Global Voice Group announced it has completed an agreement with NL-ix (Netherlands Internet Exchange). Under the terms of the agreement, Global Voice will provide host|nex, a mission critical integrated colocation and private fiber network solution to host and network one of the world’s largest Internet Exchanges. NL-ix as one of the largest Internet Exchanges unites 169 International members looking to exchange IP traffic with one another. NL-ix was looking to move from a centralised single-core to a distributed multi-core network architecture via multiple datacenters in an effort to eliminate any single point of failure. They therefore demanded a solution that would meet their datacenter requirements and furthermore include high capacity connections between their multiple locations.
Based upon these criteria, Global Voice designed and deployed host|nex, a highly reliable solution consisting of secure colocation at their premium datacenter facility in Amsterdam for the hosting of NL-ix’s new core switch. This location is then connected to five newly upgraded core switches via a private fiber network, with a total initial activated capacity of 80 Gbit/s using Wave Division Multiplexing (WDM) technology.
Global Voice furthermore provides dark fiber connections between the additional core switch locations, summing up to eight locations in total. In addition to the core switch, NL-ix also hosts an access switch at Global Voice Group’s high power density datacenter facility, enabling local customers to peer over NL-ix.
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 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, and 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.
China Precision Technology Limited
(China Precision or the Group) announced that net profit for the financial year ended 31 December 2007 (FY07) was RMB 106 million, up 39.9 per cent from RMB 75.7 million in 2006 (FY06). This stellar performance was attributed to improvement in Electronic Tuner Components (ETC) gross profit margin. The Group’s overall sales saw a 27.0 per cent increase to RMB 769.0 million in FY07 from RMB 605.2 million in FY06. Sales in the ETC segment increased 12.5% to RMB 473.3 million in FY07, from RMB 420.7 million. This increase was largely attributable to organic growth in products that use ETC such as Liquid Crystal Displays (LCD), Plasma Display Panels (PDP) and digital set-top boxes.
Sales for the Automotive segment rose 34 per cent to RMB 82.3 million in FY07, from RMB 61.4 million in FY06, driven largely by increase in orders from existing customers as well as organic growth in the PRC automotive industry. The Others business segment posted its highest percentage increase in sales, up 73.1 per cent to RMB 213.3 million in FY07 from RMB 123.1 million in FY06. This was due mainly to increase in sales (i) of precision components for mobile phones and (ii) of precision components and connectors to consumer electronics industry. The demand for the Group’s products in the mobile phone market drove the increase in Others segment sales which saw a 3rd consecutive quarter of improvement in Others segment’s gross profit margin.
Gross profit increased 21.3 per cent to RMB 236.9 million in FY07 from RMB 195.3 million in FY06. Gross profit margin (GP Margin) for ETC increased to 38.1 per cent in
FY07, from 35.8 per cent, largely attributable to (i) replacement of copper in the nonessential parts of the F-connectors (ii) increasing productivity using automated assembly machines and (iii) improvement in customer mix. GP Margin for Automotive segment was lower due to differences in product mix in FY07 and FY06 while the reduction in GP Margin in Others segment were the short term effects of the Group’s ongoing efforts to enhance margins in this segment. GP Margin for mobile phone components, a product group under the Others segment, remained stable, at above 30 per cent. The reduction in overall GP Margin in the Others segment was mainly confined to non-core products.
Net profit attributable to shareholders, excluding the provision for custom issue in FY06 and reversal of over-provision for custom in FY07, was up 25.8 per cent to RMB 104.1 million in FY07, from RMB 82.7 million in FY06. Net profit margin, excluding the items mentioned above, remained largely unchanged at about 13.5 per cent. Earnings per share (based on a capital base of 400 million shares was 26.5 RMB cents in FY07 compared to 21.2 RMB cents (based on 357.2 million shares) in FY06 while net asset value per share rose to 128.0 RMB cents for FY07 from 106.6 RMB cents in FY06. The Group is declaring a first and final dividend of RMB 0.053 per share for the financial year ended 31 December 2007.
For the Oct to Dec 2007 Quarter (4Q07), the Group recorded a net profit of RMB 29.3 million on sales of RMB 230 million compared to RMB 8.9 million and RMB 165.2 million respectively for 4Q06.
