22 October 2007      
Volume `000 
SKY Petrol
Weekly movement as at 19 October 2007
Weekly movement as at 19 October 2007

Hup Soon Global: Acquisition of stake in Malaysia-listed Tai Kwong Yokohama provides access to manufacturing sector
Hyflux: Inks JV for the construction of a used-oil recycling plant in Vietnam
Ascott Group: Enters $43.9 million sale of 6 Sarkies Road apartment block
Singtel: Looks to make a bid for Ghana Telecom
SilkAir: Pars down flights to chaotic Myanmar
Sim Lian Development Pte Ltd: Currently tops bid for Toa Payoh 99-year leasehold commercial site
Ultro Technologies: Plans 145 million share placement to raise proceeds of $26.5 million
Jetstar Asia: Celebrates with 3 millionth passenger to Singapore
Singapore Food Industries: Wins 2007 UK Trade and Investment International Business Award
Nico Steel: To enter 10 million new shares placement agreement with Novena Holdings for 31 cents per Nico Steel share
APL Japan Trust: Looks to list on SGX
SIA : Ups fuel surcharges in light of skyrocketing oil prices


SIA: Receives first A380 aircraft from Airbus
SNF Corp: In private placement of 31.5 million shares to 18 buyers
Allgreen Properties: Clinches 5.7 hectare tender in Sichuan for RMB 1.03 billion
Eu Yan Sang: Sells loss-making clinics in Australia
PSA: Joins 3 other port operators in bid to build Sri Lankan port terminal worth US$400 million
Oculus: RTOs carbon credit developer Aretae Pte Ltd for $600 million
Financial One: Focuses on growing PRC market for equipment leasing
City Developments Limited: Enters US$125 million JV for development of a Moscow hotel
Jade Technologies: To enter note issue agreement with Pacific Capital Investment Management up to $150 million
Senoko Power: Renews 15 year natural gas supply agreement with Petronas
Keppel Nantong: Shipyard secures 3 tug building projects
Fuji Offset Plates Manufacturing: Takes 51% stake in Wai Fong Construction Pte Ltd for $6.78 million
Pan Hong Property: To enter 10 million share issue agreement with Hwa Hong and institutional and sophisticated investors


HOT Off The Press

Inchem Invests In Zhao Qing KPS Coatings Co. Ltd

Inchem Holdings International Limited is pleased to announce the increase in paid up capital of its subsidiary, Zhao Qing KPS Coatings Co., Ltd (KPSZQ), a company incorporated in Zhao Qing, the Peoples’ Republic of China, from US$225,000 to US$1,000,000. The registered capital of KPSZQ is US$2,500,000.

KPSZQ has been established to takeover the business and assets of KPS Coatings (Shen Zhen) Co., Ltd (KPSS) which will be relocated to Zhao Qing. KPSS has been operating on a rented premise. To facilitate the relocation of the business of KPSS, KPSZQ has acquired a land parcel in Zhao Qing for construction of a plant. The consideration paid for the land parcel was RMB1.4 million (equivalent to S$274,000).

The consideration was arrived at a willing seller willing buyer basis, taking into consideration the market value of the land parcels located within the vicinity. Upon the completion of the takeover of business and assets by KPSZQ, KPSS would eventually become a dormant entity. The investment in KPSZQ is financed through internal sources of funds and is not expected to have any material impact on the earnings per share and net tangible assets per share in the current financial year.

Our Group’s history can be traced to Malaysia when it was first established in 1992 to manufacture and distribute solvent borne wood coatings mainly to the wood-based industry under the INCHEM brand. Today, our Group’s complete range of wood coating products can be found in over 15 countries. We have also diversified our product range and offer plastic and metal coatings. We have ample space for production, warehousing, laboratory and office facilities in 4 strategically located areas in Malaysia, Vietnam and China (Wuxi and Shenzhen) to better service the needs of our customers. We are listed on the Singapore Exchange Securities Trading Limited since 2000.

Cambridge Industrial Trust’s Global Offering Receives Strong Support From Investors

Cambridge Industrial Trust Management Limited, as manager of Cambridge Industrial Trust (CIT) (the Manager) is pleased to announce that the private placement of 276,973,000 New Units in CIT (the New Units) to institutional and other investors outside of the United States in reliance on Regulation S under the U.S. Securities Act of 1933 (the Securities Act) and to qualified institutional buyers within the United States in reliance on Rule 144A under the Securities Act (the Global Offering) has received strong support from investors. The Manager received indications of interest for approximately 1.6 times the total New Units offered, with over 30% of demand for the New Units coming from institutional investors domiciled in the United States. The Manager believes that CIT is the first Singapore REIT to offer new units into the United States in reliance on Rule 144A of the Securities Act.

Book-building for the Global Offering commenced on 1 October 2007 through CLSA Singapore Pte Ltd and Merrill Lynch (Singapore) Pte. Ltd. as joint bookrunners (Joint Bookrunners). Following a positive response to the Offering from over 50 institutional investors, the Manager together with the Joint Bookrunners has decided to offer the New Units at a price of S$0.70 per unit (Global Offering Price). The Global Offering Price represents a discount of approximately 6.67% to the closing price of CIT's on the Singapore Exchange Securities Trading Limited on 12 October 2007 of S$0.75. For the financial year ending 31 December 2008, all Unitholders can expect to receive a distribution per unit of 5.542 cents. Based on the Global Offering Price of S$0.70 per New Unit, the projected 2008 yield is 7.9%.

