12 November 2007      
Volume `000 
SKY Petrol
Weekly movement as at 09 November 2007
Creative 50
Weekly movement as at 09 November 2007

Mandate Advertising Internationa Pte Ltd: Sees 35% stake bought up by Japan-based transcosmos
China New Town Development: Initiates $332 million IPO offer of 400 million shares
Tiger Airways: To enter budget airline JV with Incheon city government of South Korea
Wing Tai Holdings: Issues 72.2 million rights shares for sale at $2.08 a share to raise $148 million
Chip Eng Seng Corp: Together with Lehman Brothers Real Estate sell 38 units of CityVista Residences
Apex-Pal International: Aims to grow food and beverage outlets by 15% worldwide in 2008


China Infrastructure Holdings: Proposes 150 million new shares placement to raise $14.2 million in expansion and working capital
ecoWise Holdings: Signed first carbon  credit generating agreement with Japan-based Kansai Power Co
SGX: Looks to come up with Mini Nikkei 225 Index Futures Contract by Nov 19 2007
The Hour Glass: Announced a 2 times increase in net profit to $12.33 million for H1
Saizen Reit:  Saw IPO shares 2.4 times subscribed
Hyflux Water Trust: Decides IPO price range between $0.78 and $0.91
ST Engineering: Spends 7% of annual revenue on R&D


CXO Interview

The Hour Glass Shows Stellar Performance For Q3 2007

The Hour Glass Limited reaped bountiful returns for the third quarter with a 130% increase of profit after tax to S$12.7 million.

Mr Michael Tay, Executive Director of the company attributed this to the booming economies in the Asian region which led to a jump in sales figures. This has led to the generation of high amounts of passive and available income for people which encouraged them to spend on items such as contemporary Asian artwork as well as luxury watches. “People with money to spend look for investments of passion,” said Mr Tay.

The increase in sales from the Hong Kong store front was fueled by the growing affluence of the mainland Chinese who flocked over to the Special Administrative Region to purchase luxury items due to the high taxes imposed on such goods in the PRC as explained by Mr Tay.

For the Singapore market, Mr Tay felt that the interest generated by the company’s large-scale marketing events such as TEMPUS – The Great Watchscapade in 2004 and TEMPUS – The Temple of Time in 2007 successfully raised the level of horological awareness and of specialist luxury timepieces in the country and across Asia.

The company is currently focusing on growing its base and looking for earnings enhancements rather than compete with others for market share. The Executive Director also believes that opening stores in developed markets such as Singapore, Japan and Hong Kong, their current geographical strategy, is effective and will only consider entering developing markets when the regulatory environment of these countries have stabilized.

The Hour Glass sees itself as a “specialist multi-brand watch retailer” that is a leading player in the high-grade technical watch segment. Going forward, Mr Tay feels optimistic on the whole as the watch industry is in an “upward super cycle.”

HOT Off The Press

Registration Of A Wholly-Owned Subsidiary In Linyi, Shandong, PRC

China Energy Limited announced that the Company through its wholly-owned subsidiary, Jiutai Energy Technology Co., Ltd. has registered a wholly-owned subsidiary in Linyi, Shandong, the People’s Republic of China on 16 October 2007.

The subsidiary has a registered and paid-up capital of RMB 2 million.

The principal activities of the subsidiary are for the sale of DME and other related chemical products.

