OSIM International Ltd are pleased to announce that it has increased
its shareholdings in its subsidiary Global Active Limited (GAL) from 82.53% to
82.61% through cash purchase of shares from minority shareholders of GAL.
The aggregate cash consideration for the acquisition of shares is S$40,877.50 and the sum of consideration was arrived on a “willing buyer willing seller” basis between the parties after arm’s length negotiations.
GAL is in the business of retailing and distributing nutraceutical products and health supplements.
SGX mainboard-listed OSIM is a global leader in healthy lifestyle products. It is the leading Asian brand for healthy lifestyle products.
Established in 1980, OSIM is a brand management and niche marketing company with a focus on the consumer. The Group is innovation-driven and is an IP (intellectual property) developer. OSIM uses innovative selling approaches and constantly enhances its innovation capabilities to produce successful products with superior designs, features and quality. As an IP developer, OSIM controls its brands, designs, technologies and concepts.
Today, OSIM operates a wide point -of-sales network of over 400 OSIM outlets in Asia, the Middle East, United Kingdom and North America. Our business currently comes under four complimentary focuses. Together, these focuses reflect OSIM's holistic and integrated approach to healthy lifestyle.
Ascendas India Trust (“a-iTrust”), Singapore’s first listed Indian property trust, has been recognised as the winner of the “Most Transparent Company” award in the New Issue Category at the SIAS Investors’ Choice Awards 2007, held at Raffles City Convention Centre.
a-iTrust was listed on the Main Board of the Singapore Exchange Securities Trading
Limited on 1 August 2007. It is believed that this award was in recognition of the efforts in ensuring the relevant information was communicated to potential investors in a clear, concise and efficient manner during the listing process to aid their decision process. Ascendas Property Fund Trustee Pte Ltd, as the trustee-manager of a-iTrust, took great lengths to disclose and explain the strategies and plans as well as provide as much transparency as practically possible. Besides providing extensive information on the properties within the trust, the prospectus also shared information on the details of the real estate market in Indian and the cities Ascendas is operating in, as well as on the various relevant laws and regulations in India.
a-iTrust was selected from nominations received from analysts, fund managers,
financial journalists and retail investors represented by the Securities Investors
Association of Singapore (“SIAS”). This prestigious Award is endorsed and supported
by SGX, Standards and Poor’s, PricewaterhouseCoopers, Singapore Institute of Directors, the Institute of Certified Public Accountants of Singapore, Singapore Society of Financial Analysts, Business Times and Asian Corporate Governance Association.
The International Tech Park Bangalore (ITPB), a-iTrust’s portfolio asset, has also achieved an award of its own. The Park’s heat and power plant has been awarded the Best Decentralised Power Plant in the Third Annual Asian Power Awards 2007.
This is the second time ITPB has won an international award. In 2002, the Park was conferred the World Teleport Property of the Year award by the New-York based Intelligent Community Forum. Organised by Singapore-based publisher, the Charlton Media Group, the Asian Power Awards is seen as the “Oscars” of the power industry. It recognizes industry players in Asia for their outstanding performances and contributions to the power sector. The awards process was based on nominations from the industry and final judging was done by a panel of experts. There were altogether 16 awards in different categories with winners from major utilities and market leaders in the power industry.
Ascendas India Trust is a Singapore-based business trust established with the principal objective of owning income-producing real estate used primarily as business space in India, and real estate-related assets in relation to the foregoing. It is a premier business space investment trust backed by strong underlying fundamentals of the Indian economy and its growing information technology and real estate sectors. Managed by Ascendas Property
Fund Trustee Pte Ltd and supported by its Sponsor, Ascendas Land International Pte Ltd, aiTrust seeks to deliver stable distributions and positive returns to Unitholders.
TeleChoice International Limited, a leading regional provider of telecommunications solutions and services, today announced that it has entered into a new agreement with StarHub Ltd to provide StarHub with integrated fulfillment and management services, including:-
(a) sale of mobile handsets and accessories;
(b) mobile fulfillment and supply chain management services including inventory planning, procurement and management; and
(c) After-sales services and logistics support.
The two-year contract gives StarHub an option to extend for a further two-year period upon expiry.
Additionally, Planet Telecoms, a subsidiary of TeleChoice and one of the leading mobile handset retailers in Singapore, recently opened its first StarHub retail store located at IMM building. This is the first StarHub shop to be fully operated by a StarHub exclusive partner. The shop’s layout and design achieves a similar look and ambience to all other StarHub operated shops. Planet Telecoms’ staff, who operate the outlet, have been fully trained in StarHub’s operational workflow and systems and equipped with sound product knowledge in order to provide StarHub customers the highest standards of service excellence and a memorable retail experience.
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. TeleChoice’s major customers and principals include StarHub Ltd and PT Indosat Tbk; and Motorola, Nokia, Sony Ericsson and HuaWei respectively.
Guangzhao Industrial Forest Biotechnology Group Limited wishes to announce that further to our announcement on 10 August 2007, APVC Holdings Pte Ltd (APVC) has placed an initial order of 10,000 high oil-yield variety of Jatropha Curcas plantlets – a feedstock for bio-diesel production.
The high crude oil prices and the pressure brought about by global climatic changes
have spurred several investors to construct several bio-diesel production plants (using
oil derived from Jatropha seeds as a feedstock) in the Asia-Pacific region including China.
The Company will continue to use its bio-technology, research and development capability and tissue-culturing facilities to secure recurring revenue stream to supplement our main poplar sustainable timber business.
Based in Shanghai, China, Guangzhao Industrial Forest Biotechnology Group Limited (“Guangzhao” or “the Group”) is engaged in the tissue culture and propagation of plantlets and saplings, of which its main product is the Guangzhao Fast-Growing Poplar. This unique poplar is able to grow at twice the normal rate and can also thrive in conditions where the soil is arid or saline. Currently, its tissue-cultured poplar is planted in over 18,600 hectares spread across eight provinces in China for eventual harvest and sale to the pulp or timber industries.