An aggregate of 276,973,000 New Units will be issued bringing the total number of Units in issue to 792,278,653. The New Units are expected to commence trading on the Main Board of Singapore Exchange Securities Trading Limited (SGX-ST) at 2.00 p.m. on 18 October 2007. The New Units will, upon issue and allotment, rank pari passu in all respects with the existing Units, including the right to any distributions which may be paid for the period from 18 October 2007, the date the New Units are issued to 31 December 2007, as well as all distributions thereafter. The New Units will not be entitled to participate in the distribution of any distributable income accrued by CIT prior to the date of issue of such New Units.

Best World Holds Official Inauguration Of Corporate Headquarters

Mainboard-listed Best World International Limited, (Best World or the Group), a company specializing in the development of health and wellness products distributed through its proprietary regional direct selling network, is pleased to announce the official inauguration of their Corporate headquarters.

The 45,000 square foot headquarters houses the corporate office, the Good Manufacturing Practices (GMP) and ISO 9001 certified packaging facilities and warehouse. Best World has put in place the necessary infrastructure to see them through their growth in the region for the future.

Best World has successfully penetrated the PRC market since September and to date has signed up 5 BWL outlets. The Group targets to have 20 BWL outlets in PRC by year end.

Mainboard listed Best World International is a health and lifestyle product company which specializes in the distribution of its products via proprietary direct selling network. Through better understanding of consumer needs and driving product innovation specifically designed to address market demand, Best World has since develop many preferred brands like DR’s Secret, Optrimax, UberAir, Avance, Penta Lab and bwL. Leveraging on its success in Singapore, Best World has also established its presence in markets like Malaysia, Indonesia, Vietnam, Thailand, Taiwan, Brunei, Australia, Nigeria and Hong Kong.

Sitra Becomes First Singapore Wood Based Manufacturer To Join Tropical Forest Trust

Sitra Holdings (International) Limited announced that it has become the first company of its kind in Singapore to join the Tropical Forest Trust (TFT). Sitra is also one of the TFT’s largest supplying members through a wide array of products including deck tiles, decking, flooring and lifestyle furniture. With the rising consciousness of global warming such as through the Kyoto Protocol, many consumers now demand responsible sourcing and sustainable harvesting from their retailers. Responsible sourcing has become a critical requirement for large international buyers in Europe and North America. Sitra already has a monitoring program that ensures its products are made from wood from legal and approved sources. With this membership, Sitra can further ensure the traceability of its wood sources.

As a member, Sitra will be able to tap on a number of key benefits including the ability to maintain a steady stream of supplies from TFT’s network and promote traceability throughout the supply chain. On top of this, TFT also acts as a communication platform on behalf of its members to inform Non-Government Organisations such as forest campaign groups on the progresses of its members and maintaining constant dialogue with all stakeholders.

The TFT membership is expected to add significant brand equity to Sitra’s range of product brands as its range of brands will carry a powerful message to promote sustainable and responsible consumption and sourcing. The membership in TFT is therefore likely to boost the sales of Sitra’s products to major retailers, leading retail chain stores and large hypermarket chains in Europe and North America.

Sitra Holdings (International) Limited (“Sitra” or the “Group”) is a leading brand-centric distributor of high quality wood-based and lifestyle furniture carrying its proprietary brands. The Group’s products can be categorised into the two groups, namely (i) high-value wood-based products such as decking, flooring, fencing, door and door components, window and window components and other moulded products; and (ii) premium lifestyle furniture such as outdoor garden furniture, DIY (or “Do-It-Yourself”) fencing systems, garden accessories, indoor furniture and contract furnishings.

AusGroup Expands Work On Boddington Gold Mine

AusGroup Limited announced that it has won a new A$16 million contract for work on the Boddington Gold Mine near Perth, Western Australia. In August 2007, AusGroup announced an A$60 million contract for fabrication and installation services in the Milling Area of a new ore processing plant at the Boddington Gold Mine.

This new contract comes on top of the existing one and will run in conjunction with the previous agreed work. This is a testament to the quality and service that AusGroup has been delivering to the client. Under the terms of the new contract, AusGroup will provide the supply, fabrication and surface treatment of 2,700 tonnes of structural steel for the new ore processing plant which will be used for extracting gold at the Boddington Gold Mine.

The work is expected to commence in October 2007 and to be completed by March 2008. AusGroup’s fabrication facilities and capacity to manage a project of this size was a key factor in securing this contract. It is the third contract AusGroup has secured for this project, which is a vote of confidence by Boddington Gold Mine in Ausgroup’s capabilities. The Boddington Gold Mine ceased operations in December 2001. After several years of care and maintenance the mining operations are set to begin again. The A$2.0 billion expansion project started construction in May 2006 with first production expected in late 2008 or early 2009.

AusGroup Limited is a mainboard-listed energy & resources specialist. It is primarily based in Australia, where it is a dominant player in the supply of total engineering solutions, which includes fabrication, mechanical installations and maintenance. Being involved in the building, maintaining and upgrading of infrastructure, plant and equipment used in the extraction and processing of energy & resources, AusGroup is well positioned to benefit from the increasing capital investments in these industries. Through its acquisition of Cactus Engineering, AusGroup has established a presence in Singapore, which will be used as a platform to more regional growth.

