Memtech International Ltd. (Memtech or
the Group), reported a net profit of US$1.4 million on the back of a revenue of US$28.9 million for the three months ended June 30, 2008 (2QFY2008). Despite the weakening overall market demand in 2QFY2008, the Group’s revenue increased 14.6 per cent to US$28.9 million, led mainly by larger orders from premium customers such as Foxconn (mainly from Nokia projects), ZTE and TCL Alcatel. The increase in sales of plastic moulded components by approximately US$1.5 million also contributed positively to the Group’s 2QFY2008 revenue.
Lower selling prices, higher raw material prices, as well as increased labour costs and general costs caused the Group’s gross profit margin to decline to 17.9 per cent from 24.1 per cent in 2QFY2007. Sales and marketing expenses rose 28.3 per cent to US$1.4 million, mainly due to the increase in salary and general costs. General and administrative expenses fell 39.9 per cent to US$2.0 million for 2QFY2008, mainly due to the Group’s write back of provision for doubtful debts which more than offsets the higher exchange loss.
The Group also registered an increase in share of losses from associate companies,
mainly due to its share of set up costs of Tera China and operational losses incurred by Teradisplay Co., Ltd in South Korea.
Tax expenses increased in 2QFY2008 compared to the previous corresponding period (2QFY2007), due to tax reforms in China that led to the expiration or withdrawal of tax benefits previously enjoyed by foreign firms. For the six months ended June 30, 2008 (1HFY2008), the Group recorded revenue of US$52.9 million and net profit of US$2.7 million. As at June 30, 2008, the Group continued to maintain a strong balance sheet and working capital position with approximately US$30.4 million cash and cash equivalents.
Listed on the Main Board of the Singapore Exchange in 2004, Memtech is a leading component solutions provider for the mobile phone, IT equipment and automotive industries. Besides being a total solution provider for mechanical components including keypads, lens and plastic components, the Group also designs and manufactures antennas. The Group’s wide product range and scope of services enable it to provide modular solutions and value-added services to its customers. The Group’s keypad division is one of the leading industrial players in the global mobile phone market, producing ultra-thin, metal, high-end silicone rubber, plastic and silicone rubber plastic hybrid keypads primarily for the mobile phone and automotive industries. The Group offers a one-stop solution: from the initial stage of engineering design and mould fabrication to the manufacture and assembly of the components. Currently, the Group operates three keypad manufacturing facilities strategically located in the major mobile phone manufacturing hubs in the PRC, namely the Pearl River Delta (Dongguan, Shenzhen and Guangzhou), and the Yangtze River Delta (Shanghai, Suzhou and Hangzhou). The Group also operates a plastic components production facility in
Kunshan, which manufactures casings primarily for digital cameras and mobile phones. It also operates a lens manufacturing facility in Dongguan, a joint venture with a Shenzhen-based design house in 2006 to engage in the antenna business. As a testament to the Group’s high quality standards, its manufacturing facilities are awarded with QS9000, TS16949, ISO14000 and ISO9001 certifications. Besides a wide network of sales offices across the PRC, the Group has also established a global network of sales offices in Korea, Japan, Singapore, Taiwan, America and Europe to better service its international customers. Memtech’s customers include major international mobile phone manufacturers including Motorola, Nokia, Sony Ericsson, LG, Foxconn, Flextronics, Alcatel, Sagem and HTC, as well as reputable China brands such as Ningbo Bird, Lenovo and TCL.
Marco Polo Marine Ltd. (the Company) announced that Marco Polo Shipping Co Pte Ltd, a wholly-owned subsidiary of the Company, has incorporated a wholly-owned subsidiary in Singapore known as MP Shipping Pte. Ltd. (MP Shipping)
The issued and paid up share capital of MP Shipping is $2.00. The principal activity of MP Shipping is that of ship chartering and ship leasing.
The incorporation of MP Shipping is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group for the current financial year.