China Healthcare Limited announced that the
Company’s wholly-owned subsidiary, Air Ambulance Asia Pte Ltd, has on 25
September 2007 entered into an acquisition agreement to acquire 51% of the registered capital of Chengdu Tian Li (Group) Co,, Ltd (Tian Li) (the Sale Shares) from Chengdu
Tian Li Food and Entertainment Co., Ltd (Tian Li Food and Entertainment), Chengdu Tian Li
Renovation Co., Ltd (Tian Li Renovation) and Si Chuan Chong Zhou Industrial Development Company Edible Oil Trading Co., Ltd. (Si Chuan Edible Oil) (collectively the Vendors).
Simultaneous with the Acquisition, an independent third party, Chengdu Ronghao Industrial Co., Ltd. (Chengdu Ronghao) had also acquired 9% of the registered capital of Tian Li from the Vendors (the Independent Acquisition).
Pursuant to the Acquisition and the Independent Acquisition, the shareholders of Tian Li are (1) the Company (51%), (2) Tian Li Food and Entertainment (40%) and (3) Chengdu Ronghao (9%) (collectively, the New Shareholders). The New Shareholders have on 25 September 2007 signed a joint venture agreement (the JV Agreement) to govern their relationship relating to Tian Li as well as a new set of articles of association (the Articles of Association). The consideration for the Acquisition is RMB37,230,000 based on willing-buyer-willing-seller. The said consideration will be funded internal. Tian Li and its subsidiaries (the Tian Li Group) are involved in various businesses such as hotel operations, mass media communication, interior design, food and beverage; they also involved in building retiring village and also building of healthcare facilities with healthcare tourism. Tian Li has a registered capital of RMB22 million. In 2004, the Tian Li Group entered into a contract with
Chongzhou city government to obtain a 50 year exclusive right to develop and operate a scenic park at Mt Jiguan-Jiulonggou, located 96 km to the West of Chengdu city, and 90 km to Chengdu International Airport. Tian Li has engaged experts from the Shanghai Tongji University and Canada Ecosign Mountain Resort Planners Ltd to draft the master plan of the said park.
The planned activities offered by the park include healthcare and sports facilities such as mountain ski field and other mountain sports, forest walk, river rafting, rehabilitation and spa centre and hot spring pools, which facilitate the concept of Retiring Village, and rehabilitation facilities. The Chongzhou government has constructed good quality roads leading to the park to ensure accessibility. Currently, the walkways, tourist centre and other tourist facilities inside the park are partially completed and the park is expected to open for business by the end of 2007, while Healthcare facilities are being planned. The Directors of the Company view the Acquisition as a strategic expansion opportunity that is intended to further strengthen the Company’s capabilities. The Acquisition is intended to result in enhanced earnings for the Company as it would be acquiring shareholdings in a profit making entity.
Established in 1987, ECON has grown in strength and expanded our range of healthcare services over the years to meet the growing needs of our customers at the community level. As a result of our commitment to provide excellent service to the customers, we are now recognized as the leading healthcare provider in Singapore enjoying more than 30% of market share within the industry. Our proud achievements attest to our high standards of nursing care and quality service which we always deliver to our customers.
ECON, together with our strategic partners in Singapore and overseas countries, have more than 200 years of combined experience and expertise in the areas of planning, design, development and management of facilities and services for the medical and healthcare industry. Through our extensive network of business cooperation, we are able to provide our clients a ONE-STOP service in the following areas: plan and build healthcare institutions, manage the operations and facilities of these establishments and provide training to healthcare staff. At ECON, we actively seek to expand our services beyond the shore of Singapore. Currently, we have presence in Malaysia and China.
Olam International announced that it will acquire a 100 per cent equity stake in PT Dharmapala Usaha Sukses (PT DUS), a sugar refinery based in Indonesia for a total cash investment of US$12.6 million. Of this amount, US$5.0 million will be paid to shareholders of PT DUS while the balance amount of US$7.60 million will be utilised to purchase outstanding debt obligations from Bank Danamon. The acquisition is an all-cash transaction and will be funded by a combination of borrowings and internal accruals. Olam will further invest an estimated US$12 million to (a) upgrade and raise PT DUS’ production to 650 tonnes per day from the current effective capacity of 200 tons per day and (b) install a boiler to enable switching to coal, a lower cost feedstock.
Indonesia is the largest sugar consumer market in South-east Asia and one of the world’s top 10 largest consumers of sugar. It is estimated to consume over 4.0 million tonnes of sugar annually and consumption has been growing at a compound annual growth rate of 5.4 per cent over the last three years. While demand for sugar is gathering pace, low crop yields and the sub-optimal efficiency of the milling sector restrain growth in supply. The sizeable deficit is met through imports, making Indonesia one of the world’s five largest net importers of sugar and an attractive market for destination refining. Refining is a licensed industry in Indonesia. PT DUS is one of the five standalone sugar refineries in Indonesia. The sugar refinery, located in Cilacap in Central Java, has a rated capacity to refine 650 tonnes of raw sugar per day. The facility is situated within the port complex in Cilacap and this offers two advantages: superior access to the key markets in Central and East Java, which account for 30 per cent of Indonesia’s consumption; and logistics advantages in respect of imports of raw sugar and coal feedstock. PT DUS has been operating at between 100 and 200 tonnes per day, way below its capacity of 650 tonnes per day since April 2006 due to technical constraints, lack of operational knowledge and shortage of working capital. This low level of operations has resulted in weak financial performance during this period.
Post takeover, Olam plans to invest an estimated US$12 million to upgrade and raise PT DUS’ production efficiency to 650 tonnes per day and to install a boiler to enable switching to coal, a lower cost feedstock. The investment, to be carried out in stages, will enable near term scale enhancement to 250-300 tons per day. Further scale enhancement to 650 tons per day and installation of the coal-fired boiler to improve cost efficiency are scheduled to be completed in FY2009.