China Energy Limited (China Energy, together with our sole subsidiary, Jiutai Energy Technology Co., Ltd, the Group) is believed to be China's largest producer of Dimethyl Ether (DME) based on our production capacity as of October 27, 2006 (the Latest Practicable Date or LPD). DME is an environmentally-friendly fuel with lower smoke emission rates compared to certain other conventional fuels, and we believe it has the potential to become a widely-accepted alternative fuel in the future. Most of our DME is currently sold to Liquefied Petroleum Gas (LPG) distributors, who blend it with LPG to reduce their average costs, and such fuel blend is then sold to end-consumers for household and industrial uses. Capitalising on the growth of the DME market, we increased our DME production capacity from 50,000 metric tonnes per annum (mtpa) when we started production in January 2004, to 150,000 mtpa as of the LPD. Our Group also produces methyl alcohol (Methanol). We use some of our internal Methanol production as a feedstock for our DME production and also sell Methanol to third party chemical companies. Our Methanol production capacity has also increased since we commenced Methanol production in December 2003 and as of LPD, our Methanol production capacity was 250,000 mtpa. Our facilities are currently located in Luozhuang High and New Technology Industrial Park in Linyi, Shandong Province in the PRC, occupying approximately 205,000 square metres. In the first half of 2006, we had over 100 DME and Methanol customers from various provinces in China, including in Shandong, Jiangsu, Guangdong, Anhui and Shanghai. A substantial portion of our customers are based in Shandong, where we have experienced a significant growth in demand for DME from the second half of 2005. Our Group's revenue rose from RMB 3.7 million in 2003 to RMB 322.3 million in 2005. In 2005, we recorded EBITDA of RMB 75.5 million (US$9.4 million) and net profit of RMB 27.3 million (US$3.4 million). In the first half of 2006, we recorded EBITDA of RMB 114.2 million (US$14.3 million) and net profit of RMB 84.6 million (US$10.6 million). We target to increase our production capacity of DME to 600,000 mtpa by the first half of 2007, through the completion of our acquisition of Phase III facilities in Shandong and the shares in Jiutai Energy (Guangzhou) Co., Ltd (Jiutai Guangzhou). We also expect that all of the Methanol we produce will be used as a feedstock for our DME production from the first half of 2007. In the longer term, we plan to have an aggregate DME production capacity of approximately 2.5 million mpta by the end of 2009.

Tiong Woon Signs JV

Tiong Woon Corporation Holding Ltd (the Company) wishes to announce that it has entered into a Joint Venture Agreement (JVA) with Mr. Yiamchaiyaphum Prasitchai holder of Thai Passport No. T512064 to establish a joint venture company in Thailand to be known as Thai Contracting & Enterprises Co. Ltd (TCE). TCE will have an issued and paid-up share capital of Thai Baht 2,000,000 divided into 20,000 shares of Thai Baht 100/- each. The Company will subscribe for 49% of the equity interest in TCE amounting to Thai Baht 980,000. The remaining 51% interest will be held by Mr. Yiamchaiyaphum Prasitchai. Following the subscription, TCE will become an associated company of the Company. TCE will be principally in the business of carrying out mechanical installation, fabrication and piping works for all kinds of construction works and/or construction related businesses.

Tiong Woon Corporation Holding Ltd is a specialist and total integrated services provider in heavy lift, heavy haulage and marine transportation mainly serving the Oil & Gas, Petrochemical and Power industries. The Company manages turnkey projects for International Builders and Contractors from planning and design of heavy lifting and haulage requirements to the execution stage in which the heavy equipment is transported, lifted and installed at customers' facilities.

Westcomb Increases Investment In Malaysian Subsidiary

Westcomb Financial Group Limited (the Company) wishes to announce that the Company had on 5 November 2007 acquired an additional 50,000 ordinary shares of RM1.00 each in the Company’s subsidiary, Westcomb Capital Sdn Bhd (WCSB), from a minority shareholder for a consideration of RM8, 525.26.

Consequent to the above acquisition, the Company will hold 350,000 ordinary shares of RM1.00 each representing 70% interest in WCSB.

The above investment is not expected to have any significant impact on the earnings per share and net tangible assets per share of the Company for the current financial year.

Westcomb Finanacial Group is principally engaged in the provision of a wide range of capital market advisory and other related services. Our primary focus is to assist domestic and foreign incorporated companies to raise capital through Singapore's ECM and advise them in the origination and execution of M&A and corporate activities.