Technics Oil & Gas’ Emerging Subsidiary, Norr Systems, Wins S$5.25 Million Worth of Contracts for Marine Automation and Tank Gauging Systems

Technics Oil & Gas Limited (“Technics” or the “Group”) announced today that its promising 51%-owned subsidiary, Norr Systems Pte Ltd, is continuing to sustain the momentum in securing good order flow from various shipyards in the People’s Republic of China (“PRC”) over the last three months.

Norr Systems has clinched new supply contracts for a total of 23 sets of marine automation and gauging systems, which amount to S$5.25 million. These orders will be fulfilled and delivered to three shipyards on a progressive schedule basis through FY2008 and FY2009.

Norr Systems designs and fabricates these ship-sets for use on bulk carriers, which enable certain functions onboard the vessels to be operated with less manpower and thus, facilitate lower operating costs. Norr Systems was set up in 2005 to spearhead the Group’s plans to capitalize on the growing demand for software-based integrated control systems in the marine/ship-building and oil and gas industries. Its extensive range of products and services range from various marine and shipboard automation applications, to software and PLC panels providing process controls for gas compression systems that are required by the oil and gas offshore and onshore segments.

Established in 1990 and listed on the Singapore Exchange SESDAQ since April 2003, Technics Oil & Gas is a one-stop specialist services provider to the oil & gas industries in the Asia Pacific region for both offshore and onshore applications. The Group’s customer base include major oil & gas companies, builders and operators of oil-rigs, semi-submersibles and floating production storage and offloading (“FPSO”) ships.

Incorporation Of Wholly-Owned Subsidiary

China Healthcare Limited announced that the Company has incorporated a wholly-owned subsidiary company in Singapore known as Air Ambulance Asia Pte. Ltd. (Air Ambulance).

The principal activities of Air Ambulance is to provide air ambulance services such as air evacuation of sick or injury to and from overseas and Singapore, and to provide overseas medical or homecare services.

Air Ambulance has an issued and paid-up capital of S$1 being the subscriber share. The directors of Air Ambulance are Mr Ong Chu Poh and Madam Koh Hin Ling.

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.

First Ship Lease Trust To Distribute US$11.15 Million To Unitholders For 3Q FY07

FSL Trust Management Pte. Ltd. (FSLTM), trustee-manager of First Ship Lease Trust (FSL Trust), today announced a total distribution of US$11.15 million to unitholders of FSL Trust for the third quarter ended 30 September 2007 (3Q FY07). This represents 100% of the amount available for distribution. Based on 500 million outstanding units, the Distribution Per Unit (DPU) is US2.23¢, 4.7% higher than the DPU of US2.13¢ projected at the time of FSL Trust’s Initial Public Offering (IPO) in March 2007.

FSL Trust also reported revenue of US$12.82 million for the quarter, 10.7% higher than projection. The rise in revenue was due primarily to the purchase and concurrent leaseback of three product tankers from James Fisher Everard Limited on 1 June 2007.

FSL Trust had a portfolio of 16 vessels as at 30 September 2007 comprising four containerships, seven product tankers, three chemical tankers and two dry bulk carriers.

First Ship Lease Trust (Reuters: FSLT.SI; Bloomberg: FSLT SP) is a provider of leasing services on a bareboat charter basis to the international shipping industry. It now has a modern, high quality and diverse portfolio of 16 vessels consisting of four containerships, seven product tankers, three chemical tankers and two dry bulk carriers. These vessels have an average age of approximately four years, and an average remaining lease period of approximately nine years (excluding extension periods and early buy-out options). Managed by FSL Trust Management Pte. Ltd., FSL Trust seeks to become the leading provider of leasing services on a bareboat charter basis to the international shipping industry. To achieve this, FSL Trust Management Pte. Ltd. will focus on rapidly growing the vessel portfolio of FSL Trust through accretive acquisitions with long-term bareboat charters.  

Auric Pacific Acquires Subsidiary

Auric Pacific Group Limited announced that its wholly owned subsidiary, Sunshine Services (HK) Limited (Sunshine Services) has acquired a dormant British Virgin Islands company, Gainfield Holdings Limited (Gainfield).

The issued and paid-up capital of Gainfield is one ordinary share of US$1.00 and is held by Sunshine Services. The intended principal activity of Gainfield is that of investment holding.

The acquisition of Gainfield has no material impact on the consolidated earnings per share or consolidated net tangible assets per share of the Company for the financial year ending 31 December 2007.

Listed on the main board of the Singapore Exchange, Auric Pacific Group is a leading distributor of fast moving consumer food and non-food products with operations in Singapore, Malaysia, Indonesia and China. Auric Pacific has successfully assisted many global consumer goods leaders to build strong market share in Singapore and Malaysia. Its business partners include household names such as Abbott Laboratories, Berri Juice, Goodman Fielder, Heinz, Kraft, Lee Kum Kee, Leggo's, McCain, McCormick, Sara Lee, aSimplot, Amsterdam beer, Grolsch beer and Apollinaris sparkling water. Non-food partners include 3M, Kiwi and Sony in the household and specialised segments ranging from stationery to car-care. The Group is also in the niche business of fine wine distribution in Singapore and the region with exclusive distribution rights to several premium labels including Harlan Estate from California, USA, Aldo Conterno from Piedmont, Italy and Frederic et Michel Magnien from Burgundy, France.

Gems TV Enters China Market

Gems TV Holdings Limited announced a collaborative agreement with Sina.com, China’s most popular internet portal, to provide gemstone related content. Gems TV will be the first jewelry company with permanent gateways on Sina.com’s Women’s Channel, which enjoys a daily hit rate of about 53 million, mostly from Gems TV’s target group of higher income urban professionals. Gems TV will provide content for a newly-created sub channel called Gems Temptation (宝石魅惑).