Marco Polo Marine is a growing integrated shipping group principally engaged in the ship chartering and shipyard businesses.
The Group’s ship chartering business includes the provision of chartering, re chartering and transhipment services of tugboats and barges to its customers and end-users from the mining, commodity, trading, shipping, construction, infrastructure, property development and land reclamation industries. The transhipment services it provides involve the transportation of coal mined in Indonesia to coal operators for their onward transportation to energy power plants in the South East Asia regions. The Group’s shipyard is strategically located in Batam, Indonesia, occupying a total land area of approximately 348,705 square metres, with a seafront of approximately 650 metres. Presently, the Group is in the process of expanding its shipyard. When completed, its shipyard is expected to be one of the larger shipyards in Batam.
Fabchem China Limited (Fabchem) announced that the acquisition in 29.9 per cent of Fabchem’s ordinary shares by Dyno Nobel Limited (Dyno Nobel) from Fortsmith Investments Limited and Fivestar Limited has been successfully completed.
The total consideration of S$49 million comprises an upfront cash payment of $0.52 per share, and deferred payments of $0.05 per share conditional on Fabchem being granted an export licence and $0.13 per share conditional on Fabchem achieving specified financial performance hurdles in FY2008. Fabchem has satisfied each of these conditions.
Headquartered in the Republic of Singapore, Fabchem China Limited (Fabchem) is one of the leading manufacturers of initiation systems in China. These products are widely used in mining, infrastructure, and hydroelectric construction projects activities globally. Fabchem’s products are sold in commodity booming economies including China, Australia and South Africa.
Tiong Woon Corporation Holding Ltd (the Company) announced that its wholly-owned subsidiary, Soon Douglas (Pte) Ltd [SDPL], a company incorporated in the Republic of Singapore, has established a wholly-owned subsidiary in the Republic of Singapore, known as “Tower Cranes Services Pte. Ltd.” (TCSPL) with an issued and paid-up capital of $1.00.
TCSPL will be principally engaged in the servicing, erection, jacking and dismantling of tower cranes.
The above investment is funded by internal resources and would not have any material impact on the consolidated net tangible assets and earnings per share of the Group for the current financial year.
Tiong Woon is a leading, one-stop integrated services provider of infrastructure businesses for the Oil and Gas, Petrochemical, Power and Construction industries. We specialize in heavy lift, heavy haulage and process equipment installation; offshore marine services and transportation; and oil and gas fabrication and engineering works. We also trade heavy equipment and supply tower cranes.
WBL Corporation Limited (Wearnes) announced that it has disposed of its entire 25 per cent shareholding in Central China International Leasing Co Ltd (CCIL) on 31 July 2008.
The aggregate cash consideration for the disposal (which comprised various sellers selling their respective shareholdings, including Wearnes’ controlling stockholder, Oversea-Chinese Banking Corporation Limited (OCBC Bank) amounted to RMB 21.3 million, of which Wearnes received RMB5.32 million (approximately equivalent to S$1.04 million) for its 25 per cent shareholding.
The aggregate cash consideration for the disposal was arrived at on a willing-buyer and a willing-seller basis. A valuation of CCIL was commissioned by the sellers of CCIL and conducted by the Hubei East Certified Public Accountants Co Ltd. The valuation report, issued on 2 July 2008, indicated a valuation of RMB18.9 million, which was obtained by reference to the realization value of the assets comprising mainly of cash and deposits with banks. Following the disposal, CCIL shall no longer be an associated company of Wearnes. The above transaction is not expected to have a significant impact on the consolidated earnings and net tangible assets of the Wearnes Group.
Wearnes (WBL Corporation Limited) is a dynamic international group with key activities in technology, automotive distribution and investments which include property and trading. Wearnes is ranked among the top 100 companies by market capitalisation on the Singapore stock exchange and has revenues of $2 billion with operations in many countries, including Singapore, Malaysia, Thailand, China, the United Kingdom and the United States.