These services we provide can be broadly categorised into the following:

  • IPO Advisory
  • ECM Syndication and Underwriting
  • M&A and Corporate Advisory
  • Public and Investor Relations

We are also engaged in investment activities where we identify and invest in businesses with the aim of building a full-service financial services group. In addition to providing an integrated range of services to our clients, such investments should possess profit potential to allow our Company to enjoy dividend income or investment gains through trade sale or IPO. Our clients span the electronics, telecommunications, information technology, Internet, education, commercial, consumer products and industrial sectors.

Yongnam Wins S$90 Million Contracts For Prestigious Marina Bay Sands Integrated Resort, Formula One, And Orchard Turn Projects

Yongnam Holdings Limited (Yongnam or the Group), a well-established structural steel fabricator and specialist engineering solutions provider, announced that it has been awarded S$90 million in new contracts for three prestigious infrastructural and building developments in Singapore – the Marina Bay Sands Integrated Resort (IR), Formula One (F1) track and the Orchard Turn development project.

With a total investment of more than S$5 billion, the proposed Marina Bay Sands IR, expected to be completed by 2009, is one of the world’s largest investments for a single IR. Under the terms of the 2 sub-contracts, Yongnam will supply, fabricate, and erect structural steelworks for the IR’s Hotel Tower expected to be completed by 2nd half 2009; fabricate and deliver plunge-in columns for its North Podium by 1st quarter 2008.

The second project clinched by the Group was for the inaugural F1 event in Singapore, scheduled to be held around the Marina Bay area on 28 September 2008. Under the terms of the contract, Yongnam will supply, fabricate, and erect structural steelworks for the proposed construction of a 3-storey recreation cum commercial complex at Republic Boulevard. Yongnam was also awarded the sub-contract for the Orchard Turn project. Work on the project had commenced and is expected to be completed by 2nd quarter 2008. Under the terms of the contract, Yongnam will supply, fabricate and erect approximately 10,000 MT of structural steel for the shopping mall and multi storey car park. Orchard Turn, comprising a 1 million square foot shopping mall and a 56-storey residential tower, is arguably the most famous junction in Singapore.

With over 30 years of experience in steel fabrication, Yongnam excels in adding value to steel construction. With its production facilities in Pontian, Malaysia, the Group has a total annual production capacity of 42,000 tonnes of steel fabrication. Its Singapore operations are housed at its mega-site in Tuas. The Group has also purchased a piece of industrial land in Nusajaya, Johor, Malaysia and intends to construct a new fabrication factory with annual production capacity of 42,000 tonnes of steel fabrication. The factory is scheduled to commence operation by first half of FY2008. The Group utilizes the latest fabrication technologies and design innovation to offer solutions to its clients on a fast-track basis. Its proprietary modular strutting system continues to give the Group a strong competitive edge in meeting increasingly more stringent design and project requirements in infrastructure and construction projects.

Sunshine Holdings Limited Secures US$120 Million Term Loan For Expansion Of Land Bank

Sunshine Holdings Limited (Sunshine) announced that the Company has entered into an agreement (the Agreement) with Deutsche Bank AG, London Branch (DB) and United Overseas Bank Limited Labuan Branch (UOB) (the Lenders) whereby the Lenders shall provide the Company and its direct subsidiary, Elegant Jade Enterprises Limited (Elegant Jade) with a 3-year term loan amounting to US$120 million (the Loan).

The net proceeds of the Loan will mainly be used to fund acquisitions of new land undertaken by the Company and its subsidiaries in Henan Province, China. In line with the Company’s strategy of providing homes for the masses, the new land will be used to develop mid-level and some luxurious housing. With robust demand for residential properties in the 2nd and 3rd tier cities, the new projects are expected to yield high profit margin.