China Precision Technology provides integrated manufacturing services for the electronic components and automotive industries. The Group’s customers include established MNCs such as Sharp, Panasonic, LG, Thomson, Sanyo (Japan) and Dongfeng Honda. Since its inception, the Group has provided high quality services in precision engineering that requires advanced technology such as metal stamping, plastic injection moulding, die casting and mould design and fabrication. Other value added services includes assembly and surface treatment, namely electroplating for metal and plastic parts.
Biosensors International Group Ltd. (Biosensors or the Company) announced that its BioMatrix® drug-eluting stent system was successfully implanted into the first European patients following its Conformité Européenne (CE) Mark approval last month. Two leading cardiologists implanted a total of six BioMatrix drug-eluting stents in three complex cases that were broadcast live during the Joint Interventional Meeting 2008 (JIM). JIM is a leading meeting of interventional cardiologists held annually and attended by cardiologists and physicians from around the world. This scientific meeting, held in Rome, Italy, from 13 – 15 February, focuses on live demonstration of interventional procedures.
Professor Eberhard Grube, Chief of Cardiology at the Helios Heart Center in Siegburg, Germany, and Dr. Gregg W. Stone, Director of Cardiovascular Research and Education at the New York Presbyterian Hospital-Columbia Medical Center, performed the three procedures at the Helios Heart Center in Siegburg. The first patient to receive BioMatrix was a 71-yearold male who is suffering from diabetes and hypertension. He received two BioMatrix drug-eluting stents in a procedure performed by Prof Grube that was broadcast live to the more than 1,500 attendees on the opening day of JIM.
Prof. Grube also implanted a BioMatrix in a 56-year-old male patient to treat an artery that
became blocked due to restenosis, or re-narrowing, after being previously implanted with a first-generation drug-eluting stent that utilizes durable polymer as a drug delivery mechanism. Dr Stone implanted three BioMatrix stents in a third patient, a 57-year-old male suffering from a totally blocked left anterior descending artery (LAD) and a partially blocked right coronary artery (RCA). Despite the complicated patient conditions, the two cardiologists implanted all six BioMatrix drug-eluting stents with 100 per cent procedural success.
BioMatrix, which received European regulatory approval in January 2008, is a unique drug eluting stent system that combines a biodegradable polymer and the company’s proprietary anti-restenotic drug, Biolimus A9®. The company plans a full European and Asian launch from April 2008.
Biosensors develops, manufactures and markets innovative medical devices used in interventional cardiology and critical care procedures. Biosensors is well-positioned to emerge as a leader in drug-eluting stents and has developed a pipeline of next-generation products that are set to gain market share from traditional therapies such as conventional drug-eluting stents, bare-metal stenting and open-heart surgery. It has three separate drug eluting stent programs, BioMatrix®, Axxion™, and BioFreedom™, a completely polymer-free drug-eluting stent.
Best World International Limited (the Company) wishes to announce that the Company had de-registered its branch office, Best World International Limited, Taiwan
Branch in Taiwan.
Following the closure of the Taiwan Branch Office all business and operations be transferred to Best World Lifestyle (Taiwan) Co., Ltd, the Company’s wholly-owned subsidiary incorporated in the Republic of China.
The above transaction is not expected to have any material impact on the net tangible assets
and earnings per share of the Company for the financial year ending 31 December 2008
Founded in 1990 with a firm commitment to provide the best quality products to enhance our customers’ lives, Best World has since evolved into one of the leading companies in the health and wellness industry.
Evraz Group S.A. announced that it has entered into a Share Purchase Agreement (the
Agreement) with Best Decade Holdings Limited (Best Decade) and the shareholders of Best Decade, to acquire from Best Decade up to approximately 51 per cent of the issued share capital of Delong Holdings Limited (Delong) over an agreed period of time. This transaction is subject to anti-trust clearance by the Ministry of Commerce (MOFCOM) and the State Administration of Industry and Commerce (SAIC) of the People’s Republic of China (the PRC).
The Share Purchase Agreement entered into between Evraz, Best Decade and the shareholders of Best Decade includes an initial sale to Evraz of approximately 10.0 per cent of the issued share capital of Delong (the Initial Sale) at S$3.9459 per share (the Offer Price). Best Decade has also granted Evraz a call option to acquire an additional 32.08 per cent of the issued share capital of Delong (the Call Option) that is conditional upon the satisfaction of certain conditions. The Call Option is exercisable between the date of the completion of the Initial Sale and ending after the date following 6 months immediately after 18 February 2008. Evraz has granted Best Decade a put option with respect to 32.08 per cent of the issued share capital of Delong (the Put Option), exercisable between the date immediately after completion of the Initial Sale and ending on the date falling six months immediately after 18 February 2008. Both
the Call Option and the Put Option have a strike price equal to the Offer Price of S$3.9459.