Soilbuild Group Holdings Ltd (the Company) announced that it has acquired 100 per cent of the equity shares, comprising two ordinary shares in the capital of SB (Woodlands) Investment Pte. Ltd. SB (Woodlands), a newly incorporated company in Singapore.
The paid up capital of SB (Woodlands) is S$2 and its principal activity is that of property development, investment holding and the management of commercial properties.
The investment in SB (Woodlands) is funded through internal resources and is not expected to have any material financial impact on the consolidated net tangible assets per share and consolidated earnings per share of the Company for the current financial year ending 31 December 2008.
Soilbuild Group Holdings Ltd (Soilbuild) can trace its roots to the founding of Soil-Build Pte Ltd on 11 May 1976 by three shareholders, Mr Fong Ying Wah, Mr Lee Choon Bu and Mr Lim Chap Huat. From their initial investment of S$25,000 in 1976, the Group has grown from strength to strength over the past 30 years. Through their vision of nurturing the spirit of entrepreneurship, the founders have actively sought to attract and develop a professional management team to bring the Group forward.
CapitaMall Trust Management Limited (the Company), as manager of CapitaMall Trust (CMT, and manager of CMT, the Manager), announced that 1,094,614 units in CMT (Units) have been issued at an issue price of $2.9976 per Unit to the Company today. 686,270 Units have been issued at an issue price of $2.9976 per Unit to the Company as payment of the Performance Component of the Management Fee for the period from 1 April 2008 to 30 June 2008 (both dates inclusive) in relation to Tampines Mall, Junction 8 Shopping Centre, Funan DigitaLife Mall, Plaza Singapura, Hougang Plaza, Sembawang Shopping Centre, Jurong Entertainment Centre and Bugis Junction.
408,344 Units have been issued to the Company as full payment of its Management Fee for the period from 1 April 2008 to 30 June 2008 (both dates inclusive) in relation to CMT’s 40.0 per cent interest in Raffles City through RCS Trust. These Units were issued at an issue price of $2.9976 per unit.
This manner of payment of the Management Fee in Units was disclosed in (i) the CMT offering circular dated 28 June 2002 issued in connection with the initial public offering of Units, (ii) the CMT circular dated 13 May 2003 issued in connection with the acquisition of IMM Building, (iii) the CMT circular dated 21 June 2004 issued in connection with the acquisition of Plaza Singapura, and (iv) the CMT circular dated 26 June 2006 issued in connection with the joint acquisition of Raffles City with CapitaCommercial Trust through RCS Trust.
With the above-mentioned issue of Units, the Company holds an aggregate of 11,585,420 Units and the total number of Units in issue is 1,665,393,725.
CapitaMall Trust (CMT) is the first Real Estate Investment Trust (REIT) listed on Singapore Exchange Securities Trading Limited in July 2002. CMT is also the largest REIT by market capitalisation and asset size in Singapore, with a market capitalisation and asset size of approximately $5.0 billion and $6.6 billion respectively as at 30 June 2008.
FSL Trust Management Pte. Ltd. (FSLTM), Trustee-Manager of First Ship Lease Trust wishes to announce that 261,000 new units in First Ship Lease Trust (Units) have been issued at an issue price of $1.2490 (US$0.9139 equivalent) per Unit to FSLTM on 5 August 2008. The Units were issued to FSLTM as payment of 99.99 per cent of the US$238,547 incentive fees payable for the quarter ended 30 June 2008.
In accordance with the trust deed dated 19 March 2007 constituting First Ship Lease Trust, the issue price was determined based on the volume weighted average traded price for a unit for all trades done on the Singapore Exchange Securities Trading Limited for the last 10 business days of the relevant quarter in which the incentive fees accrued.
FSLTM had elected to receive 99.99 per cent of the incentive fees in the form of Units and the balance 0.01 per cent in the form of cash.
Following the issue of Units, the total First Ship Lease Trust units in issue is 500,359,000, of which FSLTM holds 359,000 units or 0.0717 per cent of the total units in issue.