Pursuant to the Agreement, DB and UOB shall provide the Company and Elegant Jade with a term loan of US$75 million and US$45 million respectively. The Loan, repayable 3 years from the date of drawdown, bears a fixed interest rate of 15% in the first year, 16% in the second year and 17% in the third year. Interest payments shall be made by the Company and Elegant Jade to the respective Lenders on a quarterly basis over the term of the Loan. In addition, the Loan will be secured by, inter alia, a pledge over Elegant Jade’s equity interests in all its direct subsidiaries in the People’s Republic of China (PRC), a charge over the assets of Elegant Jade and an assignment over certain shareholder loans from Elegant Jade to its direct subsidiaries in the PRC. In order to secure the Loan amidst uncertain global market conditions, Mr. Guo has agreed to the drawdown of the loan being conditional upon inter alia, a transfer of 36,400,000 and 21,840,000 ordinary shares of the Company to DB and UOB respectively from his personal holding.

Based in the Henan Province of the PRC, we are an award-winning cluster estate developer as well as developer of mass residential and commercial properties in selected key cities which are at the budding stage of development with strong urbanization and resettlement potential.

Sunshine Holdings' focused approach since our establishment in 1999 has enabled us to accumulate market expertise and build a strong reputation in our operating cities, enabling the brand name of our property development – Huilong – to be associated with quality developments. Over a span of 6 years, we have built an impressive track record in developing an aggregate gross floor area of more than 380,000 square metres (equivalent to the size of more than 75 football fields) – comprising 6 property developments as of 30 June 2005. Various awards and accolades attest to our Group's performance. In 2004, we clinched the coveted “PRC Leading Property Developer” award by the Construction Cultural Centre of the PRC Building Department. We have also been awarded Certificate of Credit Raging Grade AAA by the Xinxiang City Capital Credit Rating Committee for five consecutive years since 2001.

Cosco Incorporates 2 Wholly-Owned Subsidiaries

Cosco Corporation (Singapore) Limited (the Company) announced that the Company, through its wholly-owned subsidiary Cosco (Singapore) Pte Ltd, incorporated two wholly-owned subsidiaries in Panama on 30 October 2007.

The names of the two new subsidiaries are Cos Knight Shipping Maritime Inc and Cos Lucky Shipping Maritime Inc.

The principal activities of the 2 new subsidiaries are to acquire and own vessels currently owned by 2 other wholly-owned subsidiaries of the Company, Cos Knight Shipping Inc and Cos Lucky Shipping Inc. The authorised capital of each of the 2 new subsidiaries is US$10,000.00 and the issued and paid up capital of each of the 2 new subsidiaries is US$2.00.

COSCO Corporation (Singapore) Limited (COSCO or the Company) has the largest Ship Repair, Ship Building & Marine Engineering operation in China. A diversified group with activities also in the Dry Bulk Shipping, Shipping Agency and other sectors, it is the SGX Mainboard-listed subsidiary of China Ocean Shipping (Group) Company (COSCO Group), China’s largest shipping group and one of the top shipping conglomerates in the world.  

FSL Trust Acquires 2 Product Tankers For US$113 Million

FSL Trust Management Pte. Ltd. (FSLTM), Trustee-Manager of First Ship Lease Trust (FSL Trust), announced today that it has acquired 2 product tankers from 2 affiliates of privately held Groda Shipping & Transportation Ltd. (Groda Shipping) for a total consideration of US$113 million. These vessels were concurrently leased back to the sellers for a base lease term of 7 years. The sellers will continue to employ the vessels on the basis of a long term Contract of Affreightment with Russian state-controlled energy company OJSC Rosneft Oil Company. The lease agreement contains a purchase option at the expiry of the base lease and a 3-year lease extension option for the lessees.

The acquisition of the 2 product tankers will be immediately accretive to FSL Trust’s distribution per unit (DPU) with an additional DPU of US0.188 cents for the financial year ending 31 December 2007 (FY 2007) and an additional US1.512 cents for the financial year ending 31 December 2008 (FY 2008), after deducting estimated incentive fees attributable to the Trustee-Manager.

