Rickmers Trust Management Pte. Ltd. (RTM), trustee-manager of Rickmers Maritime announced the delivery of the tenth and last vessel (Vessel) of its initially contracted fleet.
The 3,450 TEU container ship, Ital Fiducia was originally built at the Hyundai Mipo Dockyard. The one-year old vessel is employed under an initial eight year fixed rate time charter to Italia Marittima, with a remaining charter period of approximately seven years upon delivery to Rickmers Maritime. Italia Marittima is part of the Evergreen Group in Taiwan, and a wholly owned subsidiary of Evergreen Marine Corp, which is the world’s fourth largest container liner shipping company.
As announced previously, Rickmers Maritime has entered into memoranda of understanding for the acquisition of additional thirteen containerships ranging from 4,250 TEU to 13,100 TEU (the Announced Fleet). The Announced Fleet is scheduled for delivery between June 2008 and September 2010, and will expand Rickmers Maritime’s fleet by 222 percent in TEU capacity.
Rickmers Maritime is a Singapore business trust formed with the objective of owning and operating container vessels under long-term, fixed rate charters to container liner shipping companies. Rickmers Maritime’s asset portfolio, owned, contracted and committed, consists of a fleet of 23 container vessels. The fleet comprises ten vessels in operation, ranging between 3,450 TEU and 5,060 TEU, and a further 13 contracted or committed vessels, ranging between 4,250 TEU and 13,100 TEU. All of Rickmers Maritime’s vessels have, or will have at the time of acquisition, long-term, fixed rate time charters in place. This allows Rickmers Maritime to maintain stable operating cash flows and high utilisation rates. Managed by Rickmers Trust Management Pte. Ltd., Rickmers Maritime aims to provide its Unitholders with regular quarterly cash distributions. Rickmers Maritime also intends to grow its fleet through accretive acquisitions in order to increase distributable cash flow per Unit.
Ascendas-MGM Funds Management Limited (the Manager), the manager of Ascendas Real Estate Investment Trust (A-REIT) announced that A-REIT has completed the investment in SENKEE Logistics Hub with the completion of the acquisition of SENKEE Logistics Hub Phase II, an asset enhancement, undertaken by SENKEE Logistics Pte Ltd (the Vendor), for S$62.86 million.
The completion of this transaction will be accretive to A-REIT’s distributable income per unit (DPU) and the annualised pro forma financial effect of the acquisition on the DPU for the financial year ended 31 March 2007 would be an additional 0.10 cents per unit (1).
Upon the completion of the acquisition of SENKEE Logistics Hub Phase I, both parties entered into an Asset Enhancement Agreement whereby the Vendor undertook the asset enhancement works, otherwise known as SENKEE Logistics Hub Phase II, to redevelop an existing container park located on 19 Pandan Avenue into a similar ramp-up warehouse to maximize its existing plot ratio. The development was committed to be sold to A-REIT upon issuance of the Temporary Occupational Permit.
A-REIT is Singapore’s first listed business space and industrial real estate investment trust. It has a diversified portfolio of 80 properties in Singapore, comprising business and science park properties, hi-tech industrial properties, light industrial properties, and logistics and distribution centres, with total assets of S$3.51 billion. These properties house a tenant base of over 750 international and local companies from a wide range of industries and activities, including research and development, life sciences, information technology, engineering, light manufacturing, logistics service providers, electronics, telecommunications, manufacturing services and back-room office support in service industries. Major tenants include SingTel, C&P Logistics, Siemens, TT International, Honeywell, IHPC, Zuellig Pharma, LFD (Singapore), OSIM International, Venture Corporation, Federal Express, Freight Links Express, Johnson & Johnson, RSH, Infineon Technologies, Procter & Gamble and Hyflux.
A-REIT is listed in several indices. These include the Morgan Stanley Capital International, Inc (MSCI) Index, the European Public Real Estate Association/National Association of Real Estate Investment Trusts (EPRA/NAREIT) Global Real Estate Index and Global Property Research (GPR) Asia 250 and FTSE ST Mid Cap. A corporate family credit rating of A3 was assigned to A-REIT by Moody’s Investors Service in December 2005. A-REIT is managed by Ascendas-MGM Funds Management Limited (in its capacity as manager of A-REIT), a 60:40 joint venture between Singapore-based Ascendas Pte Ltd and Australian-based Goodman International Limited.
