Keppel Telecoms & Transportation reports 14% rise in Q1 profit to S$12.2m; Posted: 24 April 2007 2025 hrs

 

 

SINGAPORE: Keppel Telecoms and Transportation has reported a 14 per cent rise in first quarter net profit.

Earnings came in at $12.2 million dollars, compared with $10.7 million in the year-ago period.

But turnover fell about 11 per cent to $21.5 million.

Its associate, MobileOne was the main earnings driver, contributing more than 60 per cent of pre-tax profits.

Going forward, Keppel T&T says it will intensify its efforts to diversity into non-port logistics activities to generate earnings growth

MobileOne reports 10% jump in Q1 earnings; Posted: 24 April 2007 2046 hrs

SINGAPORE: MobileOne, Singapore's third largest mobile operator, has reported a 10 per cent jump in first quarter earnings.

Net profit for the three months ended March came in at S$49.7 million - boosted by a tax adjustment.

The telco added 41,000 new customers in the period - taking its total customer base to 1.378 million.

But its market share fell to 28.9 per cent.

Going forward, M1 expects its operations to remain stable for the rest of the year.

Separately, M1 announced that it had received approval from the High Court to proceed with its capital reduction plans.

The plans were first announced in January.

Under the proposal, M1 will return more than S$221 million to shareholders.

It will cancel one share for every 10 shares and pay shareholders S$2.22 in cash for each cancelled share.

To facilitate trading, the SGX has given M1 in-principle approval to trade its shares in board lots of 10 shares for a period of one month, starting from 10 May 10 to 11 June.

CCT reports 90% jump in Q1 distributable income; Posted: 25 April 2007 0928 hrs

SINGAPORE : CapitaCommercial Trust (CCT) has reported a 90 percent jump in distributable income to S$29.3 million in the first quarter of this year.

Income was boosted by contribution from its Raffles City shopping mall and higher returns from its office properties.

CCT said growth would be driven by an upsurge in the Republic's office rentals.

It is rewarding unit holders with 2.11 Singapore cents per unit for Q1 compared with 1.72 cents a year earlier, or nearly 23 percent higher.

CapitaCommercial Trust is the second largest property trust by market value on the Singapore Exchange.

Ascott's new serviced apartments to be group's most expensive in Asia; By Daryl Loo, Channel NewsAsia | Posted: 25 April 2007 1614 hrs

SINGAPORE: The Ascott Group's first ever serviced apartments in Singapore's Central Business District will also be one of its most expensive.

Slated for completion in the third quarter of 2008, the new Ascott Raffles Place will offer room rates starting at S$500 a night - second only to the group's properties in London.

The new Ascott Raffles Place will be housed in the historic Asia Insurance Building, at the corner of Raffles Quay and Finlayson Green.

Ascott is pumping some S$60 million to turn the 57-year-old office tower into a 154-unit luxury serviced apartment.

It is counting on the prime location, as well as views of Marina Bay and the upcoming integrated resort, to bring in the paying customers.

"Our published rates will be about $500 to $600 that we're looking at. We believe that Singapore rates are relatively low, and could actually move up. Singapore is now transforming itself into a global city, but the rates themselves in Singapore are among the lowest. It is in fact the lowest within the market that we're talking about, so there is tremendous opportunity for rate movement within Singapore," says CEO of The Ascott Group, Cameron Ong.

Ascott Raffles Place will feature an infinity pool on the rooftop, as well as an 80-seater French gourmet restaurant run by the Saint Julien group.

Much of the facade of the original building will be conserved, and Ascott is hoping that this touch of history will add to the attraction.

"What Ascott is trying to do is to bring back the old glory, to bring back the old charm. This building has its beauty. And what we would like to do is to restore it back to its originality. And bring back many modern amenities, and at the same time provide deluxe accommodations for business travellers who are coming for an extended stay in Singapore," says Mr Ong.