In addition, the beneficial shareholders of Best Decade have signed an undertaking to sell an additional approximately 8.97 per cent of the issued share capital of Delong to Evraz at the Offer Price when certain restrictions in place due to existing financing arrangements are released. Following completion of these transactions, Evraz will control approximately 51.05 per cent of the issued share capital of Delong. Best Decade has an interest in
approximately 77.08 per cent of the issued share capital of Delong and will retain an interest of approximately 26.03 per cent following this transaction. In accordance with the Singapore Code on Takeovers and Mergers, Evraz will make a mandatory cash offer for the remaining Delong shares at the Offer Price, upon the exercise of the Call Option or the Put Option. The maximum
consideration payable by Evraz will be approximately US$1,494 million, assuming
full acceptance of the mandatory offer, and the exercise of all outstanding warrants. Evraz expects that Delong will maintain its head office in Beijing and does not envisage any material changes to the management of Delong following the completion of the transactions. The management of both companies are excited about the many areas of synergies between Evraz and Delong arising from technology cooperation, joint procurement as well as cross selling and marketing opportunities.
Sunpower Group Ltd. (Sunpower, the Group), a specialist in the design, R&D and manufacture of customized energy-saving and environmental protection products with heat transfer technologies for diverse industries in the PRC, has announced that its wholly-owned subsidiary, Jiangsu Sunpower Technology Co., Ltd. , has separately clinched contracts with China Petroleum & Chemical Corporation (Sinopec) and Wuhuan Engineering Corporation (WEC) to install special materials pressure vessels worth a total of RMB 94.26 million.
The special materials pressure vessels mentioned will be made from copper-nickel alloy and Hastelloy® alloy. These non-ferrous materials are highly corrosion resistant and are high performance materials used in specialised products. The special material pressure vessels mentioned in the contracts are considered to be high-end products in the pressure vessels industry, and require high technological competency to build. The pressure vessels will be delivered progressively and will be fully delivered by 1H2009. Part of the financial benefits of the contracts will be reflected in Sunpower’s FY08 earnings.
The signing of the deal is significant for Sunpower for two reasons. Firstly, it marks a successful start to the Group’s new strategy of adjusting its product mix, to increase the proportion of special materials products. Secondly, the contracts show the trickling down of benefits to Sunpower from the government’s policy of localizing production for important industries, such as the petrochemical, petroleum and coal industries, where many of the biggest companies are Sunpower’s clients. The PRC government has indicated that it will be adjusting tax incentives and setting up special funds to give strong support to similar large-scale ventures to localise production for key industries.
PRC-based Sunpower Group Ltd. (Sunpower or the Group) specializes in the design, R&D and manufacture of customized energy saving and environmental protection products using heat transfer technologies. The Group's products range from heat pipes and heat exchangers to pipe supports, waste gas and energy recovery systems, and pressure vessels. They are used in various industries such as petrochemical, steel and transportation, particularly in energy projects that benefit from the products’ energy saving features. Sunpower has a strong customer base and is a member of both China Petroleum and Chemical Corporation (SINOPEC) materials supply network and China National Petroleum Corporation (CNPC) first tier network. These memberships pre-qualify the Group to supply products to companies in the
SINOPEC and CNPC groups.
Cambridge Industrial Trust Management Pte Ltd (CITM) wishes to announce that Oxley Group (Oxley) has acquired an effective 20 percent interest in CITM by acquiring 33 percent of the equity in Cambridge Real Estate Investment Management (CREIM).
CREIM holds a majority stake of 60 per cent of CITM. CITM is the manager of Cambridge Industrial Trust (CIT), which is the first independent industrial REIT to be listed on the Stock Exchange of Singapore with a market capitalization of approximately S$ 552 million and total assets of S$ 949.8 million.
Oxley's interest was acquired from Mr Chan Wang Kin, who has sold his entire 28 percent stake in CREIM to Oxley. Oxley has acquired an additional 5 percent from Mr Ang Poh Seong, CEO of CITM. Mr Ang retains a 20 percent stake in CREIM. With the sale of his interest in CREIM, Mr Chan Wang Kin will cease to be a director of CREIM and CITM.