Thia Beverage Public Company Limited announced that it has, through an indirect subsidiary Pan Alcohol Company Limited has entered into a Memorandum of Understanding (MOU) in relation to the acquisition of the majority of shares in Carabao Tawandang Company Limited (Carabao Tawandang) with the existing major shareholders of Carabao Tawandang on January 31, 2008.
Carabao Tawandang is a Thai company engaging in the production and sales of energy drinks under the trade name Carabao and Red Carabao.
The completion of the Acquisition is subject to various conditions, including completion of satisfactory business, financial and legal due diligence. The purchase price will be finalised. After the various conditions have been satisfied.
According to Canadean, the foremost research company in the industry, Thai Beverage is the leading producer of beer and spirits in Thailand by sales revenue and production volume, and one of the leading brewers and distillers in Southeast Asia. The Company's major market is still Thailand, but the Company plans to expand abroad in future. The company believes that our beer and spirits products have strong brand identity and occupy leading market positions in Thailand. The company's signature beer, Chang Beer, is the best-selling beer brand consumed in Thailand and, together with the company's Archa Beer, had an approximately 60.4% share of the Thai market in 2004. The company also had an approximately 74.4% share of the spirits market in Thailand in 2004 from sales of our well-known brands, including Sangsom, Mekhong and Mungkorn Thong and our white spirits. The company's revenue from sales of beer and water (before intersegment eliminations) was Baht 47,749.2 million, or 53.0% of the company's revenue from sales in 2004, and Baht 42,263.9 million (US$1,029.1 million), or 45.9% of the company's revenue from sales in 2005. The company's revenue from sales of spirits (before intersegment eliminations) was Baht 42,188.6 million, or 46.8% of the company's revenue from sales in 2004, and Baht 49,910.0 million (US$1,215.2 million), or 54.2% of the company's revenue from sales in 2005. The company also generates revenue from sales of industrial alcohol. The company's leading position in the Thai alcoholic beverage market is supported by its distribution network, which the company believes is one of the most extensive in Thailand. The Company engages in extensive advertising and promotions to grow its market share and enhance its brand image; for example, the Company is the main sponsor of England's Everton Football Club. The company breweries and distilleries are well-equipped facilities that produce beer and spirits, and which the company believes meet or exceed international standards. The company owns and ope ates three breweries with a total installed capacity of 10,900.0 thousand hectoliters and 16 distilleries with a total installed capacity of 87,777.8 thousand cases. The company is currently undertaking a 4,600.0 thousand hectoliter expansion of our brewery capacity in order to provide additional capacity to introduce new products, to further penetrate international markets, to meet seasonal fluctuations in demand, which can exceed 100% of the company design capacity from time to time, and to avoid excessive wear on the company machinery.
Food Empire Holdings Limited (the Company) wishes to announce the establishment of the
following indirect wholly-owned subsidiary incorporated in Singapore:
Name: Empire Instant Food Pte. Ltd.
Issued and Paid up Capital : S$2.00 comprising 2 ordinary shares
Principal Activities: Manufacturing, marketing and distributing of food and beverages.
The incorporation of this Subsidiary has no financial impact on the consolidated earnings per share or consolidated net tangible assets per share of the Company for the current financial year.
Food Empire Holdings is a leading food and beverage company that manufactures and markets instant beverage products, frozen convenience food and confectionery. It also has a wholesale business that trades in frozen seafood. Food Empire Holdings' products are exported to over 50 countries in markets such as Russia, Eastern Europe, Central Asia, China, Indochina, Australia and the US. The Group has 18 offices (representative and liaison) in countries including Russia, Ukraine, Kazakhstan, Uzbekistan, Iran, Poland, Turkey, Belgium, Bahrain, Mongolia and Vietnam. Food Empire has more than 200 types of products under its own brands - MacCoffee, Klassno, FesAroma, Bésame, OrienBites, MacCandy, Kracks, MacFood, Zinties and Hyson.