Ascott, a unit of property giant CapitaLand, paid S$110 million to buy the building from original owners, Asia Life Assurance, last year.

SIA among Singapore's most trusted brands: Reader's Digest survey; By Ashraf Safdar, Channel NewsAsia | Posted: 25 April 2007 1853 hrs

SINGAPORE: Singapore Airlines (SIA) was picked by a sample group of 7,000 people in Singapore, Hong Kong, India, Malaysia, Taiwan and the Philippines as a preferred brand in Singapore in the annual Reader's Digest Trusted Brands Survey.

Survey participants were asked to pick local brands which have made a name for themselves via phone interviews as well as mailers.

Simon Cholmeley, Regional Advertising Director, Reader's Digest, said: "To win this award, you need to have top-of-mind awareness. There is no list of brands that participants can choose from. It is the one and only choice, a blank space and they write that brand in."

And besides SIA, the other brands chosen were Knife cooking oil and traditional Chinese medicine provider Eu Yan Sang.

Richard Eu, Group CEO, Eu Yan Sang, said: "I think we decided how we wanted to present ourselves. And we tapped on certain things like our heritage, quality and the way we innovate... and this message has been communicated to the right consumers."

Changi voted Asia's best airport 21 years running: Survey; Posted: 25 April 2007 2156 hrs

SINGAPORE: Changi Airport has been crowned Asia's Best Airport for the 21st consecutive year.

The recognition was made official at the "2007 Asian Freight and Supply Chain Awards" ceremony held in Macau on Wednesday.

The award is based on a survey conducted by Cargonews Asia magazine.

And the ranking is based on votes by those involved in the operation of logistics and cargo supply chains in the Asia-Pacific region.

Changi managed to beat other airports in Hong Kong, Kuala Lumpur and Shanghai, to clinch the award.

This latest win is Changi's fifth "best airport" award this year.

Osim International swings into red with Q1 net loss of S$17.3m; Posted: 25 April 2007 2215 hrs

 

 

SINGAPORE: Osim International has swung into the red in the first quarter with a net loss of S$17.3 million.

Its bottomline is being hit by lower revenue from North Asia and losses at Osim Brookstone.

Revenue for the period fell by 22 per cent, with sales in North Asia taking a tumble of some 36 per cent.

Osim says the North Asian market is recovering from the industry consolidation arising from unsubstantiated advertising by followers which resulted in negative publicity for the industry as a whole.

It remains positive about its long-term prospects and says that it plans to add new retail outlets in more countries.

Electronics company Venture Corp books 43% jump in Q1 earnings; Posted: 25 April 2007 2215 hrs

SINGAPORE: Electronics contract manufacturer Venture Corp. has booked a 43 per cent jump in first quarter earnings, compared to a year ago.

Net profit came in at S$70.7 million - while revenue climbed 32 per cent to S$968.9 million.

Venture says its sales growth was due to customers' business expansion and new product launches.

The numbers include contributions from GES International, which Venture recently acquired.

PSA nabs top honours at AFSCA in Macau; By Channel NewsAsia's Roland Lim in Macau | Posted: 26 April 2007 2022 hrs

MACAU: Singapore-based port operator PSA is looking to expand in Asia as competition heats up.

PSA has held its own against rivals in Hong Kong and Dubai - keeping its crown as the world's 'best container terminal operator'.

The award was given at the annual Asian Freight & Supply Chain Awards (AFSCAs) in Macau on Wednesday.

At the same event, Singapore was named the 'best seaport in Asia'.

PSA has emerged tops against its rivals from Hong Kong and Dubai, for the third consecutive year.

In the category for Best Container Terminal in Asia (over 4 million twenty-foot equivalent units per year), PSA beat rivals Hong Kong International Terminals and Malaysia's Tanjung Pelepas.

PSA also came up tops against Dubai's DP World and Hong Kong's Hutchison Port Holdings for best global container terminal operator.

The latest accolades came on the back of a sterling performance from PSA.