CIT is Singapore's first independent industrial real estate investment trust listed on the Singapore Exchange Securities Trading Limited (SGX-ST). Since listing on 25th July 2006, CIT has grown from the initial asset portfolio of 27 to the current asset portfolio of 42 properties valued at S$949.8 million, all of which are located in Singapore.
DMX Technologies Group Limited (DMX or the Group), a leading information technology enabler and digital media provider, today announced the launch of Vantage, a new division of DMX providing managed services, including Managed Security Services (MSS), signifying the Group's first step into the multi billion dollar global growing market sector.
Aspiring to be a regional service provider offering all-round managed services in Asia Pacific, Vantage specialises in enterprise network and system management, and security management. Beginning with MSS, Vantage offers round-the-clock, all year risk management security services through a Vantage Security Operation Centre (SOC), for each and every operating country of DMX.
The addition of Vantage completes DMX's transformation of its business organization into two major groupings of Infrastructure Enabling and Digital Media. The Infrastructure Enabling group consists of two business segments; Infrastructure Solutions and Managed Services, which includes Vantage. The Digital Media group has three segments - Digital Media Solutions, Multi Media Software and the recently set up New Media Content.
Being one of the very few regional providers of managed services, Vantage will lead the market with its vast experience and established workflow in providing complete services and solutions across the region. Riding on the extensive experience in system integration and domain knowledge on network, system and security technology, Vantage's team of certified engineers and specialists are well prepared to provide outstanding services to customers.
DMX Technologies is a leading information technology enabler and provider of a wide range of digital media content, software and solutions. The Group specialises in providing integrated IT solutions to enable telecom operators, cable TV operators, mobile operators, media corporations and enterprises to deliver enhanced services to their end-users. The Group's solutions range from providing service operators and enterprises with network security, network management and optimisation, to providing systems that enable digital media services. The Group owns a suite of proprietary digital video software, which provides a platform for the delivery of enhanced TV and interactive value-added services over broadband, cable, mobile or other network media. Established in 1999 and listed on the Singapore Stock Exchange, DMX has built an extensive regional network of offices in Asia, including Greater China, Indonesia, Korea, Malaysia and Singapore.
Nexwave Telecoms Pte. Ltd. (Nexwave Telecoms), a wholly-owned subsidiary of Singapore Exchange Mainboard-listed TeleChoice International Limited, today announced the launch of a new, first-of-its kind international Short Messaging System (SMS) service, ‘i.SMS’ – International SunPage Message Service, for post-paid SunPage customers. Pre-paid customers will also be able to enjoy this service in the coming months, which will be packaged with the SunPage International Calling Card (ICC) and Callback cards. This will enable Pre-paid customers to enjoy two services in one card – ICC and SMS or Callback and SMS. By using ‘i.SMS’, registered SunPage customers will be able to send international SMSs while overseas to Singapore or to another overseas destination at a flat rate of 12 cents per SMS. This enables substantial cost-savings as compared to normal roaming charges that they would otherwise have had to pay.
Customers can also enjoy savings when they send a global SMS from Singapore to their overseas friends and contacts at the same rate of 12 cents per sms. A further feature of this service is that the sender’s actual mobile phone number will be displayed on the recipient’s phone, instead of an unknown service number. Friendly user-interface enables hassle-free registration, activation and use of application.
Registered SunPage customers simply register for this new service, at no administration charge, either via WAP, or the internet. Customers can also call SunPage’s Customer CareLine at 6483 3333 for assistance. Once a customer successfully fills up the i.SMS service registration information, the customer will receive an Activation SMS sent to his or her registered mobile number. By clicking on the activation link in the SMS, the customer’s i.SMS account will be enabled and another link will be sent to the customer for the downloading of a Java application and WAP link access. After downloading and installing the application, the customer will be ready to send SMS messages while abroad to Singapore and other countries, enjoying the very attractive and cost-efficient SMS charges.
Incorporated in Singapore on 28 April 1998 and listed on the Main-Board of the Singapore Exchange Securities Trading Limited (SGX-ST) on 25 June 2004, TeleChoice International Limited (TeleChoice) is a regional diversified provider and enabler of innovative communications. TeleChoice is a subsidiary of Singapore Technologies Telemedia Pte Ltd, a leading info-communications company with operations in Asia-Pacific, the Americas and Europe. DBS Bank Ltd was the manager, underwriter and placement agent for TeleChoice's initial public offering on the SGX-ST.