The channel will feature a variety of gemstone-related topics, ranging from educational topics such as gemstone history to more lifestyle-oriented features such as gemstone fashion tips. To complement Gems Temptation, the company will also establish an official blog and podcast to fully leverage the interactive nature of the internet.

Although Gems TV is better known for its reverse auction programs on television, the company is equally familiar with the dynamics of the Internet as it already sells products on the Internet through www.gemstv.com, www.gemstv.co.uk and www.thaigem.com, as well as on third-party websites such as eBay. Gems TV will sell its products in China through its website www.gemstv.com.cn.

Gems TV Holdings Limited (“Gems TV”) specializes in manufacturing genuine colored gemstone jewelry in exclusive handcrafted designs which are sold directly to customers through a "reverse auction'' system via television home shopping and the Internet.

Gems TV eliminates the need for multiple intermediaries by vertically integrating the traditional gemstone and jewelry supply chain. Gems TV is the United Kingdom's leading dedicated television home shopping retailer of colored gemstone jewelry where it owns and operates two dedicated jewelry home shopping TV channels which broadcast live to more than 11 million subscribers 18 hours per day. In November 2006, Gems TV extended its TV shopping programs into the United States where it now broadcasts live 20 hours a day to approximately 45 million subscribers. Gems TV started operations in Germany in October 2006 through a partnership with Gems TV Deutschland, a German television production company. Gems TV has an option to acquire 40% of the German entity, which has a subscriber base of approximately 6 million. In addition, Gems TV sells its products on the Internet through www.gemstv.com, www.gemstv.co.uk and www.thaigem.com, as well as on third-party websites such as eBay. Gems TV owns and operates three fully integrated production facilities in Thailand. 

Samudera Sets Up Offices In in Kolkata and Chennai, India

Samudera Shipping Line Ltd will set up its own offices in Kolkata and Chennai, India. The Kolkata office has commenced operations with effect from 18 October 2007, while the Chennai office is expected to commence operations at the end of the month. Both offices will be established through the Group’s wholly-owned subsidiary, Samudera Shipping Line (India) Pvt Ltd., and will take over existing third-party agency activities for the Group’s business in the respective locations. With the inception of these offices, Samudera will be better able to provide customers with greater responsiveness that will complement its suite of booking, operations and other commercial services.

Samudera has been providing container transportation services to and from Kolkata and Chennai since 1998 and 1999 respectively. Today, the Group offers a total of five services calling at ports in both the east and west coast of Indian sub-continent.

The establishment of these offices in India follows the Group’s opening of its own office in Ho Chi Minh City, Vietnam in September 2007. The Group will continue to assess the feasibility of establishing new offices in other growing markets such as in Shanghai and Hong Kong.

Samudera Shipping Line Ltd. offers efficient and reliable container shipping services in the Middle East, Indian Sub-continent, South and West Africa, South East Asia, Indo-China and the Far East markets. The container shipping business of the Company can be traced back to 1988 when its parent company started a feeder service between Jakarta and Singapore. From that humble beginning, Samudera has since developed an extensive network of container shipping services, with offices currently based in Dubai, Mumbai, Bangkok, Ho Chi Minh, Kuala Lumpur, Jakarta, Shanghai and Singapore. In addition to container shipping, the Group is also engaged in industrial shipping for the transportation of bulk cargo – both liquid and dry. Samudera was listed on the Singapore Exchange in October 1997, and has thus far established for itself a well-respected and well recognized brand name.

Seksun Sells Substantially All Its Businesses And Assets To Supernova (Cayman) Limited For S$295.1 million

Seksun Corporation Limited announced that it has agreed to sell substantially all its assets and business undertakings (the Transaction) for a cash consideration of S$295.1 million to Supernova (Cayman) Limited (Supernova). Supernova is owned by several funds1 advised by leading private equity investor, Citi Venture Capital International (CVCI), a unit of Citi Alternative Investments.

Under the proposed Transaction, the manufacturer of high-precision components for the hard disk drive (HDD) industry will carry out an internal restructuring exercise to facilitate expeditious completion of the Transaction. Following the Transaction, Seksun will undergo a name change to omit the word “Seksun” in its name but will retain its listed status on the Main Board of the Singapore Exchange. Key executive employees of Seksun are expected to become employees of one or more subsidiaries of Supernova, and will continue to manage the acquired business after the Transaction.

The Company intends to distribute a significant portion of the net proceeds from the Transaction to its shareholders following the Transaction after taking into account a deposit to be maintained for meeting claims from Supernova (if any), expenses in connection with the Transaction and funds to maintain the Company’s operations after the Transaction. Accordingly, it will endeavour to distribute approximately S$270 million of the net sale proceeds to its shareholders. The Transaction is subject to certain terms and conditions, including approval by Seksun’s shareholders at an Extraordinary General Meeting to be convened to approve the Transaction. The purchase price of S$295.1 million represents a 97% premium over Seksun Group’s Net Tangible Assets as at 30 June 2007.

Seksun is principally engaged in the manufacture of high-precision metal components and contract manufacturing for the Computer Peripherals, Telecommunication Equipment and Industrial and Consumer Electronics industries. Seksun’s manufacturing operations in Singapore, Malaysia, Indonesia, China, Thailand, and the USA, provide customers with a complete range of services required by electronics companies, from the early stage of design to final delivery. Seksun specialises in the following areas: precision metal stamping, tooling design and fabrication, Electronics Manufacturing Services (“EMS”), clean-room assembly, Form-In-Place-Gasket (“FIPG”) application and chemical finishing services.