PT DUS is expected to be profitable in FY2008. It is projected to process approximately 200,000 tonnes of raw sugar and generate steady-state earnings of US$4-5 million per year, when the refinery reaches its full capacity by end-FY2009.
Olam is a leading global integrated supply chain manager of agricultural products and food ingredients, sourcing 14 products with a direct presence in over 55 countries and supplying them to over 4,000 customers in more than 60 destination markets. With direct sourcing and processing in most major producing countries for its various products and a staff strength of approximately 7,000 worldwide, Olam has built a global leadership position in many of its businesses, including cocoa, coffee, cashew, sesame, rice, cotton and teak wood.
The Board of Directors of OKP Holdings announced that the tender for contract RD225 – Road Works in City Centre (Phase 1) (the Contract) by its wholly-owned subsidiary, Or Kim Peow Contractors (Pte) Ltd, has been accepted by the Land Transport Authority.
The amount of the Contract is S$2,827,000 and the commencement date for the Contact is 18 September 2007.
The Contract is expected to be completed on 17 June 2008.
The Contract is expected to contribute positively to, but has no material impact on, the earnings per share or net tangible assets per share of the Company and its subsidiary companies for the current financial year ending 31 December 2007.
OKP Holdings Limited ("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, airport infrastructure and oil and gas related infrastructure for petrochemical plants and oil storage terminals. Established in 1966 by Founder and Chairman, Mr Or Kim Peow, OKP has two core business segments, Construction and Maintenance. The Group tenders for both public and private civil engineering and infrastructure construction projects. Our works involve the construction of urban and arterial roads, expressways, vehicular bridges, flyovers, airport infrastructure and oil and gas-related infrastructure for petrochemical plants and oil storage terminals as well as the maintenance of roads and road related facilities and construction-related works.
Advance SCT (ASCT) Limited a leading copper recycling and supply chain
management group supplying to a diverse base of global customers has entered into a joint venture with Shenyang Lian Li Non-Ferrous Metal Smelter (SYLL) to own and operate an existing copper smelter in Shenyang City, Liaoning Province. The province is well located within an established industrial area in the Peoples Republic of China (PRC) where there is high demand for copper. The copper smelter is currently in production and is capable of producing 50,000 metric tonnes of copper anode per annum from recycled scrap copper. The JV company will have a paid-up capital of US$5 million and a registered capital of US$10 million. The JV will be held via a wholly owned special purpose vehicle (SPV) SCT (China) Pte Ltd, which is being incorporated for this purpose and will contribute 80% of the paid-up capital of the JV amounting to USD 4 million in cash.
For its 20%, SYLL will contribute the existing copper smelter comprising plant, buildings, mechanical equipment as well as operating approvals and industrial property rights. The copper anode produced by the JV will be processed into Shanghai Futures Exchange grade copper cathode and to be undertaken and outsourced to a SHFE accredited refinery. As part of the agreement, ASCT will get to sell to the JV at least 30,000 tonnes of recycled scrap copper each year and will assist the JV in the global distribution of the copper cathodes. Copper cathode is one of the raw materials for the Group’s integrated copper refinery and manufacturing plant which is currently under construction in Tuas. The JV will provide the ASCT Group with its second operational copper smelter and it’s first in PRC China. The Board of ASCT is of the view that the JV will strengthen ASCT’s position as a leading producer of a growing range of refined copper products in Asia from recycled scrap copper.
This will leverage on as well as further strengthen the ASCT Group’s global copper supply chain and will increase the value add on the copper materials it currently processes. With the existing copper smelter currently in operation, the JV is expected to increase the output of pure copper anode and production of high purity copper cathode before the end of 2007. A combination of equity contribution and bank borrowings will provide the JV with the necessary working capital to operate the copper smelter at an optimal level of capacity utilization in 2008 and by then, the JV is expected to contribute meaningfully to group profitability.
Advance SCT Limited was incorporated in Singapore on 8 April 2004 and listed on SGX-SESDAQ on 24 November 2004. The Group started off by offering printed circuit board (PCB) testing services, distributes PCB related materials and equipment, and rents PCB related equipment. As a provider of customised testing solutions and testing equipment, it seeks to provide a comprehensive range of cost-effective, reliable and cutting edge testing products for the PCB industry.
With recent acquisitions, Advance SCT now had two engines of growth, namely:
• Recycling and Supply Chain Management of Copper Related Materials
• Printed Circuit Board and IC substrate testing services
Advance SCT currently is one of the leading recycler of Copper in Asia. In pursuit of both environmental friendliness and commercial objectives, it had amassed the capacity to recycle, manage and re-process more than 80,000 tonnes of ferrous, non-ferrous metal and other materials annually. Advance SCT is a diverse yet synergistic group of companies integrated to better serve our global customers with a wide range of high quality ferrous, non-ferrous metal and other material scraps through a worldwide collection network to meet various market needs. It also serves more than 21 trading houses and 10 smelting factories in 12 countries i.e. Japan, Korea, Malaysia, Thailand, Hong Kong, Taiwan, India, China etc. Its subsidiary was awarded International Enterprise Singapore’s Singapore International 100 award for being one of the largest Singapore companies that are internationalized.
Addvalue Communications Pte Ltd, a wholly-owned subsidiary of SGX mainboard-listed Addvalue Technologies Ltd (Addvalue)
has inked a Memorandum of Understanding (MoU) with its European Master Distributor, Satlink S.L. (Satlink), for the design and supply for FB 250 BGAN Maritime terminals valued at S$4.8 million. The MoU is subject to an agreement to be formalized, and appropriate announcement will be made accordingly. The FleetBroadband (FB) is the first maritime communications service to provide cost effective broadband data and voice simultaneously through a compact antenna on a global basis using the Inmarsat-4 satellite.
With the successful launch of the third Inmarsat-4 satellite, FB will provide seamless ocean coverage from 76 degree North to 76 degree South. The FB 250 BGAN maritime terminals will support the latest IP services as well as the traditional circuit switched voice and data services. The applications include email, webmail, real-time electronic chart, weather update, secure communications, large files transfer, remote company intranet and internet access, crew communications, SMS and instant messaging, video conferencing, vessel telemetry, store and forward video etc.