It recorded a bumper profit for 2006, thanks in part to significant contributions from its US$4 billion acquisition of 20 percent of Hutchison Whampoa's global ports portfolio.

PSA currently operates a network of container terminals in 14 countries across Asia, Europe and the Americas, and has recently made a US$165 million investment in Vietnam.

It is seeking to expand its footprint and is eyeing emerging markets like China, India, Pakistan and Turkey.

Vincent Lim, Chief Executive Officer, Northeast Asia, PSA International, said, "We (are) going to continue on this expansion track. There is a lot of growth out there, even in the matured economies as well as emerging economies."

PSA has a war chest that is estimated at US$1.6 billion.

There have been reports that the port operator was planning a stock market listing, but PSA said recently that was not in the immediate pipeline.

Keppel Corp posts 48% rise in Q1 net profit to S$252m; Posted: 26 April 2007 1952 hrs

 

 

SINGAPORE : Conglomerate Keppel Corp has reported a better-than-expected 48 percent jump in first quarter net profit to S$252 million.

Earnings were boosted by more rig sales and higher earnings from its property and refinery operations.

Revenue rose by nearly a third to S$2.03 billion.

Keppel said the good start in the first quarter has put the group in a strong position to achieve its earnings target of a double-digit average growth rate for the current year.

Its rig-building business is expected to continue to be a significant earnings contributor.

It also expects its property and infrastructure business to do well, resulting in higher contributions to its bottomline.

Keppel also reported an order book of S$10 billion, thanks to new orders worth about S$1.5 billion this year.

In Thursday's trade, Keppel shares hit an all-time high of S$21.70.

The stock has gained some 23 percent since the start of the year.

MapletreeLog posts 35% rise in Q1 distribution per unit to 1.48 cents; Posted: 26 April 2007 2049 hrs

 

 

SINGAPORE : Mapletree Logistics Trust said its first quarter distribution per unit rose 35 percent on-year to 1.48 Singapore cents.

This came after its net property income more than doubled to S$25.7 million.

The results were boosted by higher revenue from new properties that it bought over the past year.

MapletreeLog acquired some 25 properties since early 2006.

Its portfolio is now worth about S$1.5 billion, more than double the amount in the first quarter last year.

Suntec REIT reports 1.965 cents distribution per unit for Q2; Posted: 26 April 2007 2217 hrs

SINGAPORE : Suntec Real Estate Investment Trust has reported a distribution per unit of 1.965 Singapore cents for its fiscal second quarter - the three months to March.

This was some 9 percent higher than last year.

Its distributable income came up to S$28 million, 19 percent higher than the same period last year.

Suntec REIT's results were fuelled by higher revenue from its Suntec City and Park Mall properties.

Gross revenue in the second quarter increased 8.1 percent to nearly S$47 million.

Yeo See Kiat, Chief Executive Officer, ARA Trust Management (Suntec) Ltd, said, "I am optimistic on the outlook for Suntec REIT. Our retail business is doing fine and we are going nicely in terms of our asset enhancement programmes.

"On the office business, the rental market is improving very nicely and we are very positive on the growth of this sector. On the acquisition front, we are highly proactive and we are working very hard to continue to grow Suntec REIT."

SingPost reports 13% rise in full-year net profit to S$140m; By Jeana Wong, Channel NewsAsia | Posted: 27 April 2007 1838 hrs

SINGAPORE : Singapore Post on Friday reported a 13 percent rise in full-year earnings, beating market expectations.

Net profit for the year ended in March came in at S$140 million, while revenue rose nearly 6 percent to S$436 million, thanks to cost cutting and stronger-than-expected sales in the fourth quarter.

SingPost said it aims to focus on key growth areas to hold its own against new market entrants.

SingPost reported all-round growth across its business segments in mail, logistics and retail services in the business year just ended.

It processed a higher-than-expected volume of mail in the three months ended in March - even higher than the December quarter which is traditionally the peak season for letters and greeting cards.