Epure Subsidiary Gets Tax Incentive

Epure International Ltd’s subsidiary Beijing Epure International Water Co. Ltd has been granted a tax incentive by the Beijing Tax Authority.

The main criterion for the granting of the tax incentive is the classification of Beijing Epure as a high technology company. The tax incentive allows Beijing Epure to enjoy tax- exempt status for three years and to be taxed at half the applicable tax for the subsequent 3 years thereafter. Accordingly, Beijing Epure will be tax-exempt from 2007 to 2009 and taxed at 7.5% from 2010 to 2012. After 2012, Beijing Epure’s applicable tax rate will be 15%. There are no other material conditions to be satisfied by Beijing Epure to enjoy the tax incentive.

Beijing Epure is mainly engaged in the research and development of water treatment technologies and provision of services for technology consultation and transfer. Beijing Epure can also undertake EPC contracts.

Epure International Ltd. ("Epure" or the "Company") is one of the leading turnkey water and wastewater treatment solutions providers in the PRC that is backed by extensive R&D, technical expertise and a proven track record. We develop proprietary water and wastewater treatment technologies and customise them into effective turnkey solutions for both industrial and municipal projects. With over 10 years of industry experience, Epure is sought for its strong project management capabilities and award-winning portfolio of large-scale and complex projects spanning across the PRC and in different industries. As a testimony of its capabilities, International Finance Corporation (IFC), the private sector arm of World Bank Group which promotes socially and environmentally sustainable private sector investments, has invested US$10 million in our Company and is now a substantial shareholder.

HLN Divests Domestic Machining Business To Focus On China's Fast-Growing Metal Service Centre Industry

HLN Technologies Limited (HLN or The Group), has announced that it has divested its 51% stake in HLN Promax Pte Ltd (HLP) in order to focus the Group’s resources on the fast-growing Metal Service Centre industry in China. HLP’s main business is precision machining that services the domestic market.

As such, with HLN’s macro strategy of focusing on the export market, in particular China, the management decided to focus its resources on the fast growing Metal Service Centre industry in China.

HLN currently has 2 metal service centres in Shenzhen and Suzhou that cater to the markets in the Southern and Eastern parts of China. The management has plans to set up more Metal Service Centres in the North and Northeast of China to cater to the burgeoning demands in those regions.

Listed on 25 November 2005, HLN Technologies Limited (HLN Tech) is involved in the manufacture and sale of a wide range of customized precision elastomeric and polymeric components as well as metallic precision machining components, which are used in a variety of industries principally in office automation, consumer electronics and automotive industries. HLN Tech has in-house material formulation and compounding facilities where it blends the mixture of elastomers and other ingredients to make rubber compound, a raw material used in the production of its precision elastomeric and polymeric components. Beside the manufacture and sale of customized precision elastomeric and polymeric components, HLN Tech also specializes in providing precision polymeric die-cutting services according to customers’ design specification and requirements. Its production facilities are located in Singapore; Johor, Malaysia; Batam, Indonesia, Shenzhen and Suzhou, PRC and supported by sales offices in Singapore, Batam, Indonesia, Shenzhen and Suzhou, PRC and Italy. Its customers include multinational corporations with presence in South East Asia, Japan, USA and the PRC.

OKP Holdings Bags S$5.1 Million Deal For Chemical Plant In Jurong Island

SESDAQ-listed OKP Holdings Limited (OKP) today announced that, through its joint venture company, OKP (Oil & Gas)Infrastructure Pte Ltd, it has landed contracts worth S$5.1 million to do civil works for a chemical process plant on Jurong Island.

The contracts are awarded by mainboard-listed Rotary Engineering Limited, which is also OKP’s joint-venture partner. The project relates to civil and piling work for a plant that is owned by US-based SI Group, a world leader in the production of alkylphenols, and a leading global producer of performance resins.

Work on this project has already started and is expected to be completed by September next year.

OKP Holdings Limited 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. It was listed on the Singapore Exchange of Singapore Dealing and Automated Quotation System (“SESDAQ”) on 26 July 2002. Established in 1966 by Founder and Chairman, Or Kim Peow, OKP has two core business segments, Civil & Building Construction and Road Maintenance. The Group tenders for both public and private civil engineering and infrastructure construction projects, which involve the construction of urban and arterial roads, expressways, vehicular bridges, flyovers, airport infrastructure and oil & gas related infrastructure for petrochemical plants and oil storage terminals as well as the maintenance of roads and roads related facilities and building construction-related works.

KDISS Selects Global Voice For Delivery Of Mission Critical Communications Solution

Global Voice Group (SGX: H23.SI), announced that it has concluded an agreement with Dutch Internet Services Provider KDISS. Under the terms of the agreement, Global Voice will deploy host|nex, an integrated co-location and private fiber network solution in Amsterdam, supporting the rollout of Internet based services to KDISS’ burgeoning customer base.

KDISS, one of the Netherlands’ foremost Internet and hosting solutions providers, offers dedicated server rental and a range of ISP solutions. In response to its expanding customer base, KDISS required increased resilience and security for their services. Taking these criteria into account, Global Voice deployed a highly redundant datacenter solution at their premium co-location facility in Amsterdam, delivering best-in-class levels of power density, security and redundancy.

