Sino Techfibre Limited (the Company) announced that the Company's subsidiary, Joy Clear Limited, had established a wholly-owned subsidiary under the name "Yantai Golden Sun Technology Co. Ltd. in the People's of Republic of China.
The principal activities of "Yantai Golden Sun Technology Co. Ltd." are those of manufacturing and production of Pattern Moulding Paper (PMP). "Yantai Golden Sun Technology Co. Ltd." was registered with a registered capital of US$1,000,000 and an initial issued and paid-up capital of US$1,000,000.
The investment was funded by internal resources and is expected to have positive impact on the Company's net tangible assets and earnings per share for the financial year ending 31 December 2008.
Based in Longkou City in Shandong Province, Sino Techfibre produces polyurethane (PU) and microfibre synthetic leather products under the proprietary ''Jinfeng'' brand name which received the ‘’Shandong Famous Brand'' award in 2005, and more recently, two national awards namely, ''No. 1 Leather Brand of China'' and ''Famous Brand of China'' , both jointly awarded by the China Brand Union Association, the China Expert Guidance Committee for Brand Strategy, and the China Industrial International United Association. With a wide customer base of over 120 customers, the Group's synthetic leather products are sold to manufacturers and trading companies that produce fashion apparel, sports apparel and equipment, luggage and travel accessories, as well as upholstery furnishings for furniture and automobile interiors.
InnoTek Limited announced that its wholly-owned subsidiary, Mansfield Manufacturing Company Limited, Hong Kong (Mansfield Manufacturing) has disposed of two subsidiaries, a factory building and certain tools and equipment to Messrs. To Wai Hung (60 per cent) and Lee Kwong Chun (40 per cent) (the Purchasers) for an aggregate consideration of approximately HK$6.7 million (S$1.2 million).
Details of the subsidiaries and factory building are as follows:
(i) ME Electronic Products Limited, Hong Kong; and
(ii) Go Smart Technologies (Shenzhen) Co., Ltd.
The principal activities of ME Electronic Products Limited (ME Electronic) comprise marketing, research, development and prototyping of home and office intelligence electronic and electrical appliances. ME Electronic products are being marketed
by Go Smart Technologies (Shenzhen) Co., Ltd in the PRC and Go Smart Development Ltd in Hong Kong. Go Smart Technologies (Shenzhen) Co., Ltd Go Smart Technologies (Shenzhen) Co., Ltd., (Go Smart Shenzhen) is an indirect subsidiary of Mansfield Manufacturing. The principal activity of Go Smart Shenzhen is that of trading of electrical appliances manufactured by ME Electronic. Despite concerted efforts made to improve and market its products, due
to the competitive nature in the electrical appliances industry, the company has not been able to gain a reasonable market share resulting in losses for Go Smart Shenzhen in the last two financial years.
The factory building is an old structure situated on a site of approximately 14,900 square metre (sqm) in Yantian, Dongguan City, Guangdong Province in the PRC. The factory is used by ME Electronic to carry out its R&D and prototype production of electronic and electrical appliances. The total consideration for the two above-mentioned subsidiaries and factory building is less than 0.5 per cent of the group’s audited net tangible assets for financial year 2007. The consideration is based on the estimated net asset value of ME Electronic and Go
Smart Shenzhen as at 31 August 2008 and the factory and equipment are based on estimated net book value of fixed assets and properties as at 31 August 2008. The transaction is expected to be completed by 31 August 2008 (completion date of disposal).
InnoTek Limited specializes in manufacturing precision metal components that are the building blocks for numerous devices that we use everyday. The Group's Office Automation and Consumer Electronics Components Division , which specializes in key precision stamped components, sub-assemblies and commercial tooling for both the office automation and consumer electronics industries. The division consists of 10 manufacturing facilities in China and Eupore, and has more than 550 stamping presses varying from 25 to 1000 tons, significant numbers of CNC, EDM, plastic injection moulding and grinding equipment.InnoTek Limited specializes in manufacturing precision metal components that are the building blocks for numerous devices that we use everyday. The Group's Office Automation and Consumer Electronics Components Division , which specializes in key precision stamped components, sub-assemblies and commercial tooling for both the office automation and consumer electronics industries. The division consists of 10 manufacturing facilities in China and Eupore, and has more than 550 stamping presses varying from 25 to 1000 tons, significant numbers of CNC, EDM, plastic injection moulding and grinding equipment.