Unified Communications Holdings Limited (UCHL) announced that Unified has executed
an agreement on 1 February 2008 with TGA to formalise its engagement and scope of work as TGA’s exclusive technology partner in the building, installation, implementation and technical operation and management of the NPC (the Agreement). The Agreement has a total value of approximately S$39.6 million over the term of the NPC project.
The NPC project has a term that comprises a build, install and implement phase (the Build Phase) that is already underway and expected to be completed in 2008, and an operate and manage phase spanning five (5) years commencing upon the completion of the Build Phase (the O&M Phase). The O&M Phase may by mutual agreement be extended for a further period of five (5) years.
Unified's scope of work under the respective phases of the NPC project and pursuant to the Agreement includes:
(a) For the duration of the Build Phase -
- Designing, planning, installing, testing and commissioning of the core and ancillary technology solutions for the NPC, comprising NPC technologies from leading third-party vendors including Telcordia Technologies Inc. as well as Unified’s own; and
- The provision of project management professional services.
(b) For the duration of the O&M Phase -
- Technical operation and management of the NPC; and
- Ongoing maintenance and technical support of the core and ancillary technology solution components of the NPC.
In 1998, Unified Communications was established as a provider of telecommunications proprietary and customised solutions, as well as a distributor of telecommunications products for the industry. From a single office in Malaysia, the Group today has a global network of six offices located in Singapore, Malaysia, Philippines, Thailand, Hong Kong and China, and various service support arrangements in Indonesia, Pakistan and the USA. Through these offices, the Group serves customers in the ASEAN region, Greater China, West Asia, Indochina, the Middle East and the USA. In 2004, Unified Communications Holdings Limited ("UCHL") was listed on the main board of the Singapore Exchange. Today, UCHL has four principal business areas targeting telecom operators, service providers and enterprises.
Oculus Limited (Company), wishes to announce that the Company intends to acquire from Advanced Ocular Systems Limited (AOS) certain rights, title and interest in various ophthalmic assets as follows:-
TA Assets licensed to Alcon Manufacturing Inc., (the TA Assets);
- The Omnifocal IOL including the further obligations under the Omnifocal agreement
with Dr. Robert Kellan to further the development of the IOL Design (the “Omnifocal
- Kellan phakic IOL assets (the “Kellan Phakic Assets”),
(the TA Assets, Omnifocal Assets and the Kellan Phakic Assets being collectively referred to as the Assets) (the Proposed Acquisition).
The Company has, on 5 February 2008 entered into a conditional sale and purchase agreement (the SPV S&P Agreement) to acquire the entire share capital of Swift Venture Holdings Corporation (SVHC), a special purpose vehicle incorporated in the British Virgin Islands, from certain unrelated individuals (the Vendors). On the same date, SVHC has entered into a conditional sale and purchase agreement with AOS (the AOS S&P Agreement) pursuant to which SVHC will acquire from AOS all of AOS’s right, title and interest in the Assets.
Oculus Limited is focused on the innovation, manufacture and marketing of color lenses principally under the FreshKon® brand. The group also offers disposable daily and monthly clear lenses primarily under FreshKon® brand, and specialty products such as soft toric lenses and gas permeable lenses made with Boston material. With direct presence in Singapore, China, Hong Kong and Malaysia, its products are sold in more than 45 countries globally.
Portek International Limited (the Company) wishes to announce that the Company's subsidiary, Portek Systems & Equipment Pte Ltd ("PSE"), sold its whole 15 per cent equity comprising 13,950 ordinary shares in the capital of PT. Metaepsi Pejebe Power Generation (Meppogen), to the other existing shareholders, for a total cash consideration of
US$1,725,000 (the Sale).
The sale is subject to approval of the Indonesian Investment Coordinating Board (BKPM). Portek Group expects to realize a gain of approximately S$ 88,000 before tax from the Sale.
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.