B T Lau, Group CEO, Singapore Post, said, "We have delivered good numbers (in the fourth quarter). The traffic for the public mail actually grew 1.9 percent. Traditionally it has been declining by 10 percent. This is contributed by better Chinese New Year promotions that we (had), and also the general economic situation in Singapore is positive."

Mail revenue, which grew just over 4 percent, makes up more than three-quarters of the company's total revenue.

But the business environment is changing, amid the liberalisation of the basic mail services market in Singapore.

This market includes postal mainstays such as corporate mail, like bills and bank statements.

Analysts said when the postal services market had opened up previously in other countries like New Zealand and UK, the mail volume had declined by some 20 percent over a two-year period.

But SingPost said the decline in mail volume has been an industry trend, which is why it has been focusing on other growth areas.

These include growing its logistics or express mail services, retail tie-ups and direct mail services.

Mr Lau said, "In terms of prices, amongst all the postal operators, we're one of the lowest in the world. The basic mail services market itself is very small, it's roughly $200 million. So it's already declining.

"We've been focusing on growing the direct mail. In Singapore, only 4 percent of total ad spending is spent on direct mail. So far, after the last few quarters, we have increased it to 6 percent. In the UK, 14 percent of the ad spending is spent on direct mail and in the US, it's 24 percent. So there is still a lot of room to grow."

SingPost noted that no players have applied for postal licenses under the liberalised environment so far.

That was partly because an industry regulatory framework is expected to be worked out and approved at the end of the year.

SingPost has proposed a final dividend of 2.5 cents a share - bringing its total payout for the year to 6.25 cents.

Chartered Semiconductor reports 76% drop in Q1 profit; Posted: 27 April 2007 0725 hrs

 

 

SINGAPORE : Chartered Semiconductor Manufacturing's net profit slumped 76 percent in the first quarter, dragged down by seasonally weak demand and excess inventory affecting the industry, the Singapore chip maker said Friday.

For the three months to March, net profit totalled US$5.34 million, down from US$21.98 million a year ago, the company said in a statement.

Sales fell 8.8 percent to US$323.8 million.

"The revenue decline was primarily due to weakness in the consumer sector and to a lesser extent the computer sector, partially offset by strength in the communications sector," said George Thomas, senior vice president and chief financial officer.

In the first quarter, the company shipped 299,200 wafers, down 6.0 percent from a year ago.

The average selling price for the wafers fell to US$1,071 from US$1,135 in the three months to December, the company said.

Chartered utilised 70 percent of its capacity in the first quarter, down from 82 percent for the same period in 2006.

For the second quarter, the company forecast earnings to range from a net loss of five million dollars to a profit of five million dollars, while sales are expected at US$317 million to US$329 million.

"Barring any severe macro-economic issues which are difficult to predict, we continue to expect growth for the foundry industry in the second half of the year, driven primarily by seasonal strength as well as the continuing depletion of excess inventory across the semiconductor supply chain," said chief executive Chia Song Hwee.

Chartered, which makes built-to-order chips in competition with Taiwan Semiconductor Manufacturing Co, is also listed on the high-tech NASDAQ market in New York and counts US computer giant IBM as among its customers.

GuocoLand buys Leedon Heights site for S$835m; By Chor Khieng Yuit, Channel NewsAsia | Posted: 27 April 2007 1942 hrs

SINGAPORE : Property developer GuocoLand has bought a large freehold residential site in prime District 10 for S$835 million.

The price is higher than S$780 million that had been expected.

Together with a S$40 million development charge, the price works out to S$1,062 per square foot per plot ratio.

The price tag is believed to be the largest single transaction by land price for a residential site.

It surpasses the S$638 million that fellow developer CapitaLand paid for Gillman Heights at Depot Road earlier this year.

The site, off Farrer Road, currently houses the Leedon Heights condominium.

It has a land area of approximately 48,525 square metres with a plot ratio of 1.6, which can accommodate buildings of up to 12 storeys.