Prior to this acquisition, FSL Trust had a forecast DPU for the fourth quarter of FY2007 of US2.230 cents. The additional DPU of US0.188 cents will raise the forecast DPU for the last quarter of the year by 8.4% to US2.418 cents. This translates into an annualized DPU of US9.672 cents. Based on the closing unit price of US$0.83 on 6 November 2007, the distribution yield for FSL Trust is 11.7% per annum. The target DPU for FY2008 as indicated in the prospectus of the FSL Trust Initial Public Offering (IPO) was US9.160 cents. With this acquisition, the new forecast DPU for FY2008 will reach US10.432 cents, exceeding the target DPU by 13.9%.

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. Following the acquisition of two product tankers from affiliates of Groda Shipping & Transportation Ltd., FSL Trust now has a modern, high quality and diverse portfolio of 18 vessels consisting of four containerships, nine product tankers, three chemical tankers and two dry bulk carriers. These vessels have an average age of approximately 3.9 years, and an average remaining lease period of approximately 8.6 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.


China Angel To Expand Production Capacity With New Plant

China Angel Food Limited announced that its wholly-owned subsidiary Shenzhen Angel Food Co. Ltd has entered into a lease agreement with Shenzhen Qiao An Enterprise Co. Ltd for an approximately 32,000 square metre production facility in Block A and B, Qiaonan Industrial Area, Guanlan High Tech Industrial Park, Baoan District, Shenzhen, PRC. The lease agreement with Shenzhen Qiao An, for a period of 5 years and 4 months, will commence from 1 December 2007.

The new facility will initially be designed to produce 8,200 metric tonnes of mooncakes per annum at full capacity, a 4 times increase from the Group’s current annual capacity of 2,050 metric tonnes of mooncakes at its existing plant. At the same time, the new facility will provide production machinery to start a snack product production line to produce 3,000 metric tonnes of cookies per annum packaged as “Angel Cookies.”

The new facility, which has 3 times the space of China Angel’s existing plant, is currently under construction, and is expected to be completed by December 2007. Renovations and fittings will take a few months, with the planned commercial production expected to start in May 2008.

With a strong focus on brand management and product development, China Angel Food Limited is one of the leading manufacturers and distributors of confectionery and other food products in the Guangdong Province of the PRC. Our products, categorised into three key segments - mooncake, pastry, as well as snack and other food products - are mainly marketed under our own brands, namely Angel (安琪), QiWang (琪旺) and WangFuLai(旺富来). We also produce certain products under the brands of our OEM customers. With our multiple brand and product strategies, we are able to target different customer segments and establish strong market recognition for our brands, especially for our flagship brand Angel. As at the Latest Practicable Date, we have an annual production capacity of approximately 2,050 metric tonnes of mooncake products and 3,786 metric tonnes of pastry products.

Systemberatung Axel Dunkel GMBH And Global Voice Group Extend Collaboration Servicing The German Payment Card Industry

Global Voice Group announced that it has extended its successful business collaboration with German Internet Services Provider Systemberatung Axel Dunkel GmbH (Dunkel). Under the terms of the agreement, Global Voice will deploy host|nex, an integrated solution of fully redundant private fiber networks, premium co-location in Frankfurt and Tier 1 IP Transit, to enable Dunkel’s customers with a range of next generation ISP and hosting services.

Systemberatung Axel Dunkel GmbH is one of Germany’s most established providers of Managed Security and highly available hosting services with a core competence in mission critical solutions for the corporate sector. Global Voice designed and provisioned a bespoke, integrated private fiber and co-location solution, redundantly linking Global Voice Group’s datacenter in Frankfurt with Dunkel’s datacenter. The dual co-location solution is deployed via a dedicated private fiber network with Tier 1 IP transit for the fastest and most reliable Internet access. The solution enables Dunkel to offer PCI (Payment Card Industry) compliant hosting services, an industry bound to high levels of security.

Among the first users of Dunkel’s highly available hosting services were the Hessische Rundfunk, a main public broadcast station, and the Statistical Office of Hesse that contracted Dunkel with the online presentation of the vote details of local as well as Bundestag elections. Both customers furthermore benefit from the Application Performance Management. State-of-the-art Application Front Ends unload web servers and accelerate web applications. Thus fewer servers are required to achieve an even better performance, leading to lower costs and a significant reduction of power consumption.