Satlink has been appointed as Addvalue’s European Master Distributor in November 2006 and since then, both parties have established a strong and trusting relationship. Firmly believe in the tremendous potential of the maritime market, the parties forged the collaboration.
Satlink, with more than 15 years of experience, is one of the major companies in the mobile satellite telecommunications market in Europe. It caters to the addressable market of satellite telecommunications systems, such as maritime, land mobile and aeronautical, by offering tailored, well-designed solutions.
Addvalue Technologies Ltd, established in Singapore since 1994, is a leading onestop
digital, wireless and broadband communications technology products innovator, which provides comprehensive satellite communication solutions, tracking and telemetry communication solutions and digital wireless design services. Its customers include internationally renowned communications leaders such as Microsoft, Panasonic, GE Thomson, Sirius Satellite Radio and Inmarsat
Chemoil (SGX-ST:CHEL.SI), one of the world’s
leading integrated physical suppliers of marine fuel products, today announced plans to build a new storage terminal in the bunkering hub of Cristobal, Panama. When finished the terminal is anticipated to have a total capacity of approximately 245,000 metric tonnes.
Construction will take two years and will also include a marine pier capable of berthing Aframax vessels and up to four bunker barges. This project underscores Chemoil’s commitment to securing its position as the leading supplier of marine fuel in Panama and also complements the Panama Canal Expansion project which commenced construction at the beginning of September.
The new terminal will greatly increase Chemoil’s storage capacity in Cristobal from a leased capacity of 65,000 metric tonnes to an owned facility of 245,000 metric tonnes whilst simultaneously eliminating high leasing costs. Every effort has been made to design a terminal with maximum operational flexibility, including a pier that has been designed to accommodate tankers of up to 110,000 deadweight tonnes (dwt) and four bunker barges at one time. This will allow Chemoil to substantially increase its bunkering and cargo sales while reducing per unit operating costs.
At first, the new facility will be dedicated to marine fuel storage; however, it will also be capable of storing clean fuels, such as gasoline and diesel, for the growing Panamanian domestic market. The terminal will be built on ten hectares of land leased from the Panama Ports C ompany (a subsidiary of Hutchinson Port Holdings).
As the marine fuel industry’s leading physical supplier, Chemoil delivers energy through controlling key stages of the marine fuel supply chain to provide exceptional value to its customers and to maximise profitability. The company has a global presence with integrated operations in Los Angeles, New York, Houston, Singapore, Panama and the ARA region (Antwerp, Rotterdam and Amsterdam). Chemoil owns or leases strategic assets including terminal capacity for fuel storage and blending, and barging facilities for marine fuel delivery. It continues to expand its presence within all major marine fuel markets to provide customers with a consistent, flexible and reliable service that meets their needs globally. In 2006 Chemoil delivered over 13 million tons of fuel. The company employs over 200 staff in various offices in the United States, Singapore, Panama, Netherlands, Monaco and India. Established in 1981, Chemoil is committed to finding innovative means to offer products that protect the environment and sustain business continuity. Chemoil was listed on the Main Board of Singapore Exchange Securities Trading Limited (SGXST) on December 14, 2006.
Aztech Systems Ltd has won the 2007 runner up award of Most Transparent Company Award in the Mainboard small cap category, at the Securities Investors Association of Singapore (“SIAS”) Investors’ Choice Award 2007. Following a similar award clinched last year in the SESDAQ category, this marks the second time that Aztech has obtained the Investors’ Choice award for Most Transparent Company from SIAS. Underlying Aztech’s success in investor relations (“IR”) is the management’s philosophy to practice good corporate governance that extends beyond legal compliance. The management directly oversees and controls all IR activities within the Group and ensures proficient information is disseminated to serve the needs of all shareholders.
Aztech advocates the implementation of broad, proactive communication processes to ensure good corporate transparency. Amidst today’s bouyant economy where disclosure requirements have become increasingly complex, there is much emphasis on timely and balanced disclosure to ensure that all investors have access to clear and factual information. Some of Aztech’s effective communication channels include the half-year analyst & media briefings and a dedicated, up to date IR online portal. Widely accessible and regularly updated, the website is a one-stop convenient place for information such as analyst’s reports, financial presentations, corporate fact sheet, daily stock quotes and its historical charts. Today, the IR portal web site stands as the most important channel to communicate the corporate governance structure, policies and strategies, resulting in better accountability and investor confidence.
In May 2007, Aztech was awarded the Best Investor Relations Award by Singapore Corporate Awards together with Singapore Business Times. In June 2007, Aztech held an Analyst Day at Dong Guan, China plant with the objective to update our analyst community on the Group’s latest operations activities and also to expand the Group’s communication ties with its research partners. In August 2007, Aztech participated in Invest Fair '07, organised by ShareInvestor Pte Ltd and was supported by the Singapore Exchange. It was an event for investors to learn and be educated on the latest financial products and services, identify investment trends, understand the market outlook and hear from the experts as to how, where, when and what to invest in.
Incorporated in 1986, and listed on the Main board of the Singapore Stock Exchange, Aztech Systems Ltd specializes in the design and manufacturing of voice and data communications solutions. Headquartered in Singapore, Aztech today has over 2,500 employees worldwide with strong R&D, design and manufacturing capabilities. Supported by its six sales offices in Singapore, Hong Kong, China, USA, Germany and Malaysia, the Company provides OEM/ODM, contract manufacturing and retail distribution business.
Silver award winner (sesdaq) for Best Investor Relations, awarded at the Singapore Corporate Awards 2007.
Most Transparent Company Award (sesdaq) at the Securities Investors Association of Singapore Investors’ Choice Award 2006.
Aztech Systems Ltd reported today that its
Chairman and CEO, Michael Mun Hong Yew intends to set up a family trust for the shares and warrants that he holds in the Company.