Further strengthening the resilience of the solution, Global Voice redundantly connected KDISS via a private fiber network to a second facility, enabling KDISS with a fully redundant network almost infinite capacity and future scalability and as they expand the range of services available to their customers. Global Voice Group’s bespoke solution furthermore enables KDISS to offer its clients state of the art technology, namely that of the Cold Corridor concept, an environmentally friendly and stable concept for dedicated server hosting.

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 €1.3 billion, Global Voice Group’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. 

KS Energy Enters JV With MMEER USA, Inc.

KS Energy Services Limited announced that its wholly-owned subsidiary, KS Oil Rig Services, Inc., (KS Oil Rig) has, on 26 September 2007, entered into an agreement with MMEER USA., Inc. (MMEER) to form, and has formed, a limited liability company known as ‘MMEER Dixie Patriot, LLC’ (MMEER DP). MMEER DP was formed in Texas, USA. MMEER DP has an issued and paid-up capital of US$16,100,000.00 divided into 16,100 units of US$1,000.00 each.

KS Oil Rig and MMEER have subscribed for 4,025 (25%) and 12,075 (75%) units respectively in the capital of MMEER DP at a subscription price of US$1,000.00 per unit. With the subscription, MMEER DP became an associated company of KS Energy. The principal activities of MMEER DP are those of owning and chartering a United States flagged self-elevating accommodation rig that performs services for the offshore oil & gas industry. This strategic venture will enhance KS Energy’s market reach and further strengthen its market position in the USA and Gulf of Mexico.

KS Energy Services Limited (“KS Energy”) is a leading one-stop energy services provider to the global oil & gas (“O&G”) and petrochemical industries. Formerly known as KS Tech Ltd, KS Energy was listed on SGX-SESDAQ on 6 August 1999 and subsequently upgraded to the Mainboard of the Singapore Exchange on 11 March 2002.

Sihuan Pharmaceutical Gets Another R&D Grant for Core Cardiocerebral Vascular Drug Research

Mainboard-listed Sihuan Pharmaceutical Holdings Group Ltd announced that the Group’s subsidiary, Beijing Sihuan Pharmaceutical Co., Ltd (Beijing Sihuan), has received the second R&D grant, this time for RMB 1million from the Beijing Municipal Science and Technology Commission (北京市科学技术委员会), to conduct pre-clinical research on “Raw Medicine and Injection Preparation of Coronary Heart Disease Treatment Drug-G20”. The grant to Beijing Sihuan, which carries out R&D as well as manufacture pharmaceutical products, is in recognition of the Group’s research capabilities in the PRC pharmaceutical industry.

Earlier this year prior to the company’s IPO at SGX, Beijing Sihuan received the first grant of RMB 0.5 million for the same project. This project is expected to take about three years to complete and grants are given in stages upon meeting research milestones of the project. Beijing Sihuan successfully secured this project initiated by the Beijing Municipal Science and Technology Commission in September 2006. There is no maximum total amount of grants that is receivable for the project as the grants given are at the discretion of the relevant authorities.

The Group is recognized for its strong focus on quality, technical excellence and R&D. Its key subsidiary, Hainan Sihuan Pharmaceutical Co., Ltd (“Hainan Sihuan”) recently won the prestigious accreditation from PRC’s Ministry of Science and Technology accredited “2007 National New and High Tech Enterprise” award this year in recognition of its advanced technology and research capabilities in the PRC pharmaceutical industry. Hainan Sihuan has lately acquired Shenzhen Sihuan Pharmaceutical Co. Ltd for RMB 60 million. It has also invested RMB 8million to acquire the full product rights for Levophencynonate Hydrochloride tablet, a potential Category 1 New Drug under development for use in the treatment of vertigo symptoms caused by cardiocerebral vascular and other diseases.

Sihuan is a leading pharmaceutical company 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. Headquartered in Haikou, the Group currently manufactures 20 drugs using its own production facilities at 100%-owned Beijing Sihuan Pharmaceutical Co., Ltd and engages 3rd party contract manufacturers to produce 10 other drugs. Sihuan is also the exclusive distributor of 3 drugs on behalf of an unrelated pharmaceutical company. CV Drugs account for over 85% of Group revenue, driven by Kelinao, Chuanqing and Naloxone. In fact, Kelinao is the PRC’s best selling peripheral vasolidation drug based on the drug purchases of a sample of 257 hospitals. The Group is led by an experienced management team headed by Executive Chairman and Chief Executive Officer Dr Che Fengsheng who holds a Master of Medicine (Neurology) and an Executive Master of Business Administration. Cofounder Dr Guo Weicheng is Sihuan’s Executive Deputy Chairman and holds a Master of Medicine (General Surgery). Besides their practical medical/surgery background, both Dr Che and Dr Guo together have over 15 years of experience in the sales and marketing of pharmaceutical products and management of pharmaceutical companies. Sihuan’s R&D emphasis helps drive its product development pipeline and the Group currently has over 50 products at various stages of development. The 49- member strong R&D team conducts research jointly with renowned 3rd party research institutions, academic bodies and pharmaceutical research companies in the PRC such as the Academy of Military Medical Sciences (the People’s Liberation Army). R&D-related work is conducted at its centres in Haikou City, Hainan and Beijing. Sihuan was listed on the Mainboard of the Singapore Exchange Securities Trading Limited on 23 March, 2007 and currently has a market capitalization in excess of S$400 million.