Provisional permission has been given for a 12-storey condominium with 384 residential units.

The acquisition still needs approval from the Strata Titles Board and is expected to be completed by mid-2008.

Guocoland will finance this deal from internal resources and debt.

The property developer does not expect the deal to have any material impact on the net tangible assets per share or earnings per share for the current financial year ending June.

Allgreen Properties' net profit more than quadrupled in Q1; Posted: 27 April 2007 1959 hrs

SINGAPORE: Property developer Allgreen Properties says its net profit more than quadrupled in the first quarter.

Earnings came to nearly S$50 million dollars, compared with some S$12 million in the year-ago period.

The numbers were boosted by improved revenues developing and investing in properties.

Revenue jumped about 161 per cent to S$181 million.

SolarWorld may invest S$300m in 2 solar plants in Singapore; By Tung Shing Yi, Channel NewsAsia | Posted: 27 April 2007 2013 hrs

SINGAPORE : German-based energy firm SolarWorld is considering investing S$300 million in two solar plants in Singapore, over the next two years.

SolarWorld is the world's third largest solar energy company, and it received the International Headquarters award from the Economic Development Board (EDB) on Friday.

SolarWorld is eager to tap into the rapidly growing Asia Pacific solar energy market, which it said was expanding at an annual rate of 40 to 50 percent.

That makes it the second fastest-growing market globally, after the United States.

It is planning to invest S$300 million in two solar module and cell production plants in Asia - either in Singapore, or South Korea.

Frank Asbeck, CEO, SolarWorld, explained, "Our plans for Singapore will be: we start with distribution, with building integration after that, and then we might produce the solar modules (here).

"Of course Singapore is in hard competition with Korea... but we (will) consider very seriously, to produce 30, maybe 60 megawatts per year in Singapore for the Asian market."

SolarWorld is forecasting the solar energy industry will reach an annual turnover of US$200 billion by 2012 - when parity between the price of electricity and solar energy is attained.

Solar energy is a key part of the EDB's drive to develop Singapore as a centre for clean energy.

Last month, the EDB said it would pump S$350 million over the next five years, as part of its plan to go green.

CapitaLand inks agreement with Russian developer with eye on REITs; By Jeana Wong, Channel NewsAsia | Posted: 26 April 2007 2334 hrs

 

 

SINGAPORE : CapitaLand is eyeing to spin off logistics properties in Russia into a real estate investment trust.

The property developer signed a memorandum of understanding on Thursday to take a 10 percent stake in Moscow-based Eurasia Logistics for US$100 million.

CapitaLand is seeking to tap fierce infrastructure needs and growth potential in oil-rich countries, as well as to diversify away from Asia.

Under the deal signed on Thursday, CapitaLand has the option to raise its stake in Russian property developer Eurasia Logistics to 25 percent.

The two partners aim to build 14 high-quality logistics developments in key cities across Russia, as well as two developments in Kazakhstan and Ukraine.

These 16 properties will offer 5 million square metres of logistics space, about a tenth of which is expected to be operational by the end of the year.

CapitaLand said there was a huge demand in Russia for warehouses and logistics parks of international standards.

Liew Mun Leong, President and CEO, CapitaLand, said, "There's huge demand. If you look at the demand and supply, there's a big shortage. Vacancy rate for A grade centres is zero. So we can foresee that as we build, it will all be taken up. And we can foresee that these are very high income generating assets."

The two partners plan to set up a joint venture company by the third quarter of this year.

While it is still early days, the partners are already thinking of spinning off their assets into a property trust.

Florova Elena, VP, Eurasia Logistics, said, "By the year 2010, the entire portfolio will be worth somewhere between US$7 (billion) and US$8 billion. And although we are planning to do a listing, we will start with the initial properties and then assess our opportunities to do a REIT. And then that will be listed most likely in Singapore."