Guangzhao Industrial Forest Biotechnology Group Ltd (the Company) is pleased to announce that the Company has incorporated a subsidiary company and details of the subsidiary company are as follows:-
Name of subsidiary: Guangzhao Biofuel Pte Ltd (GBPL)
Country of incorporation: Cambodia
Registered capital : US$1,000,000.00
Principal activities : Plantation of crops for biofuel industries, process of feedstock to biofuel, importers and exporters, wholesales trade of agricultural products, commission agents and related services
Percentage interest owned by the Company: 100%, a wholly owned subsidiary of the Company
The Company has remitted US$808,750.00 being paid-up capital for GBPL, this was funded by the money received in October 2007 from the convertible notes.
Based in Shanghai, China, Guangzhao Industrial Forest Biotechnology Group Limited (Guangzhao or the Group) is engaged in the tissue culture and propagation of plantlets and saplings, of which its main product is the Guangzhao Fast-Growing Poplar. This unique poplar is able to grow at twice the normal rate and can also thrive in conditions where the soil is arid or saline. Currently, its tissue-cultured poplar is planted in over 18,600 hectares spread across eight provinces in China for eventual harvest and sale for the pulp or timber industries.
Auric Pacific Group Limited (the Company or APGL) wishes to announce that its wholly owned subsidiary, Auric Property Pte Ltd (the Vendor or APPL) (APPL, APGL and its subsidiary companies are collectively known as the Group has entered into a sale and purchase agreement (the Agreement) with New Star International Property (Singapore) Pte. Ltd. (the Purchaser) pursuant to which the Vendor has agreed to sell, and the Purchaser has agreed to acquire, all the strata lots more particularly listed in the Agreement (Strata Lots) together with the building known as One Phillip Street erected on Lot 401K Town Subdivision 1 (Building, the meaning of which shall include the Strata Lots) and (where the context so admits) including the Vendor’s Plant and Equipment (as defined in the Agreement) (the Property), for a cash consideration of S$99,020,000 (the Sale Price), exclusive of GST (Sale).
The Board of Directors of the Company views the Sale as a strategic business move to divest the Group’s non-core property investments. The Property to be disposed was originally acquired when the Group was in the course of diversifying into property investment, development, management and services and other related activities. With the acquisition of the Delifrance chain following the acquisition of Robinson and Company Limited and Food Junction Holdings Limited, it is now the Group's intention to focus its resources into expanding existing and newly acquired core businesses. The proceeds from the Sale shall be used to reduce external borrowings and to support new investments.
The Sale will result in a net gain of approximately S$13,520,000, which will be recognized in the Group’s profit and loss accounts in the financial year ended 31 December 2008.
Listed on the main board of the Singapore Exchange, Auric Pacific is in the business of distribution, manufacturing and retailing. As a leading distributor of fast moving consumer food and non-food products the Group has operations in Singapore, Malaysia, Indonesia and China and strategic investments in regional retail businesses. Auric also manufactures and markets popular house brands Sunshine and Top-One bread and bakery products, SCS butter, Buttercup dairy spread and Gourmet processed meats.
Aztech Systems Ltd (Aztech) announced that it has once again clinched an award under the Best Investor Relations category at the Singapore Corporate Awards (SCA). This year, the Company is the Gold winner in the Mainboard mid-cap category for Best Investor Relations.
The SCA recognizes good corporate governance practices, organized by The Business Times in collaboration with UBS, and supported by The Singapore Exchange Limited.
The Group thanks Business Times, SGX and the panel of judges for this prestigious accolade.
Founded in 1986, Aztech is headquartered in Singapore with support offices in USA, Germany, Malaysia and Hong Kong. The Group has an electronics manufacturing and a plastic injection moulding plant located in Dong Guan (China). The Group also has 4 R&D centres namely Singapore, Hong Kong, Shenzhen and Dong Guan, China. With its excellent manufacturing facilities, Aztech is able to manufacture high quality products that meet top worldwide industry standards. With state-of-the-art manufacturing equipment, strong engineering capabilities and facilities, which are ISO9001:2000, TL9000, UL, TUV and CCIB certified, Aztech is able to roll out products that bring the best quality and value to customers.