Oculus To Acquire Asia’s Leading Carbon Credit Developer In S$600 Million RTO Deal

Oculus Limited announced that the Company has entered into a Heads of Agreement (HOA) for the acquisition of the entire issued share capital of Aretae Pte Ltd (Aretae), an environmental resources development and renewable energy company that focuses on creating value from recycling and transforming biomass waste materials into value added products and energy while generating carbon credits, for an aggregate consideration of S$600 million (Consideration).

The Consideration will be fulfilled by the issue of 1.2 billion shares in the capital of Oculus (Consideration Shares) at the issue price of S$0.50 per Consideration Share. This will effectively result in the reverse-take-over (RTO) of Oculus by Aretae. To inject a strong vote of confidence into the deal, the key vendors of Aretae will provide an earnings guarantee of not less than S$50 million for the aggregate earnings before interest, tax, depreciation and amortization (EBITDA) of Aretae for the financial years ending 31 December 2008 (FY2008) and 31 December 2009 (FY2009). The key vendors expect the EBITDA figures for FY2008 and FY2009 to be S$20 million and S$30 million respectively.

In the event that the earnings guarantee is not satisfied, the key vendors of Aretae will return shares to Oculus based on a pre-determined formula either by means of a capital reduction by Oculus or as a purchase by Oculus of the Returned Shares as treasury shares. In connection with the Proposed Acquisition, the Company will apply for a transfer to the proposed sponsor-supervised board (the New Board) which is to be established by the Singapore Exchange Securities Trading Limited (SGXST).

Oculus Limited is formally in the business of contact lens and eye-care related products and services. Recognizing the competitive and challenging environment, Oculus has entered into a conditional sales and purchase agreement on 21 February 2007 to dispose its entire contact lens and eye care related business and assets. The Company has since then shifted its focus towards environmental and renewable energy business injections.

CRCT To Acquire Xizhimen Mall In Beijing

CapitaRetail China Trust Management Limited (CRCTML or the Manager), the manager of CapitaRetail China Trust (CRCT), is pleased to announce that HSBC Institutional Trust Services (Singapore) Limited (the Trustee), as trustee of CRCT, has today entered into a conditional sale and purchase agreement with CapitaLand Retail Trustee Pte. Ltd., as trustee of CapitaRetail China Incubator Fund (CRCIF), for CRCT to acquire Xizhimen Mall, with a Gross Rentable Area (GRA) of 73,857 Square Metres (sq m), at an agreed property price of S$336.0 million. This transaction would mark CRCT’s first acquisition since its listing on Singapore Exchange Securities Trading Limited on 8 December 2006. Based on the agreed property price of S$336.0 million and an average occupancy rate of 88.7%, Xizhimen Mall is expected to achieve a net property income yield (NPI yield) of 5.7% in Forecast Year 2008, The committed occupancy rate, which registered 87.1% as at 11 October 2007, is expected to reach close to 100% within the next few months. The mall is expected to attain a NPI yield of 6.4% in 2009, assuming 100% committed occupancy rate. The proposed acquisition is thus yield accretive to CRCT unitholders when compared to CRCT’s implied property yield of approximately 3.3%, based on CRCT’s closing unit price of S$2.78 as at 17 October 2007

Phase 2 would provide direct pedestrian connectivity to the underground Mass Rapid Transit (MRT) station for Line 2 and the future Line 4, and to the National Railway Beijing North station situated next to the mall. The completion of this extension is expected to increase overall shopper traffic and enhance shopper flow within the mall, hence providing further upside to the mall’s overall rentals. With the strong leasing performance at the existing Basement 12, and the favourable price to be paid for Phase 2, we are confident that the acquisition of Phase 2 would provide growth to CRCT unitholders.

Two independent property valuers, Colliers International (Hong Kong) Limited (Colliers) and Knight Frank Petty Limited (Knight Frank), were commissioned by the Manager and Trustee respectively to value Xizhimen Mall. Colliers and Knight Frank have valued the property at S$338.4 million3 (RMB1,692.0 million) and S$340.0 million3 (RMB1,700.0 million) respectively, as at 30 September 2007.

CapitaRetail China Trust (CRCT) is a Singapore-based Real Estate Investment Trust (REIT) established with the objective of investing on a long-term basis in a diversified portfolio of income-producing real estate used primarily for retail purposes and located primarily in China, Hong Kong and Macau. CRCT was first listed on Singapore Exchange Securities Trading Limited on 8 Dec 2006. CRCT's initial portfolio of seven retail mall properties are strategically located within large population catchment areas in various cities of China. The geographically diversified portfolio was valued at approximately S$690 million (1) as at 30 September 2006. The Properties are anchored by major international and domestic retailers, such as Wal-Mart, Carrefour, and Beijing Hualian Group. Other tenants include Sport 100 and B&Q, and are positioned as one-stop family-oriented shopping, dining and entertainment destinations in their localities.  

Lorenzo Expands PRC Presence With First Self-Owned Retail Store In Shanghai

Lorenzo International Limited announced the official launch of its first self-owned “Lorenzo” retail store in Shanghai, China. This is the first of such store to be set up in China, and will serve to act as a model for the Group’s upcoming licensing and franchising stores.

The new retail store will be well supported by the construction of the Group’s third facility in Kunshan, which is located just outside of Shanghai. This new facility is expected to increase the production capacity of wood-based furniture by at least 30-40% with its completion in the last quarter of FY2008.