FSL Trust provides leasing services on a long-term bareboat charter basis to the international shipping industry and has a diversified portfolio comprising vessels of various shipping sub-sectors including containerships, product tankers, chemical tankers, crude oil tankers and dry bulk carriers. FSL Trust is managed by its Trustee-Manager, FSL Trust Management Pte. Ltd. ("FSLTM"). Headquartered in Singapore, FSLTM is responsible for managing the business and operations of FSL Trust and works directly with customers of the trust to provide the best solutions that meet their needs.
Sinopipe Holdings Limited (Sinopipe) and its subsidiaries (collectively the Group), announced that it has, through it’s 99.1 per cent owned subsidiary, Fujian Aton Advanced Materials Science and Technology Co., Ltd. (Fujian Atontech), signed its second Build-Transfer (BT) contract.
The Yichun BT project, stretching approximately 26.5 kilometres in Yichun District, Yichun City, Heilongjiang Province, the People’s Republic of China (the PRC), is estimated to be worth approximately RMB 65 million in total construction and development fees over a planned period of about 12 months. This project involves drainage and sewerage pipe installation works, excavation of ditches, backfilling, road reconstruction and other civil works. Large diameter steel-plastic composite wound HDPE (high density polyethylene) pipes developed and produced by the Group will be mainly used for this BT project.
The Yichun BT project will be completed over two phases, with the first and second phases worth approximately RMB 45.5 million and RMB 19.5 million respectively. Work for the first phase is expected to commence in August 2008 and be completed by the end of 2008.
At the start of each phase, Fujian Atontech will receive 15 per cent of the phase value as down payment and thereafter receive monthly payment based on 30 per cent of the amount of work completed. The remaining 55 per cent of the phase value, split into two tranches of 30 per cent and 25 per cent will be received approximately within two months and between 9 to 18 months respectively, upon the completion and verification of the phase.
Established since 1994, we (Sinopipe Holdings Limited and its subsidiaries) are primarily engaged in the design, manufacture, distribution and installation of a variety of plastic pipes and pipe fittings for use in various types of piping systems and networks in applications such as drainage and sewerage, water supply, telecommunication, power supply, water-saving irrigation and gas supply.
We have 10 production facilities located across the People’s Republic of China (the PRC) and we sell our products through a distribution network comprising eight subsidiaries, nine branch offices, three independent provincial distributors and various independent sub-distributors with smaller geographical coverage within the PRC. Our products are sold under our registered brand names of “Aton” and “SUN”. Aton targets at the higher-end market while SUN caters to customers from the rural areas or projects with lower budget.
We carry a wide range of plastic pipes and fittings, of which more than 20 of our products have obtained the “New Product and New Technology” certification from the relevant provincial and national authorities in the PRC. We undertake our own research and development and hold more than 36 registered patents with the State Intellectual Property Office of the PRC for the technological know-how for our products.
DMX Technologies Group Limited (DMX or the Group), a leading information technology enabler and digital media provider, is shaking up the digital cable television (CATV) market once again with a provincial scale smartcard-less digital CATV contract win from Shaanxi Provincial Cable TV Network (Shaanxi CATV) in Shaan’xi Province, the People’s Republic of China (the PRC).
Shaanxi CATV is the first provincial cable TV operator to be listed in PRC. It has 3.8 million cable subscribers and is pioneering a mega scale digital conversion with plans to leapfrog its coverage to 7.8 million subscribers in the future.
Riding on the wave towards smartcard-less conditional access (“CA”) technology to provide a secure and yet cost-effective and operationally optimised business model for China’s CATV operators, winning this project has placed DMX into different league in the digitisation of the PRC’s analog CATV market.
The initial roll-out, which covers 1 million subscribers at Xian, the capital city of Shaanxi province, is the first and largest provincial smartcard-less CA implementation in China.
DMX Technologies is a leading information technology enabler and provider of a wide range of digital media 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. Its 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 multimedia 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.