Micro-Mechanics (Holdings) Ltd. (Micro-Mechanics or the Group) is pleased to announce that its Chief Financial Officer, Mr Chow Kam Wing, has won the CFO of the Year Award (Sesdaq Category).
Awarded under the auspices of the Singapore Corporate Awards to recognize and honour the best in financial leadership, the winner of the CFO Award is judged to be an exemplary role model in corporate disclosure and transparency best practices. In addition, he often goes beyond mandatory regulatory requirements in quality of disclosure and corporate transparency, and helps create long-term shareholder value.
Since joining Micro-Mechanics as Finance and Administration Manager in 1996, Mr Chow has held a succession of key positions within the Group. As the Chief Financial Officer, he oversees the finance, accounting, IT and administrative functions of the Group’s worldwide operations. Prior to joining the Group, Mr Chow lived and worked in Hong Kong.
Established in 1983, Micro-Mechanics designs and manufactures a wide range of precision tools, parts and consumable products that are used to assemble and test semiconductors. The Group also has a Custom Machining and Assembly division that offers precision manufacturing services to high technology industries. Micro-Mechanics serves more than 300 customers worldwide through five manufacturing facilities located in Singapore, Malaysia, China (Suzhou), Thailand and the Philippines, sales offices in Switzerland, Taiwan, China, Indonesia and the USA, and a distributor in Japan. The Group was listed on the SGX-SESDAQ on 25 June 2003.
Rickmers Maritime, the third shipping trust to be listed on Singapore Exchange, has won the Merit commendation of the 2008 Singapore Corporate Awards’ Best Investor Relations Award.
Organised by The Business Times and supported by the Singapore Exchange, the Singapore Corporate Awards is into its third year, recognising and honouring Singapore Exchange-listed companies and individuals who exemplify governance and corporate disclosure standards. Rickmers Maritime received the award at Raffles City Convention Centre on 20 February 2008.
Rickmers Maritime is a Singapore business trust that owns and operates container vessels under long-term, fixed rate charters to container liner shipping companies. Its objectives are to offer first class services to its customers, grow the fleet, provide stable and growing cash flows and maximise value for its Unitholders. Rickmers Maritime's asset portfolio consists of a fleet of 23 containerships, including 13 containerships, which Rickmers Maritime has entered into memoranda of understanding to acquire. These vessels, ranging between 3,450 TEU and 13,100 TEU, have long-term, fixed-rate time charters in place, allowing 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, while reinvesting a portion of its operating cash flow, to ensure long-term growth and sustainability of the Trust. The Trust also intends to grow its fleet through accretive acquisitions in order to increase distributable cash flow per Unit.
Armstrong Industrial Corporation Limited(Armstrong" or "the Company), a leading Noise & Vibration Reduction specialist manufacturing foam and rubber components, has acquired an additional 450,000 ordinary shares in the capital of Armstrong Technology (Suzhou) Co Ltd (ATSU). This increases Armstrong’s stake in ATSU from 60 per cent to 90 per cent.
ATSU is a joint venture between the Company and a Taiwanese rubber manufacturer. The Company’s shareholding has increased to 90 per cent of the share capital of ATSU, consisting of 1,350,000 shares of US$1.00 par value each.
ATSU was set up in April 2005, to meet the demand of customers from South
East Asia countries who had re-located to China to localize the manufacturing of parts and components.
Established in 1974 and listed on the Main Board of the Stock Exchange of Singapore in 1995, Armstrong Industrial Corporation specializes in manufacturing rubber and foam parts that reduce Noise, Vibration and Harshness (NVH) for the electronics and automotive industries. It provides innovative solutions for insulation, dampening, cushioning, sealing and related applications. Armstrong produces high performance precision die-cut, rubber molding, stamping, vacuum and heat press molding components for the data storage, office automation, consumer electronics and automotive industries. Major customers are world-class multi-national corporations. Armstrong’s operations are housed in its Singapore corporate HQ and 19 factories across Singapore, Thailand, China, Malaysia, Indonesia and Vietnam..
“..Our decision to establish operations in Peru is a strategically important one. We are now able to capture commercial opportunities presented by the strong global demand and hence selling prices for fishmeal, which are in turn driven by the rapidly growing aquaculture and animal farming industries worldwide. Given Peru’s proximity to rich ocean resources in the South Pacific Ocean, this new thrust also complements the Group’s overarching strategy of securing more long-term access to precious fishery resources.”
Ng Joo Siang
Pacific Andes (Holdings) Ltd