With a history dating back to 1983, the Group is today, an integrated lifestyle furniture group involved in the design, manufacture, assembly, wholesale and retail of conceptualized lifestyle furniture. Most of the Group’s products are sold under its “LORENZO” brand and categorized into two collections, Dante - the classic leather collection, and ENZO - the wood-based collection. These products are sold through 34 wholly-owned stores and 26 LRS stores in six countries. Apart from retailing its own products, the Group exports its “LORENZO” branded products to more than 50 countries around the world. Its products are supplied by its manufacturing facilities – two leather sofa manufacturing facilities in Malaysia and Kunshan, PRC, and a wood-based furniture manufacturing facility in Kunshan, PRC. The Group also acts as an original design manufacturer to design and manufacture leather sofas under its customers’ own brands, and as an original equipment manufacturer to manufacture furniture based on customers’ designs.

A-REIT Secures New Investments In Development Projects Amounting To Over S$270 Million

Ascendas-MGM Funds Management Limited (the Manager), the manager of Ascendas Real Estate Investment Trust (A-REIT) is pleased to announce that A-REIT has committed to new investments for development projects amounting to S$277 million. The development projects are: • two suburban business park facilities, including an amenity centre, at Plot 8 Changi Business Park to be completed in three phases; and • an industrial facility at Pioneer Walk

To be developed over three phases, the development at Plot 8 Changi Business Park comprise three business park buildings – a 2-building build-to-suit facility and a multi-tenanted block with an amenity podium. These buildings will be sited on a land area of 29,864 square metres with a 30 + 30 years lease tenure and will have a combined gross floor area of 74,660 square metres. This project is strategically located at Changi Business Park, a short walking distance to the Singapore Expo and Expo MRT station and easily accessible to other parts of Singapore via the major expressways.

The built-to-suit portion of the project is about 42,000 square metres and is pre-committed to a leading international financial institution. It will be built in two phases with the first phase expected to be completed in 1Q 2009 and the second phase of the building to be completed in 4Q 2010. The multi-tenanted building with a total gross floor area of approximately 33,000 square metres will have about 6,000 sqm of amenity space to cater to the needs of the increasing population at the Changi Business Park. Expected date of completion is in the second half of 2009. The total development cost for all phases of this project is estimated at about $191 million. Located in the western part of Singapore and well served by the Ayer Rajah Expressway, this partial build-to-suit facility will be sited on a land area of 36,600 square metres with land lease tenure of 30 years. Upon completion, it will have a lettable floor area of 80,609 square metres on two blocks of 6-storey ramp-up high specification industrial space. Costing S$86 million, the development will be constructed in two phases and is targeted for completion in the third/fourth quarter of 2008. 80% or 28,376 square metres of Phase 1 of space has been pre-committed and 40% or 18,396 square metres of Phase 2 is under offer to prospects.

A-REIT is the first business space and light industrial real estate investment trust (“REIT”) listed on the SGX-ST. It has a diversified portfolio of 78 properties in Singapore, comprising suburban office space (including Business and Science Parks), high specifications industrial mixed use properties, Flatted Factories, Light Industrial properties, Logistics and Distributions centres as well as warehouse retail facilities, with a book value of S$3.3 billion. These properties house a tenant base of over 750 international and local companies from a range of industries and activities, including research and development, life sciences, information technology, engineering and light manufacturing. Major tenants include SingTel, C&P Logistics, Siemens, TT International, Honeywell, , Zuellig Pharma, LFD (Singapore), OSIM International, Venture Corporation, Federal Express, Freight Links Express, Johnson & Johnson, RSH, Infineon Technologies, Procter & Gamble, Hyflux, and Hewlett-Packard.


CEO's Walk The Talk

“..Climate change is an inconvenient truth. We can choose to ignore it at great costs to our future generation. If we do nothing now, Stern Review estimates that the costs and risks of climate change will be equivalent to losing at least 5% of global GDP each year, now and forever. I hope that our business will make a small contribution to a better environment as well as prospects for the future. In fact, it is also a business of the future. As countries tighten their environmental policies when the impact of climate change becomes even more apparent, we are ready to exploit these opportunities”

Chairman of Aretae Pte Ltd
Mr. David Leong


Highlighted Company

Oculus Limited is focused on the innovation, manufacturing and marketing of colour lenses. Its colour lenses are principally marketed under the FreshKon® and Unicon™ brand names globally.

Aside from colour lenses, Oculus Limited also offers disposable daily clear lenses, disposable bi-weekly and monthly clear lenses under FreshKon® brand, and gas permeable lenses and solution under the Boston® brand to its broad customer base.

With direct presence in Singapore, China, Taiwan, Hong Kong and Malaysia, its products are sold in over 45 countries globally.

Historical Price Data
 Date Open High Low Close
19 Oct 2007 0.390 0.390 0.360 0.360
18 Oct 2007 0.415 0.420 0.385 0.385
17 Oct 2007 0.405 0.415 0.370 0.410
16 Oct 2007
15 Oct 2007 - - - -

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 15/08/2007. 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

17 Oct 2007 Proposed Reverse Take-Over Of Aretae Pte Ltd - Clarification On Newspaper Article "Oculus To Exit Lens Making With $600M Reverse Takeover" In The Straits Times On 17 October 2007
16 Oct 2007 Oculus To Acquire Asia's Leading Carbon Credit Developer In S$600 Million RTO Deal
16 Oct 2007 Factsheet - Oculus & Aretae
16 Oct 2007 Oculus & Aretae Media Analyst Conference
16 Oct 2007 Proposed Reverse Take-Over Of Aretae Pte Ltd

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