As part of the exercise of setting up the family trust, Mr Mun has proceeded to transfer his deemed interest in shares and warrants held through, AVS Investments Pte Ltd and AZT Holdings Pte Ltd, directly to him. A series of announcements are being made by the Company to reflect the said transfer of shares and warrants. The shares and warrants will be later transferred to the proposed family trust once it is set up. The transfer shall have no adverse implications for Mr Mun or the business of the Group.
Pending the establishment of the proposed trust, Mr Mun will retain full control and rights over the shares and warrants.
Incorporated in 1986 and listed on the Main board of the Singapore Stock Exchange, Aztech Systems Ltd specializes in the design and manufacturing of voice and data communications solutions. Headquartered in Singapore, Aztech today has over 2,500 employees worldwide with strong R&D, design and manufacturing capabilities. Supported by its six sales offices in Singapore, Hong Kong, China, USA, Germany and Malaysia, the Company provides OEM/ODM, contract manufacturing and retail distribution business.
Sunningdale Tech Ltd (STL) wishes to announce that the STL Group has disposed of their investment of 40% in the share capital of Iomni Precision, Inc, an associated company in the Philippines to Ionics, Inc, a corporation registered in the Philippines.
The sales consideration was arrived at on a willing buyer willing seller basis and was payable in cash immediately on completion of the sale. The sale was completed on 2 October 2007 and the sales consideration is Peso 25,600,000 (approximately S$841,745)
The carrying value of this investment, representing share of the net tangible asset value of Iomni is $632,707. This is based on the unaudited management accounts of Iomni as at 31 August 2007. Hence, the disposal of this investment has resulted in an increase in net assets of the Group by $209,038.
In the automotive segment, Sunningdale Tech designs and manufactures decorative plastic parts such as trimplates for automotive stereo systems and climate controls (also known as bezels), speedometers, steering switches and design covers. We supply our products to tier one system manufacturers for the automotive industry. With rising demand for custom-made plastic injection parts and more sophisticated finishing, the Group continues to leverage on our production technologies such as two-shot injection molding and Nd-YAG Laser Marking technologies. Sunningdale Tech is TS16949-certified, a stringent qualification required for suppliers in the automotive industry - making us a key plastic components supplier in this sector. Tapping on on-going outsourcing trends from the US, Europe and Japan, steadily increasing demand and long product life cycle, the automotive industry continues to offer strong growth opportunities for the Group.
The Board of Directors of Armstrong Industrial Corporation Limited wishes to announce that the Company has acquired an additional 449 shares in the capital of Armstrong Rubber & Chemical Products Co Ltd (ARC) for a total consideration of Thai Baht 26,940,000. The Acquisiton represents 8.98% of the total issued and paid up share capital of ARC.
Prior to the Acquisiton, Armstrong owned 64.8% in the equity of ARC comprising 3,240 shares of Thai Baht 10,000 par value each. Following the Acquistion, the Company’s shareholding has now increased to 73.78% comprising 3,689 shares of Thai Baht 10,000 par value each in the share capital of ARC.
The above investment was funded through internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Armstrong Group for the current financial year ending 31 December 2007.
Established in 1974, Armstrong Industrial Corporation first started out as a contract supplier of rubber foam parts for the marine industrial sectors. Since then, the company has grown to become a leading precision engineering specialist in various industries and regions. In providing precision engineering solutions in Precision Die-Cut, Rubber Moulding, Metal Stamping, Heat Press Moulding & Vacuum Forming for the support of customers in diverse industries, over 300 multi-national clients have chosen Armstrong as their strategic partner for their long-term requirements and operational needs. Manufacturing excellence and expertise coupled with a culture of absolute commitment in continuous improvement has seen Armstrong propel and expand into regional markets. From the period of 1982 to 1996, Armstrong has penetrated into regions of Malaysia, Thailand, Indonesia and China so as to serve the growing markets.
Best World International Limited wishes to announce that the Company has incorporated the following wholly-owned subsidiary in the Republic of China:-
(i) Name of subsidiary : Best World Lifestyle (Taiwan) Co., Ltd
(ii) Date of incorporation: 2 August 2007
(iii) Registered capital : NT$200,000
(iv) No. of shares: 200,000 shares of NT$1 each.
(v) Principal Activities: Distribution of health food, network services, sanitary products, skin care and cosmetic products.
The incorporation of Best World Lifestyle (Taiwan) Co., Ltd is not expected to have any material impact on the net tangible assets or the earnings per share of the Company for the financial year ending 31 December 2007. The incorporation is fully funded by the Company’s internal resources.
Founded in 1990 with a firm commitment to provide the best quality products to enhance our customers' lives, Best World has since evolved into one of the leading companies in the health and wellness industry. We are committed to providing timely, high quality information to investors online. Going forward, we will strive to keep all stakeholders and analysts informed of our corporate activities in Singapore and overseas.
CAN Group Ltd announced that CNA Integrated Technologies LLC (CNA Integrated), a subsidiary of the Company, has signed a sale and purchase agreement on 29th September 2007 (the Sale and Purchase Agreement) with Mr Wasfi Adib Ataya (the Seller) and Mr Ahmad Al Zohlof, whereby CNA Integrated agreed to acquire 50% and 1 share in the capital of Al Hani Gulf Contracting LLC.
Al Hani is a leading Electro-Mechanical and Specialised Systems Contractor in Dubai and Doha (Qatar) with expertise in Mechanical, Electrical & Plumbing (MEP) and specialised systems, including Extra Low Voltage and control and automation (C&A) systems similar to those implemented by the Company.