China Precision Technology Limited (the Company) announced that it has entered into a joint venture agreement with Mr. Lim Chee Seng (LCS), the major and controlled shareholder of Tubeflex-LTK International Co., Pte. Ltd (TF-LTK), to incorporate a joint venture company in Singapore known as CPT (Singapore) Co., Pte Ltd (CPT Singapore), at a paid up capital of $100,000 (the Transaction).
The Company and LCS will each hold 70 per cent and 30 per cent shares in CPT Singapore respectively.
For the purpose of the joint venture, the Company has acquired a dedicated business division of TF-LTK, which derives its service commission from the sales and marketing of the Company’s products, for a consideration of US$500,000 (the Purchase Consideration). CPT Singapore will continue to operate the business acquired and plan to expand the business further in the Asia Pacific Region.
China Precision Technology Limited was established on 17 May 2004 as China Precision Technology Pte Limited and was converted into a public company on 28 July 2005 and assumed the present name. We are an integrated manufacturing services provider for the consumer electronics, office automation equipment, telecommunication and automotive industries.
Sinomem Technology announced that the Company has secured four new BOT wastewater treatment/recycling projects in China. The projects involve concessions to design, build, own and operate wastewater treatment plants with a total Phase I treatment capacity of
The total investment in Phase I of the projects is estimated at RMB 146 million.
The investments will be funded through internal financial resources and are not expected to have any material impact on Group’s earning per share for the fiscal
year ending 31 December 2008, or the net tangible assets per share as at end 31 December 2008.
With more than 10 years of established track record, Sinomem Technology Limited (Sinomem or the Group) is a global leading "cleaner" solution provider. It develops advanced membrane materials and processes employed for more environment-friendly production process in various industries such as pharmaceutical, nutriceutical, food and beverage etc. Backed by its proprietary membrane based purification/separation technologies, Sinomem is also the leading producer of certain nutriceuticals such as Gibberellins, Sorbitol and Rosin. In the first quarter of year 2008, the Group also started commercial production of xanthan gum, a chemical widely used in the food industry and oil drilling industry. Starting from second quarter of year 2006, the Group successfully entered into wastewater treatment/recycling business to leverage on its proprietary MBR technologies. Currently, the Group is operating and building 11 municipal wastewater treatment/recycling plants across China.
China Milk Products Group Limited (the “Company” or “China Milk) announced that the Company has, on 14 August 2008, entered into an investment agreement (the Agreement) with the Heilongjiang Animal Breeding Centre (HABC), a People’s Republic of China (PRC) government
owned agricultural bureau based in Heilongjiang Province and an independent third party, to acquire a shareholding stake in a joint venture company (the JV Co) to be formed by the parties (the Investment).
Pursuant to the Agreement, China Milk will own 40 per cent of the JV Co, with HABC and the independent third party owning the remaining 40 per cent and 20 per cent of JV Co respectively. The JV Co will then own the entire dairy cattle assets of HABC, including approximately 200 pedigree bull sires comprising approximately 100 Canadian Holsteins and 100 Australian Holsteins.
The consideration payable by the Company for the Investment shall be approximately
RMB140 million (approximately S$28.6 million1), the Consideration), payable in cash. The Consideration was arrived at on a willing buyer, willing seller basis and derived taking into account its existing productivity, sales volume, facilities, the unaudited net tangible assets of the JV Co of approximately RMB80 million as at 31 December 2007 and the net profits attributable to assets to be held by JV Co of RMB90 million for the financial year ended 31 December 2007. The Investment, which will be funded via the Group’s internal resources, is expected to contribute positively to China Milk’s financial performance.
China Milk Products Group Limited is the largest company specializing in the production of pedigree bull semen, pedigree dairy cow embryos and raw milk in the growing dairy industry in China. Based in the Heilongjiang Province, we are strategically located in one of the top three regions in the world blessed with ideal conditions for breeding dairy cows - average temperature of 3.2 degrees Celsius and the Saertu grasslands which provide nutritious grazing for dairy cows.
“…On the back of the prevailing strong demand and supply shortage for both new and used equipment in the region, our Group remains confident that current positive operating factors will remain firm for the next few years. With our excellent position in Singapore supported by our two strong growth pillars in Australia and China, we believe that we are well poised to continue reigning as the leading regional player in this field. We are also confident that our Middle Eastern market will add significantly to our growth”
Tan Chok Kian
Tat Hong Holdings Ltd