Radiance Electronics Limited (the Company) wishes to announce that the Company has incorporated a wholly-owned subsidiary in Singapore (New Subsidiary). The details are as follows:
Name of New Subsidiary: Sino-Brilliant Energy Pte. Ltd.
Issued and Paid-Up Capital : S$1,000,000 (Singapore Dollars One Million)
Principal Activities : Investment Holding
The investment was funded by internal resources and is not expected to have any material impact on the earnings per share and net tangible assets of the Company for the financial year ending 30 June 2008.
Radiance is a specialist providing electronics manufacturing services ("EMS") to customers who are OEMs or ODMs of products in the satellite communications and computer peripheral industries. Radiance provides Box Build and PCBA for Satellite Communications products such as Low Noise Block Converters (LNB) and Satellite Signal Distribution Equipment and accessories; and computer peripherals. Radiance manufacturing facilities are based in low cost PRC, which improves our competitive pricing. Our manufacturing activities are presently carried out at our Shanghai and Shenzhen plants. Our Shanghai plant assembles satellite communications products and computer peripherals for export sales outside of PRC.
Global Voice Group announced it has completed an agreement with DE-CIX (German Internet Exchange). Under the terms of the agreement, Global Voice will deploy priva|nex, a dedicated private fiber solution in Frankfurt, delivering the redundancy and security required to support one of the leading Internet exchanges in Europe.
DE-CIX, the leading Internet Exchange for peering in Central and Eastern Europe, boasts in excess of 200 customers. These customers include some of the world’s largest ISPs, Carriers and content providers from more than 25 nations. At the Internet exchange, the networks of Internet Service Providers, telecommunications carriers, content providers, hosting providers and the like, meet to exchange IP traffic with one another. DE-CIX required the highest levels of redundancy and reliability in their solution to support traffic in excess of 200 Gigabits per second on average and to ensure 24 x 7 availability of service.
Global Voice Group leveraging off their all-fiber optic network was uniquely positioned to warranty the levels of redundancy demanded while at the same time guaranteeing the highest levels of security required. Global Voice Group deployed private fiber networks not only delivering the fastest, lowest latency network available to support DE-CIX’s traffic, but also providing almost infinite scalability for future business growth.
Global Voice Group owns and operates one of Europe’s highest capacity fiber networks and provides mission critical communication infrastructure and services to large corporations, carriers, and service providers. Constructed at a cost in excess of €1.3 billion, Global Voice’s all-fiber optic network uniquely combines ‘long-haul’ intercity 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 Corporates 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 (www.euro-one.com)
LuYe Pharmaceutical Investment Co., Ltd (LuYe or the Offeror), an indirect wholly-owned subsidiary of MBK Partners, L.P. (MBKP) has announced that it intends to make a voluntary conditional cash offer (the Offer) for all the issued and paid-up shares of par value US$0.02 each (the Shares) in the capital of AsiaPharm Group Ltd (the Company). LuYe Pharmaceutical International Co., Ltd (LuYe International), the holding company of LuYe, and Hygeia Holdings Ltd (Hygeia), which is in turn, the holding company of LuYe International, have formed a consortium with certain members of the senior management team of the Company (together, the Consortium) to make the Offer with a view to taking the Company private.
The Offer is conditional upon, among other things, LuYe obtaining acceptances in respect of such number of Shares which, when taken together with Shares owned, controlled or agreed to be acquired by the Offeror and parties acting in concert with it will result in the Offeror and parties acting in concert with it holding Shares carrying not less than 90 per cent. of the voting rights attributable to all the Shares as at the close of the Offer. As at 4 February 2008, the Offeror has received irrevocable undertakings from the controlling
shareholders of the Company (namely, AsiaPharm Holdings Ltd, Mr Liu Dianbo, Madam Wang Cuilian, Mr Yang Rongbing, Mr Yuan Huixian and Madam Su Kajia) to accept the Offer in respect of approximately 44.17 per cent. of the issued share capital of the Company. The Offeror believes that the Offer represents an attractive proposition to shareholders to realise their investment in the Company for cash at a premium to the last transacted share price, the volume weighted average price (VWAP) per Share for the one month, three month and six month period prior to 30 January 2008 (being the last full day of trading in the Company’s shares prior to the date of the announcement of the Offer on 4 February 2008 (the Announcement)) (the Last Full Day of Trading).