It has implemented systems for airports, shopping malls, multi-storied towers, factories, medical centres, schools and high-end residential projects, with ongoing work for major landmarks such as the Dubai International Airport and the BurJuman Centre (one of Dubai’s three largest high-end shopping malls). It is pre-qualified in the Middle East by major engineering consultants such as Bechtel, Dar al Handasah Shair & Partners, W.S. Atkins and Parsons Engineering. The acquisition of Al Hani will position the Company as one of the leaders in the Middle East MEP building services market as the Acquisition will anchor the operations of the Company and its subsidiaries by expanding its base of technical manpower resources in that market. This is a significant development for the Company’s C&A business in that market. Human talent is an important asset for an engineering services company like the Group where there is a heavy demand for project management resources. In such a scenario, a plentiful supply of skilled and experienced personnel becomes a pre-requisite for delivering high- quality services to customers.
This industry-wide norm is particularly accentuated in the Middle East where local customers also prefer to source all related services from a single vendor rather than multiple sub-contractors. Hence for engineering services companies such as the Group a large in-house pool of technical talent is vital for successfully expanding its business in that market. With the strengthening of its technical staff base after the Acquisition is completed, the Group will be in a stronger position to provide services for its local customers entirely from its Dubai-based facility and deliver significant cycle time and cost reductions in addition to quality enhancements to its local customers. In turn, this will enhance the Group’s delivery capability for larger-scale projects in the Middle East. Prior to the Acquisition, the Group’s ongoing projects in the Middle East have been supported by technical staff from Singapore. Following the Acquisition, CAN’s manpower base will increase by more than 200 technical staff who can be deployed immediately for new and upcoming projects.
In consideration for the sale of the Sale Shares as contemplated by this agreement, CNA Integrated agrees to deposit an amount of Dirhams Seventeen Million (AED 17,000,000) into the bank account of the Company on the date of completion of the Acquisition.
Under the Sale and Purchase Agreement, the parties agree to procure that Al Hani makes (i) a payment of AED 4,000,000 to the Seller within 30 days from the completion of the audit of Al Hani’s 2007 financial statements
The consideration for the Acquisition was arrived at on a willing buyer and willing seller basis taking into account the projected future earnings and the skilled manpower which can be acquired through Al Hani. Such consideration will be funded from the proceeds from the issue of shares by CNA Integrated to the Company and Tawjeeh Services And Commercial Investments Co. Ltd
CNA Group Ltd. is an award-winning specialist in the provision, design, implementation and maintenance of advanced integrated control and automation systems and IT solutions that enable intelligent buildings and facilities. We are primarily focused in the turnkey development of integrated control and automation solutions, the provision of system maintenance and value-enhancement services and the sale of environmental control and engineering products.
SMB United Limited announced that SMB Electric Pte Ltd (SMBE), a wholly-owned subsidiary of the Company, has incorporated a wholly-owned subsidiary, SMB Electric Vietnam Co., Ltd (SMBE Vietnam).
SMBE Vietnam is incorporated in Vietnam with a paid-up capital of US$500,000 to manufacture and supply electrical switchgears.
The above investment in SMBE Vietnam is in line with the Group’s expansion strategy and would increase our market presence regionally.
A manufacturing plant, sitting on an area of 3,555 square metres, has been setup in Binh Duong province. This will increase our production capacity and will allow us to meet local demands promptly.
SMB United Limited is a leader in providing quality products and solutions for the switchgear, electric utilities, power quality, energy monitoring and building services markets. Headquartered in Singapore with a strong regional presence, our Group manufactures and distributes switchgears and other monitoring products, EDMI electronic revenue meters, our own widely-recognised Rudolf™ brand of controllers, instrumentation and power quality systems.
Swiber Holdings Limited announced that its wholly-owned subsidiary, Swiber Engineering Ltd (formerly known as Apecs Engineering Limited), has entered into five (5)
Memoranda of Agreement (each an "Agreement") for the sale of the following vessels (Disposal) to the following buyers (each a Buyer). The Agreements are entered into simultaneously with the execution of five (5) bareboat charters by the respective Buyers for the charter of the same vessels to another wholly-owned subsidiary of the Company, Swiber Offshore Marine Pte. Ltd. (formerly known as Swiber Offshore Pte. Ltd.) (Swiber Offshore Marine) for a period of eight (8) to 10 years (the Agreements together with the bareboat charters collectively, the Sale-and-Leaseback Arrangements). The vessels comprise a portion of the Group's marine assets, namely, one (1) pipe laying barge, two (2) anchor handling towing vessels (AHT) and two (2) anchor handling towing and supply vessels (AHTS). The Buyers are companies established by R.S. Platou Finans Shipping A.S., one of the major ship leasing arrangers in Norway that specialise in shipping and offshore related financial schemes in the interest of both shipowners and financial investors.
The Sale-and-Leaseback Arrangements will enable the Company to reduce its gearing, improve its cashflow and also to expand its current operating fleet size without straining its balance sheet.
The excess of proceeds over the book value of the vessels upon completion of the Agreements is US$33.0 million (that is US$95.0 million less US$62.0 million). The proceeds will be used to acquire new vessels for future expansion.
The aggregate value of the consideration of the vessels is US$95.0 million and is determined on a willing buyer-willing seller basis, based on existing market conditions. The balance payment is to be made against delivery of the vessels, in exchange for certain delivery documents pertaining to the vessels. Under the Sale-and-Leaseback Arrangements, the
Company shall provide a corporate guarantee, in respect of Swiber Offshore Marine’s obligation, under each of the bareboat charters.
Assuming that the Sale-and-Leaseback Arrangements had been completed at the beginning of FY2006, the excess of proceeds of US$95.0 million over the estimated carrying value of the vessels of US$62.0 million is US$33.0 million. The Company’s management estimates that the consideration of each vessel approximates its fair value. The estimated aggregate carrying value of the vessels is determined based on the estimated costs to complete the construction of the vessels. The gain from the Disposal shall be recognised in the consolidated profit and loss statement.
Established in 1996, Swiber is today an integrated offshore Engineering, Procurement, Construction, Installation and Commission ("EPCIC") contractor with supporting in-house offshore marine capabilities.
Portek International Limited has won a series of engineering contracts worth a total of about S$25 million from ports all over the world, including ports in Latin America, S E Asia, Europe, Middle East and North Africa (MENA).