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 Group, traded as euNetworks in Europe, is headquartered in Frankfurt, publicly listed on the Singapore stock exchange (SGX: H23.SI). 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.

Portek Takes Over Management Control Of Port d’Owendo And Port Gentil In Gabon

Portek International Limited, a port operator and leading provider of equipment, services and solutions to the global port industry, today announced that its wholly-owned subsidiary, Gabon Ports Management SA (GPM), has taken over the operations and management control of Port d’Owendo and Port Gentil in Gabon.

Over the next 5 years, GPM expects its annual capital expenditure to be between Euro 3 million to 4 million. The main components of the expenditure are investment in port infrastructure improvements and maintenance, port equipment renewal and refurbishment, port IT software systems, security and surveillance systems, and port personnel equipping. This expenditure is expected to be funded entirely from GPM’s internal cashflows.

Together with Bejaia Mediterranean Terminal in Algeria and the Port of Valletta in Malta, Port d’Owendo and Port Gentil are now the latest ports to be added to Portek’s growing terminal operations and management portfolio in the African and Mediterranean region. Including 2 terminals in Jakarta and the Banten Port in West Java, Portek now has 7 terminal operations. In FY07, Portek’s port operations business segment has attained a new high of 35% share of the Group’s revenue.

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 and management portfolio includes terminals in Indonesia, Algeria, Malta and most recently, in Gabon. Headquartered in Singapore, Portek operates offices in 23 locations across Europe, USA, Asia, Middle East and Africa.

Swiber Targets Deepwater Drilling Business As New Engine Of Growth

Swiber Holdings Limited announced that it has teamed up with offshore oil and gas industry veteran, Mr Glen Olivera, to incorporate Swiber Offshore Drilling Pte Ltd, to spearhead the group’s deepwater drilling business. Swiber Offshore Drilling is 90% owned by Swiber with the remaining 10% held by Mr Olivera.

With the new subsidiary, the Group intends to widen its offshore services portfolio into the deepwaters of the Asia Pacific region. Asia is emerging rapidly as a significant deepwater region. Indonesia, Malaysia and India possess development prospects for the 2008-2012 period, and the region should account for 10% of deepwater Capex during this time.

Established in 1996, Swiber is today an integrated offshore Engineering, Procurement, Construction, Installation and Commission (EPCIC) contractor with supporting in-house offshore marine capabilities.

Offshore EPCIC Services: Leveraging on our strong engineering capabilities, we provide a full suite of EPCIC services which can be customized according to project requirements.

Offshore Marine Support Services: We charter support vessels, including logistics support, to customers both on a time charter and bareboat charter basis.

As at 17 September 2006, we have a fleet of 9 operating vessels, comprising 5 tug boats and 4 barges. By integrating our complementary services, we are able to provide customers with one-stop solutions for all the relevant stages of their offshore oil and gas projects.

Shanghai Asia Invests RMB232m For A Further 48.9% Stake In A US$55m Jiangsu Aluminium Rolling Mill

Shanghai Asia Holdings Limited (SAH or the Company) is proposing to buy out its partners in a Jiangsu‐based aluminium rolling mill which specialises in the production of thin gauge aluminium foil for the PRC and export markets. Under a deal announced today, SAH is proposing to subscribe for additional shares and purchase its partners’ shareholdings in Jiangsu Zhongji Lamination Materials Co., Ltd (JZLM) for a total consideration of RMB232 million. Together with its existing 46% equity interest, the proposed investment will raise SAH’s equity interests in JZLM to 94.9%, giving it almost full control of the company. The balance of 5.1% equity interest in JZLM is owned by Tongbao (Hong Kong) Shipping Co., Limited.