Mr Liew said, "Asset-generating...like logistics centres will be very good for us - where we can package them into very high yield, put them into the REITs. So that's the end game. And if that's the end game, we'll end up having a fund management company."

CapitaLand said it could structure a real estate investment trust with about five or six projects, even though the Eurasia deal is slated to be completed in 2010 with 16 properties. And going by its prior experiences with cross-border listings, it said such a REIT could come about in one-and-a-half or two years' time.

The Singapore property developer is also keen to grow other assets in Russia, especially in the residential and office sectors.

CapitaLand's Q1 net profit jumps nearly 5 times to S$608m; Posted: 27 April 2007 2038 hrs

 

 

SINGAPORE : Property developer CapitaLand on Friday said its first quarter profit had jumped nearly five times, thanks to strong performances from its various business units.

Net profit for the three months to March rose to S$608 million, compared with S$130 million in the year-ago period.

This came despite revenue falling about 3 percent to S$637 million.

The solid results were boosted by the sale of Temasek Tower and the strong property market in Singapore.

Together with contributions from China and Australia, residential earnings before interest and tax in the first quarter rose to S$121 million, up more than 80 percent on-year.

Commercial EBIT rose to S$561 million, thanks to increased rental income from Singapore commercial properties, higher property management fee, and a fair value gain of S$473 million from the sale of Temasek Tower.

Retail EBIT grew on improved rentals while its serviced residences division also did well.

CapitaLand chairman Richard Hu said the group continued to benefit from the strong growth trends in Asia.

Singapore, in particular, has experienced exceptional growth in the residential, office, retail and serviced residences sectors - all of which benefited CapitaLand's units.

Dr Hu said the Group's growth prospects would be underpinned by its expansion in China, India and other growth markets, including Vietnam, while continuing to secure opportunities in the Singapore real estate market.

Liew Mun Leong, President and CEO of CapitaLand Group, said: "The upswing in the Asian real estate market, the on-going urbanisation of the Asian economies and the institutionalisation of Asian real estate are all positive growth drivers for the entire Group. The Singapore property market continues to present exceptional demand driven growth for all our business units.

"We also continue to grow overseas. We are now expanding our multi-sector presence to oil-rich countries, as exemplified by the announcement of our memorandum of understanding with Eurasia Logistics, a logistics property developer in Russia.

"The Group has also raised its target for assets under management to S$18 billion, covering China, Japan, Malaysia and oil-rich countries like Bahrain, where the Group recently launched the first equity Sukuk fund, which is also its second Shariah-compliant product.

"We are confident that we will continue to deliver on our strategy to the benefit of our shareholders.

Rickmers prices IPO at S$1.57, near top end of indicative range; Posted: 27 April 2007 1959 hrs

SINGAPORE: Singapore's third shipping trust, Rickmers Maritime, has priced its units at S$1.57 each.

This is near the top end of its indicative range of S$1.40 to S$1.62.

The price works out to a possible yield of some 8.2 per cent.

Rickmers is offering about 170 million units for the IPO - or about 45 per cent of its total outstanding units.

The IPO could raise some $267 million.

Rickmers' units are expected to start trading Friday, 4 May.

Its listing on the Singapore Exchange comes after Pacific Shipping Trust and First Ship Lease Trust.

Rickmers Group, based in Hamburg, will hold a 28 per cent stake in the trust when it is listed.

StarHub joins consortium to build S$758m cable linking SE Asia, US; Posted: 27 April 2007 2104 hrs

SINGAPORE: StarHub is joining a regional consortium to build the first high-bandwidth optical fibre submarine cable system linking South East Asia and the United States.

The cable system, known as the Asia-America Gateway, is expected to cost about US$500 million (S$758 million).

StarHub will also be managing and operating its first cable landing station in Singapore, when the gateway becomes operational by the fourth quarter of next year.

The telco says the new cable will meet growing demand for bandwidth requirements for broadband applications.