In Mexico, Portek won a major order to modify and relocate two container cranes from
Colon, Panama, on the Atlantic Ocean to Manzanillo, Mexico on the Pacific Ocean. This
is a major mobilization exercise as the cranes will have to be temporarily reduced in height in order to pass under the Bridge of the Americas in Balboa, Panama, before they finally enter the Pacific Ocean to reach Manzanillo, the largest container port in Mexico. Also in Latin America, Portek secured repeat orders from Buenaventura, Colombia and the Caribbean for repairs and modification of cranes. For the past two years, Portek had carried out various crane repairs jobs in these two countries. Portek’s recognized engineering capabilities and its ability to respond quickly by deploying its manpower and equipment resources to complete the projects despite the short notice periods and demanding delivery schedules are some of the main factors in helping Portek win the repeat orders from its customers.
In SE Asia, Portek was engaged to carry out a major crane revamping job in Manila which encompass a renewal of the crane’s drive control system, and increase in crane speeds. Portek also won an order in Manila, Philippines, to supply a package of yard equipment comprising straddle carriers and forklifts. Other contracts include an accident repair order from Laem Cha Bang, Thailand, yet another crane accident recovery and repair contract in Jakarta, and a crane survey and consultancy contract from Malaysia.
Over the years, Portek has emerged as a leader in Container Crane Accident Recovery and Repairs, having been called upon to carry out various salvage and repairs in ports around the world. In Europe, Portek secured an order from a subsidiary of PSA for the relocation of 1 container crane from Singapore to Sines, Portugal. In the MENA region, Portek won a contract from a major terminal operator group to provide consultancy and supervision services for the manufacturing of new container cranes destined for delivery to Damietta, Egypt. Portek will later conduct commissioning and acceptance tests on behalf of the port owner.
In Algeria, Portek has been engaged by its 49%-owned terminal operations company,
Bejaia Mediterranean Terminal (“BMT”) to revamp 5 units of RTGs and to provide other crane services valued at about US$1.8 million. Under the joint venture accounting method, the Portek Group is therefore expected to recognize 51% of the value of contracts with BMT as revenue.
The above orders once again affirm Portek’s global reach and coverage, and the world wide demand for Portek’s engineering expertise and competencies in port equipment.
The Portek Group is a turnkey provider of equipment, services and solutions for the global port industry, as well as an operator of container and bulk terminals. Portek’s range of engineering activities includes leasing and sale of port equipment, modernisation, modification and maintenance of port equipment and facilities, container terminal software, as well as distribution of components and spares. Portek’s port operation portfolio includes terminals in Indonesia, Algeria and Malta. Headquartered in Singapore, Portek operates offices in 23 locations across Europe, USA, Asia, Middle East and Africa.
Oculus Limited announced that the Company has on 2 October 2007 entered into a joint venture agreement with Aretae Pte Ltd (Aretae) (collectively the JV Parties) to establish a joint venture company (the JV Company). The business of the JV Company will be advising on, managing and running waste-handling & disposal and renewable energy & sustainable development projects (collectively the Projects and each a Project) (the business hereinafter referred to as the Projects Management).
On incorporation, the JV Company will have an issued and paid-up share capital of S$2 divided into two ordinary shares, each held by the JV Parties. As soon as practicable after the incorporation of the JV Company, Oculus shall provide an interest-bearing shareholders’ loan of S$1.0 million (Initial Funding Loan) to the JV Company to enable it to meet its initial funding requirements and expenses.
Under the terms of the Joint Venture Agreement, Aretae shall secure Projects generating in aggregate not less than 20 million metric tonnes of carbon credits for the JV Company to manage. Oculus shall, subject to the unanimous approval of the Projects Development Committee, secure financing in addition to the Initial Funding Loan to be applied to the management and development of future Projects (Future Funding Financing). For the avoidance of doubt, the assets and revenue streams related to each individual Project may be used as collateral to secure the financing of that particular Project. The Company has agreed not to call for repayment of all loans made pursuant to the Future Funding Financing, except with the unanimous approval of the board of directors of the JV Company. The JV Company shall be used solely for the purpose of undertaking the Projects Management. Subject to the successful procurement of the Projects, the JV Company will carry out the management and operations of the Projects in accordance to such plans and terms as may be agreed between the JV Parties. The joint venture is in line with the Company’s strategy to develop Renewable Energy and Environmental Resource businesses.
Oculus Limited is focused on the innovation, manufacture and marketing of color lenses principally under the FreshKon® brand. The group also offers disposable daily and monthly clear lenses primarily under FreshKon® brand, and specialty products such as soft toric lenses and gas permeable lenses made with Boston material. With direct presence in Singapore, China, Hong Kong and Malaysia, its products are sold in more than 45 countries globally.
Sihuan Pharmaceutical Holdings Group Ltd announced that the Group’s key subsidiary, Hainan Sihuan Pharmaceutical Co. Ltd (Hainan Sihuan) was recently conferred the prestigious “2007 National New and High Tech Enterprise” award in recognition of its advanced technology and research capabilities in the PRC pharmaceutical industry. Due to the stringent qualifying criteria, Hainan Sihuan is one out of only four companies in Hainan Province to receive the PRC Ministry of Science and Technology accredited award this year.
To qualify for the award, companies like Hainan Sihuan must meet the following
• Annual sales of over RMB100 million of which 60% must come from the contribution of high-tech products
• The company’s major selling product must be a market leader in the PRC
• The company must have taken on at least one project under the programme initiated by the Torch High Technology Industry Development Centre of the PRC Ministry of Science and Technology
• The company must have invested at least 5% of its revenue in R&D in each financial year
This award for quality and technical excellence is not the first for the Group. In September 2006, Sihuan received the State Torch Programme Certificate from the Torch High Technology Industry Development Centre of the PRC Ministry of Science and Technology and in December, the Group was awarded the
Certificate of “Well-known Trademark of Hainan Province” by the Hainan Administration for Industry and Commerce. The State Torch Programme was launched in 1988 to encourage companies to place greater emphasis on R&D in order to produce high quality products. As a result of its strong joint R&D effort with renowned research institutes such as the Academy of Military Medical Sciences (the People’s Liberation Army),
Sihuan has a pipeline of more than 50 pharmaceutical products at various stages of development.
