering will amount to RMB 50 Million, of which RMB 15 million is presently payable. The remaining RMB 35 Million is payable over the next 2 years. The investment in Beijing Engineering will be held via 2 wholly-owned subsidiaries, with Beijing Sound Environmental
Engineering Co., Ltd holding 20% and Beijing Epure International Water Co., Ltd holding the remaining 80% stake. The principal activities of Beijing Engineering include research and development of water treatment technologies and provision of services for technology consultation and transfer. It also includes design, engineering, procurement and construction of water and wastewater treatment plants. The business licence is valid for a period of 30 years until 2037.
The Company's Non-Executive Chairman, Mr Wen Yibo, has been appointed as the legal representative of Beijing Engineering. None of the Directors or substantial shareholders of the Company has any interest, direct or indirect (other than through their shareholdings in the Company), in the above-mentioned transaction. The share capital investment will be funded by internal resources and/or net IPO
proceeds and is not expected to have a material impact on the net earnings per share and the net tangible assets per share of Epure for the financial year ending 31 December
Epure International Ltd. is widely recognised as one of China’s leading turnkey water and wastewater treatment solutions providers. Backed by extensive R&D, technical expertise, and a proven track record of over 12 years, it has successfully completed many award-winning large-scale and complex projects in the PRC. The Group develops proprietary water and wastewater treatment technologies and customizes them into effective turnkey solutions for industrial and municipal projects. Epure has a strong marketing network in the PRC, making the Group much sought after for its strong design and engineering project management capabilities. In 2006, Epure diversified into the management of water treatment plants with a 20% stake in Shanghai Chenghuan Water Operation Co. The Group also intends to venture into capital investment, having taken a 15% stake in Anyang Mingbo Water Operations Co. It looks to other BOT and TOT projects for co-investment. Both
investments were done through Epure’s wholly-owned Beijing Sound Environmental
Engineering Co. The Group seeks to expand into other aspects of the supply chain for better integration of the whole eco-protection process, having set its sights on becoming a fully integrated services provider in the waste & wastewater treatment industry. Having a major shareholder in International Finance Corporation, the World Bank’s private sector arm promoting socially and environmentally sustainable private sector investment is ample testimony to Epure’s capabilities. Epure was listed on the Main Board of the Singapore Exchange on 6 October 2006. That year, the Group ranked among the 10 Most Influential Water Companies in China and China Water Industry Top 10 EPC Companies. Non-executive chairman Wen Yibo was second among the 10 Most Influential People in China’s Water Industry. He is also Chairman of the Chinese Environment Service Industry Association, the new consultative group on China’s policies on the water, wastewater, and solid waste treatment industry.
"..During the year, we teamed up with our key business partners to successfully clinch several large term contracts with new customers for our Supply and Delivery business segment. As such strategic deals are vital to our business partners' strategy, these contracts were competitively priced and yielded thinner-than-usual profit margins. Nevertheless, the Group believes these deals are important as they increase our potential for future business with these large top-tier customers and open pathways to new customers."
Mr Eugene Ang Yew Jin, Managing Director,