When completed, the 20,000 km long cable system will connect 10 locations in eight economies across the Asia Pacific region.

They include Singapore, Malaysia, Thailand, Hong Kong, Hawaii and the US West Coast.

StarHub says the gateway is intended to complement existing cable systems currently connecting to North America via North Asia.

The consortium comprises 17 parties, including AT&T of the USA, Bharti of India, British Telecom Global Network Services, Indonesia's PT Indosat, Telekom Malaysia, and Australia's Telstra.

Wee Cho Yaw retires as CEO of UOB; By Chow Penn Nee, Channel NewsAsia | Posted: 27 April 2007 2323 hrs

 

 

 Wee Cho Yaw

 

 

 

Wee Ee Cheong

 

 

SINGAPORE : Businessman Wee Cho Yaw is stepping down as the Chief Executive of United Overseas Bank (UOB), a post he has held for more than 30 years, to make way for his son Wee Ee Cheong.

The announcement came during the bank's annual general meeting on Friday.

But the sprightly 78-year-old will stay on as Chairman of the group.

Wee Ee Cheong said, "He decided to retire because he's still fit, he can help to provide the wisdom to oversee some strategic growth that we are intending to do".

Shareholders whom Channel NewsAsia spoke to generally welcomed the management rejuvenation.

One shareholder, David Tan, said, "I think he should enjoy his retirement at the age of 78. Enjoy his golden years. The younger Wee, of course its very good for him to take over, he has 28 years of experience with the bank, I'm sure he's capable of taking over. It's good to have a new generation of the Wee family".

54-year-old Wee Ee Cheong has long been groomed to take over.

The eldest son of the older Wee, he is Deputy Chairman and President of the group, and has been in the bank for almost 30 years.

Wee Ee Cheong said, "I'm the CEO, obviously I'll consult him; just like any organisation, we need good people and given his experience, it would be stupid of me not to tap his knowledge, right?"

UOB said it started taking steps to look for a new CEO three years ago, and believes that it has found the most suitable man for the job.

The new CEO said he does not intend to make any changes to management.

Wee Ee Cheong said, "I already have my existing people. What I think we all should do is to continue to strengthen, because business is evolving, it's dynamic.".

He added that his goals were to continue to build UOB's presence in South-East Asian markets like Thailand, Malaysia and Vietnam, as well as concentrate in China .

Wee Ee Cheong said, "I think what we need to maybe spend a bit more time is places like China, places like Vietnam, we think there's still a growing potential there. I have to spend a bit more time."

UOB currently has a global network of 525 offices in 18 countries and territories in Asia Pacific, Western Europe and North America.

Chartered Semiconductor reports 76% drop in Q1 earnings; Posted: 27 April 2007 2223 hrs

SINGAPORE: Chipmaker Chartered Semiconductor Manufacturing has reported a 76 per cent drop in first quarter earnings to US$5.3 million.

That works out to 1 cent per diluted American Depositary Share.

Earnings were hit by a slowdown in demand and inventory overhang in the industry.

Going forward, the chipmaker expects second-quarter revenue to be flat due partly to lower shipments of 90 nanometer chips.

However, it is more upbeat about earnings in the second half.

"The computer sector is going to be down. Our leading customer there who is using our 90 nanometre technology, their business [is] weaker. As a result, we're seeing flattish revenue looking into the second quarter," said Chia Song Hwee, Chief Executive, Chartered Semiconductor Manufacturing.

"Getting into the second half of the year, which is historically and typically a stronger quarter for our type of business... chip companies are preparing their products to be incorporated into many of the consumer electronics that will go on sale during the Christmas holiday season.

"Barring any unforeseen circumstances, we should expect to see stronger demand in the second half of the year, which will be helpful of our business."

Chartered's CEO Chia Song Hwee has also dismissed speculation that Chartered may be a takeover target.

Market talk has it that Chartered could be taken over after investment company Temasek Holdings made an offer for the chip tester and assembler, STATS Chippac.