The Offer price represents:
- a premium of 14.2 per cent. over S$0.635, being the last transacted share price on 31
- a premium of 31.1 per cent. over S$0.553, being the VWAP for the one month period prior to the Last Full Day of Trading;
- a premium of 32.1 per cent. over S$0.549, being the VWAP for the three month period prior to the Last Full Day of Trading; and
- a premium of 28.1 per cent over S$0.566, being the VWAP for the six month period prior to the Last Full Day of Trading.
The Offeror also believes that privatisation of the Company will allow the Company to focus its resources on its business operations as it will be able to dispense with the expenses and management resources in connection with the maintenance of its status as a listed entity. Further, the continuous and extensive reforms in the pharmaceutical and health care sector in China present significant regulatory uncertainties. The Offeror and the members of the Consortium are of the view that privatisation of the Company will provide it with the benefit of greater management flexibility, thereby allowing the Company to operate with greater speed in a challenging operating environment.
The Company was incorporated on 2 July 2003 in Bermuda and was listed on the Main Board of the Singapore Exchange Securities Trading Limited on 5 May 2004. The Company specializes in the research, development and production of pharmaceutical products.
CapitaRetail China Trust Management Limited, as manager of CapitaRetail China Trust (CRCT, and the manager of CRCT, the Manager) announced the completion of the acquisition of Xizhimen Mall, Beijing, by CRCT.
The total acquisition cost of Xizhimen Mall, Beijing, is S$341.0 million, which comprises the purchase consideration1 of S$332.0 million, the acquisition fee of S$3.32 million and related professional and other fees and expenses of S$5.7 million. The entire net proceeds of approximately S$182.3 million from the offer and placement of new units in CRCT under the Equity Fund Raising (as defined in the OIS) have been applied in full to partly finance the acquisition of Xizhimen Mall, Beijing.
The balance of the total acquisition cost are funded through (i) bank borrowings of S$88.0 million, taken at the CRCT level in the form of a two-year unsecured term loan facility, (ii) S$12.0 million drawn down from an existing short-term loan facility and (iii) CRCT’s internal cash balances.
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.
CRCT is managed by an external manager, CapitaRetail China Trust Management Ltd, which is an indirect wholly-owned subsidiary of CapitaLand Limited (CapitaLand), one of the largest listed real estate companies in Asia.
The St James Pte Ltd, operator of St James Power Station, Singapore’s largest and most successful night entertainment venue, is one step nearer to a listing on Catalist. Its reverse takeover target company, JK Technology Group, today announced that it has secured a sponsor for its transition to the new SGX sponsor-supervised board. The transition was a condition of St James’ $108 million RTO of JK Tech announced in September 2007. The sponsor is PrimePartners Corporate Finance. In connection with the RTO, JK Tech has today submitted a listing undertaking to the SGX as required under the Catalist rules. The effective date of the transition will be no less than one month from today. The move will pave the way for JK Tech to convene an extraordinary general meeting for shareholders’ approval on the deal.
The new Catalist board, similar to London's Alternative Investment Market for small, fast-growing firms, does not require companies to meet any prescribed financial entry criteria to be listed. They will, however, need to comply with standard disclosure requirements and will be supervised by sponsors, which could be either merchant banks or boutique financial firms. Under a Sales and Purchase Agreement signed between the shareholders of St James and JK Tech last year, the former will sell to the latter, the entire issued and paid-up capital of St James.
To pay for the acquisition, JK Technology will issue to the vendors up to 615,384,614 new shares in three tranches, at $0.1755 each. This will result in a RTO of JK Tech by the shareholders of St James, and a subsequent placement of new shares to meet an SGX free float requirement. JK Tech’s major shareholder Eugene Ang, who owns 54.8% of the company, has undertaken to vote in favour of the transaction. The RTO is targeted for completion by the second quarter of 2008. Following that, JK Tech will be renamed The St James Holdings Ltd.