The 2-stage investments involve:

  • A capital contribution for 5.0% of the unsubscribed equity interest in JZLM for US$1.64 million in cash.
  • As this will raise its stake in JZLM to 51%, SAH is making an offer to the remaining shareholders to acquire another 43.9% of JZLM for RMB219.5 million (or equivalent to S$42.7 million). The vendors of the JZLM shares are New Toyo International Holdings Ltd (NTIH), Hong Ji International Holdings Ltd and Ji Yuan Investment Holdings Ltd. Both NTIH, which is also listed on the SGX mainboard, and Hong Ji are controlling shareholders of SAH.

The proposed acquisition of 43.9% of JZLM will be financed by the issue of approximately 152,500,000 new shares of the Company at an issue price of S$0.28 per share, thus increasing the issued capital of SAH to 670,500,000 shares.

With the installation of 2 additional aluminium rolling lines which will be completed in 2008, the production capacity of the aluminium rolling mill is expected to increase from the current 25,000 metric tonnes (mt) per annum to 45,000 mt per annum. As part of the sale agreement, the vendors have provided a guarantee to SAH that the net profit after tax of JZLM will not be less than RMB80 million a year for the next 3 financial years ending 31 December 2008, 2009 and 2010.

Established in 1994 and listed on the Singapore Exchange on 1 October 2004, the Shanghai Asia group of companies is one of the pioneers specialising in the gravure printing of cigarette packaging in the PRC –the world’s largest consumer of cigarettes. Located in Jiangyin, Jiangsu Province, PRC, Shanghai Asia counts amongst its major customers are key cigarette industrial enterprises identified and fostered by the State Tobacco Monopoly Administration (“STMA”), a regulatory authority of the PRC cigarette industry. Its customers include the Nanjing Cigarette Factory, which owns one of the most well known cigarette “Nanjing”, a top cigarette brand in the PRC; as well as the Shanghai Tobacco Group, one of the largest cigarette manufacturers in the PRC with brands like “Chunghwa”, “Panda” and “Double Happiness.” The Group has diversified into the manufacture of thin gauge aluminium foil for the cigarette and FMCG packaging industries in the PRC, with investments in one of the most technologically advanced aluminium rolling mill in the PRC.

Seksun Incorporates Hong Kong Subsidiary

Seksun Corporation Limited has incorporated a wholly owned subsidiary, Seksun Tech (H.K.) Co., Limited, a private limited company with an initial issued share capital of HK$100.00 comprising 100 ordinary shares of HK$1.00 each, in Hong Kong, Special Administrative Region (Hong Kong SAR) of the People's Republic of China.

Pursuant to the Restructuring Plan referred to in the announcement made by the Board of Directors on 18 October 2007, the Company is to incorporate a new private limited company in Hong Kong SAR, as a wholly owned subsidiary of the Company, for the purpose of the sale by the Company and the purchase by the said Hong Kong company of all the registered capital owned by the Company in the PRC Companies (as defined in the said announcement).

The incorporation of Seksun Tech (H.K.) Co., Limited is not expected to have a material impact on the net earnings per share and net tangible assets per share of the Company for the current financial year ending 31 December 2007.

Seksun Corporation Limited, incorporated in 1981, has emerged as one of Singapore's leading precision engineering specialists, with its own clean room assembly operations. Seksun was listed on the Singapore Exchange's SESDAQ in October 1994 and on the Main Board in April 1999. It is principally engaged in the manufacture of metal components and contract manufacturing for the Computer Peripherals, Telecommunication Equipment and Industrial and Consumer Electronics industries. Seksun offers customers a complete range of services, required by electronics companies, from the early stage of design to final delivery. It specialises in the following areas: metal stamping, tooling design and fabrication, electronics manufacturing services and cleanroom assembly. Seksun's brand name in the manufacture of metal components and metal stamping over the last two decades has won the company regional recognition as well as a stable of multinational customers.

Vita Enters China Retail Leasing And Management Business

Vita Holdings Limited (Vita or the Group) has for the first time ventured into the retail leasing and management business in China. It has leased a brand new shopping mall in Shanghai, and plans to turn it into specialty shops for high quality electrical and electronics products. The building, “Fujie Electronics City” is located on Qiu Jiang Road, one of the main shopping streets in Shanghai, in an area known for traditional electronic products.