Excelpoint Technology Limited (the Company) announced that its wholly-owned subsidiary, Excelpoint Systems (Pte) Ltd, has incorporated a new wholly-owned subsidiary Excelpoint Systems (India) Private Limited. Incorporated in India, Bangalore, the company has an authorised and registered capital fo Rupees 500,000.
The principal activities of the subsidiary are the wholesale trading of hi-tech electronics equipment, components and accessories, ranging applications for medical equipment devices to VOIP devices and from power protection and metering devices used in the industrial sector to video surveillance devices for homes, commercial buildings and national homeland security, and the distribution of such hi-tech electronics equipment, components and accessories to local manufacturers.
The above investment was funded through internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group for the current financial year ending 31 December 2008.
Excelpoint is a value-added partner to Asia's electronics manufacturers. Headquartered in Singapore, Excelpoint began as a distributor of electronic components in 1987. The company has since evolved and grown into a total solutions provider of quality components, engineering designs and supply chain services to OEM (original equipment manufacturers), ODM (original design manufacturers) and CM (contract manufacturers) in Asia.
Shanghai Asia Holdings Limited (the Company) announced that the Company’s wholly-owned subsidiary, Shanghai Asia Company Pte Ltd (SACPL), has on 7 August 2008 entered into a sale and purchase agreement (the SPA) with Tongbao (Hong Kong) Shipping Co., Limited (the Vendor) pursuant to which the Vendor will sell its entire equity interest of 5.1 per cent in Jiangsu Zhongji Lamination Materials Co., Ltd (JZLM) to SACPL for a cash consideration of RMB25,914,000 (the Proposed Acquisition).
The Company, through SACPL, presently has a 94.9 per cent equity interest in JZLM. Upon completion of the Proposed Acquisition, the Company will own 100.0 per cent of JZLM through SACPL.
The Company intends to use its internal funds and external borrowings to finance the Proposed Acquisition. The increasing demand and growth in the Peoples’ Republic of China (PRC) for aluminium, especially in the
fast moving consumer goods (FMCG) packaging industry, offer good opportunities for JZLM to expand and grow its business further in coming years.
The Proposed Acquisition represents the Company’s commitment to increase the returns to its shareholders and to meet the increased expectations for long term growth and sustainability of its business in the PRC.
The purchase consideration payable for the 5.1 per cent equity interest in JZLM is RMB25,914,000 (or equivalent to approximately S$5.2 million, based on the agreed exchange rate of RMB5 to S$1) (the Purchase Price). The Purchase Price will be paid in cash. The Purchase Price was arrived at following negotiations on a willing buyer - willing seller basis. The Purchase Price is calculated at approximately 6.35 times of the earlier announced projected net profit after taxation of JZLM of RMB80.0 million for the financial year ending 31 December 2008 and it represents approximately 1.7 times of JZLM’s equity net assets as at 30 June 2008.
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 brand names in the Jiangsu Province,
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.
Magnus Energy Group Ltd. (Magnus) announced that Magnus has on 6 August 2008 acquired 2 ordinary shares of RM$1.00 each, comprising the entire share capital of MEG Management Sdn. Bhd. (Meg) from 2 individuals for a total consideration of RM$2.00 (the Acquisition). Upon completion of the Acquisition, Meg shall become a wholly-owned subsidiary of Magnus.
Meg was incorporated on 3 July 2008 as a private company limited by shares in Malaysia. Its principal activity is that of the provision of management services.
The Acquisition of Meg will enable Magnus to streamline its cost structure for the purpose of human resources management.
Incorporated in 1983, Magnus Energy Group Ltd. (Magnus or the Company) began its humble roots as a sub-contractor undertaking electrical installations. In a span of 20 years, Magnus has built an established track record as a provider of quality and reliable mechanical and electrical engineering (M&E) services. With the stiff operating conditions & cyclical nature of the construction business, a strategic decision was made in 2003 to shift its business focus. Over the past 18 months, Magnus has taken significant strides in transforming from a M&E Company to become a major regional player in the oil, gas and energy industry. The main core business of Magnus and its subsidiaries (Group) today comprises oil and gas equipment distribution and coal mining; and it has established a presence in China, Indonesia and Australia.