Sihuan Pharmaceutical Holdings Group Ltd (Sihuan) is a leading manufacturer of
cardiocerebral vascular (CV) drugs in the PRC. The Group’s 33 drugs (15 are CV drugs),
are distributed via an effective and extensive network of 1,360 distributors covering 30
provinces, autonomous regions and municipalities.
United Fiber System Limited (Unifiber) wishes to announce that its wholly-owned subsidiary, Poh Lian Construction Pte Ltd (PLC) has established a new subsidiary, PLC Scaffolding Pte Ltd (PLC Scaffolding).
PLC Scaffolding was set up mainly to perform the scaffolding activities exclusively for PLC. Such activities were previously performed through subcontracting arrangements. Going forward, PLC will leverage on its own internal resources and expertise in scaffolding, allowing it to have full control over the quality and safety.
PLC Scaffolding has been incorporated in Singapore on 19 September 2007 with an initial issued and paid-up capital of S$2.00. The appointed directors are Mr. Chia Quee Hock and Mr Tan Soon Kian. The incorporation is not expected to have any material impact on the net tangible assets or the earnings per share of Unifiber for the current financial year.
The Company was incorporated in December 1995 in the Republic of Singapore as Poh Lian Holdings Pte Ltd, a private limited investment holding company working in the construction industry. In conjunction with the initial public offerings, the Company was subsequently converted into a public limited company in May 1997 and changed its name to Poh Lian Holdings Limited. The Company has been listed on the main board of the Singapore Stock Exchange since then. In April 2002, the shareholders of the Company approved a plan to venture into the forestry and pulp businesses. The restructuring exercise involved the acquisition of the entire issued and paidup share capital of Anrof Singapore Ltd group of companies with a forest concession right and extensive forest plantations in Indonesia and with a licence to build and operate a bleached hardwood kraft pulp mill in Indonesia with an annual production capacity of 600,000 tonnes of pulp. The Company name was changed to United Fiber System Limited ("UFS") to reflect the new core businesses of forestry and pulp production.
The Board of Directors of Vita Holdings Limited announced that Green Willow Marine Shipping Pte Ltd, a wholly owned subsidiary of the Company has disposed off m.v. Green Willow (the Vessel) for a total consideration of US$3,030,000 which was arrived at on a “willing seller and willing buyer” basis at a price mutually agreed with the buyer, Jinlo Shipping Co., Ltd, Korea. The net book value of the Vessel as of 30 June 2007 was US$2,436,867. The sale has been completed and the sales proceed has been received in full.
The sale is the ordinary course of the Group’s business and is an ongoing exercise of the Group to maintain an efficient shipping fleet to ensure cost savings by reducing maintenance and repair costs, as well as in line with the company intention to continue to divest other vessels.
The transaction is not expected to have any material impact on the net tangible assets and earnings per share of the Group for the financial year ending 30 June 2008. The excess of the proceeds over the book value of the Vessel as of 30 June 2007 is US$593,133.
Vita Holdings Limited is a growing Shipping group, focused on Ship Chartering in the PRC market. We currently own and lease out One container and Eight cargo vessels under time charter contracts where we lease out our vessels and provide crew and equipment, technical support and Ship navigation to charterers. We are supported by our property leasing and management services. We currently lease and manage a diversified portfolio of 11 strategically located properties in Singapore. These properties are sublet to tenants for use as Offices, Warehouses, Hostels, Dormitories and other properties
Aztech Systems Ltd unveils its latest product in HomePlug powerline technology at Broadband World Forum Europe.
Following the success of the 200Mbps HomePlug, Aztech presents its latest powerline adapter embedded with a “Simple Connect” button, Aztech HL109E.
Incorporated in 1986, and listed on the Main board of the Singapore Stock Exchange, Aztech Systems Ltd specializes in the design and manufacturing of voice and data communications solutions. Headquartered in Singapore, Aztech today has over 2,500 employees worldwide with strong R&D, design and manufacturing capabilities. Supported by its six sales offices in Singapore, Hong Kong, China, USA, Germany and Malaysia, the Company provides OEM/ODM, contract manufacturing and retail distribution business.
· Silver award winner (sesdaq) for Best Investor Relations, awarded at the Singapore Corporate Awards 2007
· Most Transparent Company Award (sesdaq) at the Securities Investors Association of Singapore Investors’ Choice Award 2006
Rickmers Trust Management Pte Ltd, trustee-manager of Rickmers Maritime (the Trust), today announced the delivery of its seventh vessel – “CMA CGM PURPLE”.
CMA CGM PURPLE, delivered earlier than the originally scheduled delivery date of 15 November 2007 described in Rickmers Maritime’s prospectus dated 24 April 2007, will join the six other vessels already acquired by the Trust.
The 4,250 TEU vessel built at Dalian Shipyard in China, is chartered out on an eight year time-charter to CMA CGM who will initially trade the vessel in their liner service between the Far East and the U.S. East Coast via the Panama Canal.
Rickmers Maritime is a Singapore business trust formed with the objective of owning and operating containerships under long-term, fixed rate charters to container liner shipping companies.
“..In view of the on-going infrastructure developments in Singapore, particularly the new MRT downtown line, Integrated Resorts, Business and Financial Centre in Marina Bay and developments along Orchard Road, outlook for the Group looks promising. Going forward, to capitalize on these business opportunities, the Group will concentrate on further strengthening its core competencies and resources for Structural Steelworks and Specialist Civil Engineering which will also provide better margins. Our proprietary modular strutting system continues to give the Group a strong competitive edge in meeting increasingly more stringent design and project requirements in infrastructural and construction projects.”
Seow Soon Yong, Chief Executive Officer,
Yongnam Holdings Limited