This lease agreement for the shopping mall also marks Vita’s maiden foray into the retail property sector --a diversification from its current leasing and management of office and commercial buildings and hotel operations. The building stands on a land area of about 3,500 square metres and comprises 5 floors above ground and 2 basement floors (1 shopping basement floor and 1 carparking basement floor) with a total built-in floor area of about 18,200 square metres, 50 open parking lots and 47 basement parking lots. It is served by 2 mass transit lines, which intersect right next to the building.

The lease for the shopping mall is for a period of 5 and a half years starting on 1 November 2007 and ending on 30 April 2013. Vita also has the option for a second 5-year period with rental rate capped at 25% above the last rate of the first 5-year term. The Company will enjoy an initial rent-free period of 6 months starting on 1 November 2007 and ending on 30 April 2008. Vita intends to turn the building into a very high end shopping mall specialising in high quality electrical and electronics products for consumers. The potential tenant mix is expected to include internationally known purveyors of high end audio, hi-fi systems and cameras.

Vita Holdings Limited is a growing Shipping group, focused on Ship Chartering in the PRC market. We currently own and lease out 1 container and 8 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.


CEO's Walk The Talk
“..Moving forward, as enterprise data continues to grow, driven in the main by regulatory and contingency compliance adherence, our company, as the owner and operator of one of Europe's highest capacity dedicated fiber networks, connecting Europe's key cities and financial districts, is well positioned to support the enterprise client sector. In addition, given our rollout of Next Generation IP Network and the strategic positioning of Global Voice Group's datacenters across all key European locations, Global Voice Group is well positioned to support the network requirements and data distribution needs of local European carriers, ISPs and US carriers that do not own or possess network infrastructure across Europe.”

Noel Meaney Executive Director and Chief Executive Officer Global Voice Group

Highlighted Company

Established in 1996, Swiber is today an integrated offshore Engineering, Procurement, Construction, Installation and Commission (EPCIC) contractor with supporting in-house offshore marine capabilities.

Offshore EPCIC Services: Leveraging on our strong engineering capabilities, we provide a full suite of EPCIC services which can be customized according to project requirements.

Offshore Marine Support Services: We charter support vessels, including logistics support, to customers both on a time charter and bareboat charter basis.

As at 17 September 2006, we have a fleet of 9 operating vessels, comprising 5 tug boats and 4 barges. By integrating our complementary services, we are able to provide customers with one-stop solutions for all the relevant stages of their offshore oil and gas projects.

By integrating our complementary services, we are able to provide customers with one-stop solutions for all the relevant stages of their offshore oil and gas projects.

Led by a team of professional and market-oriented management, Swiber has grown its business due to its quick response to market trends and opportunities. In 2002, Swiber strategically shifted its focus away from pure-play vessel chartering towards offshore EPCIC services. The tactical move augured well for Swiber as offshore EPCIC services, together with the offshore marine support services supporting the EPCIC services, now account for the Group?s main revenue and earnings drivers.

Historical Price Data
 Date Open High Low Close
07 Nov 2007 3.320 3.360 3.320 3.340
06 Nov 2007 3.260 3.360 3.280 3.280
05 Nov 2007 3.480 3.500 3.200 3.280
02 Nov 2007
01 Nov 2007 3.680 3.680 3.580 3.580

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
  0.50 0
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 14/08/2007. 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

06 Nov 2007 Media Release: Swiber Targets Deepwater Drilling Business As New Engine Of Growth
06 Nov 2007 Incorporation Of New Subsidiary Company - Swiber Offshore Drilling Pte. Ltd.
01 Nov 2007 Notice Of Release Of Financial Results For The Third Quarter And Nine Months Ended 30 September 2007
23 Oct 2007 Announcement Of Appointment Of Chief Operating Officer
22 Oct 2007 Media Release: Gupta Promoted To COO At Swiber

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