Cambridge Industrial Trust Management Limited (CITM) announced that the subsidiaries of Oxley Group (Oxley) and National Australia Bank Limited (nabInvest) have formed a joint venture that now owns an 80 per cent interest in CITM. Mitsui Limited continues to own the other 20 per cent interest. CITM is the manager of Cambridge Industrial Trust (CIT).
The joint venture, nabInvest Oxley Singapore Pte Ltd is 70 per cent owned by nabInvest and 30 per cent owned by Oxley.
As a result of the transaction, Mr Anf Poh Seong, Vickers Financial Group Ltd, Vickers Private Equity Fund V LP and Dollarton Pte Ltd no longer hold an interest in CITM. Mr Ang Poh Seong, Dr Finian Tan Seng Chin, Dr Jeffrey Chi Chien-Chuen and Mr Liao Chung Lik have resigned from the Board of CITM. Representatives of nabInvest will be appointed once relevant approvals have been gained from the Monetary Authority of Singapore. Mr Ang Poh Seong continues in his role as CEO of CITM.
Cambridge Industrial Trust (CIT), listed on the Singapore Exchange on 25th July 2006, is Singapore's first independent industrial real estate investment trust (REIT), and a conduit for investors to Singapore's high growth industrial sector. The Trust invests in income-producing industrial properties and has an existing portfolio of 43 properties valued at $966.8 million. They range from logistics and warehousing properties to light industrial properties, all located across Singapore's key industrial zones. This provides a secure and stable yield to Unitholders.
Technics Oil and Gas Ltd (Technics or the Group) announced a new corporate milestone with its latest single-largest contract win to-date worth more than S$56 million.
Technics’ new contract is awarded by Vietnam’s Joint Venture Vietsovpetro to Technics’ wholly owned subsidiary, Technics Offshore Engineering Pte Ltd (TOEPL). Joint
Venture Vietsovpetro is a Vietnamese-Russian joint venture established in Vietnam between state-owned “Petrovietnam” (Vietnam Oil and Gas Corporation) and “Zarubezhneft” ( Russia). TOEPL is undertaking the engineering, project management, procurement, fabrication, supervision of installation and hook up, onshore and offshore commissioning of topside modules for satellite wellhead offshore platforms named “RC-4”, “RC-5” and “RC-DOI MOI”.
The contract also provides for TOEPL supplying the full package of equipment and
systems requirements, such as oil and gas processing equipment, power generation, electrical/control, accommodation modules, as well as other auxiliary equipment and systems.
The Vietnam contract surpassed the Group’s previous single-largest EPCC contract worth S$30 million that was announced in May 2008 for four units of natural gas booster compression systems earmarked for Malaysia based Bumi Armada Berhad’s second FPSO in offshore Nigeria.
Technics Oil & Gas is a one-stop specialist provider of integrated services to the offshore and onshore segments of the global oil and gas industry, including major oil & gas companies and builders of oil rigs, semi-submersibles and floating production storage and offloading (FPSO) vessels.
“…We foresee a short period of adjustment as we divert our resources from the waste water segment to the higher margins waste gases and desulphurisation segments. According to a report by Netherlands Environmental Agency, 48.1 per cent of the PRC cities do not meet air quality standards and given PRC's easy access to coal reserves, the PRC government has intensified its campaign to reduce pollution. The Group stands gain significant traction on this campaign and provide cities with its comprehensive environmental solutions. With our strong cash reserves, solid profits and unique technical capabilities that prevent competition from eroding our markets, I am confident that the Group is well-poised to take on more challenging projects for sustained returns and deliver another more value for our shareholders.”
Executive Chairman and Chief Executive Officer
Sino-Environment Technology Group Limited