St James Pte Ltd operates St James Power Station, Singapore’s largest one-stop entertainment hub that opened in the fourth quarter of 2006. The 70,000 square foot complex boasts of nine distinct outlets with exclusive themes spanning from world music and jazz to contemporary dance and mando-pop. The company is owned by FJD Pte Ltd, EK Capital Pte Ltd and Breadtalk Pte Ltd.
Epure International Ltd, a leading turnkey water and wastewater treatment solutions provider in China, has received a prestigious award for excelling in China’s urban water industry.
Epure’s wholly-owned Beijing Sound Environmental Engineering Co., Ltd (“Beijing Sound”) clinched the Award of Excellence for Environmental Engineering from China Water, an authoritative website specialising in China’s water sector. Beijing Sound is among 15 companies to receive the accolade from China Water, which hands out various awards annually.
For this Award of Excellence, China Water scored enterprises based on public opinion and views of industry experts. Four criteria were used: market share, industry reputation, brand influence and technological innovation. Epure joined other illustrious international brand names such as GE Infrastructure Group Water Treatment Sector, Veolia Water Works, Konckier Water Group, and Siemens Industry System & Technology Service Group to win the award.
China Water’s awards are widely recognised and have set benchmarks for enterprises in the industry. Its portal aims to promote communication and cooperation between domestic and overseas water sectors. It is sponsored by several government affiliates in China, including the Water Branch at The Civil Engineering Commission of China and the Science & Technology Commission of China. Collaborating with over 20 organisations, institutes, universities and the media, China Water also functions as the policy broadcaster and consultant for the Ministry of Construction in China.
Epure International Ltd. is widely recognised as one of China’s leading turnkey water and wastewater treatment solutions providers. Backed by extensive R&D, technical expertise, and a proven track record of over 12 years, it has successfully completed many award-winning large-scale and complex projects in the PRC. The Group develops proprietary water and wastewater treatment technologies and customizes them into effective turnkey solutions for industrial and municipal projects. Epure has a strong marketing network in the PRC, making the Group much sought after for its strong design and engineering project management capabilities. In 2006, Epure diversified into the management of water treatment plants with a 20 per cent stake in Shanghai Chenghuan Water Operation Co. The Group also intends to venture into capital investment, having taken a 15 per cent stake in Anyang Mingbo Water Operations Co. It looks to other BOT and TOT projects for co-investment. Both investments were done through Epure’s wholly-owned Beijing Sound Environmental Engineering Co. The Group seeks to expand into other aspects of the supply chain for better integration of the whole eco-protection process, having set its sights on becoming a fully integrated services provider in the waste & wastewater treatment industry. Having a major shareholder in International Finance Corporation, the World Bank’s private sector arm promoting socially and environmentally sustainable private sector investments, is ample testimony to Epure’s capabilities. Epure was listed on the Main Board of the Singapore Exchange on 6 October 2006. That year, the Group ranked among the 10 Most Influential Water Companies in China and China Water Industry Top 10 EPC Companies. Non-executive chairman Wen Yibo was second among the 10 Most Influential People in China’s Water Industry. He is also Chairman of the Chinese Environment Service Industry Association, the new consultative group on China’s policies on the water, wastewater, and solid waste treatment industry.
“..in conjunction with China's 11th Five-Year Plan and the nationwide increased awareness for environmental protection, the Chinese government has paid more attention to China's ecological environment. Policies were introduced and more monies were invested to protect the environment. Epure applauds the Chinese government for these initiatives. We see it as an opportunity for us to grow together. On the other hand, the government has accumulated much experience in reforming the water treatment industry. As this direction for reform is gradually defined, the market for the water treatment industry will liberalise accordingly. As this happens, the industry will attract both foreign and local investment capital. With more investment and increased in competition, the regulatory framework will mature correspondingly to support market needs. Epure has identified and seized this historical opportunity. Although under increasingly competitive environment, Epure has consolidated and maintained its existing market position. In addition, Epure continued to target and develop new sales markets.”
Epure International Limited