Mr Chia also revealed a fabrication plant may be in the pipeline for mass production of new 45 nanometer chips.

He did not give a timeline for when the plant may be built, only saying that production on these chips may begin in mid-2008.

Govt to call for $3.2b-worth of procurement contracts in FY07: MOF; By Daryl Loo, Channel NewsAsia | Posted: 27 April 2007 2151 hrs

SINGAPORE: The government is expected to call for about S$3.2 billion worth of procurement contracts in the current fiscal year ending in March 2008.

This was revealed by the Ministry of Finance on Friday.

It says the bulk of these contracts, worth S$1.8 billion, will go to the construction sector.

Among the construction projects to be called by the government, will be a contract from the Housing and Development Board to build over 1,200 flats.

This is expected to be worth more than S$65 million.

Government procurement this fiscal year also includes IT contracts worth S$730 million, which were announced by the Infocomm Development Authority on Thursday, and S$635 million in purchases of goods and services.

Procurement for this fiscal year is lower compared to the last two years.

In fiscal year 2006, about S$7.5 billion worth of contracts were called, while in 2005, the value of government contracts was S$4.7 billion.

A slow start for AMK Hub; By Ansley Ng, TODAY | Posted: 30 April 2007 1116 hrs

SINGAPORE: It was touted as a one-stop entertainment and retail suburban mall and will open officially with much fanfare in June. But since its soft launch last December, there have been growing rumbles of discontent from some of the 262 tenants at the AMK Hub.

Low human traffic caused by renovation work and frequent power trips are among the gripes, and letters asking for rent refunds have been forwarded to the management.

Some disgruntled tenants — most of them on the second level — wanted a refund of a month's rent because of sluggish business, which they claimed was the result of renovation works on the floors above.

"The dust kept coming down on us and chased away customers," said one tenant.

Some were also unhappy that a one-month "no rent" period — for them to start renovating their units after collecting the keys — did not help. The same tenant said: "Many of us collected the keys after the Chinese New Year period and couldn't find contractors to help us start our business in time."

Responding to queries from Today, Knight Frank executive director Danny Yeo said the management had considered all the requests and would give rebates to "deserving" tenants. He declined to give details of the compensation.

The 19.3-ha mall is developed by the Singapore Labour Foundation, NTUC Income and the NTUC supermarket chain.

Many tenants Today spoke to two weeks ago also attributed the low customer traffic to the mall opening in stages.

The lower floors were opened first, starting with NTUC's hypermart FairPrice Xtra — an anchor tenant — at the basement last December, while the food court on the third floor opened two weeks ago.

Expressing her frustration, an assistant in a shop selling women's accessories said the rent was $10,000 a month but daily takings were less than $200 a day.

The mall saw a million visitors last month, and the figure is likely to rise when the cinema opens in June, as well as the just-opened air-conditioned Ang Mo Kio bus interchange linked to the mall, said Mr Yeo.

But there were other gripes: Tenants in Basement 2 are bothered by the heavy smell of oil and poor ventilation.

One tenant, who is paying about $12,000 for 280 sq ft of shop space, said: "People come here and go to NTUC FairPrice. They don't stop here. If we pay this kind of rent, we expect better sales." He also has shops in other heartland malls, including Parkway Parade in Marine Parade where he is paying $7,000 a month for a 350-sq-ft shop.

Knight Frank's Mr Yeo noted that the food kiosks and the huge number of people in the basement generate heat. When Today revisited the mall last week, the ventilation and the air-conditioning had improved.

Tenants have noticed a difference. One said: "There are more shoppers now since the bus interchange opened on Saturday."

The management will look into each tenant's sales records to see how they can be helped, said Mr Yeo.

"The first two months was tough but it will get better. Both the tenants and the mall owner are my clients, I would want to help them solve these problems as soon as possible," said Mr Yeo.

A fortnight that shouldn't be forgotten; By P N Balji, TODAY | Posted: 30 April 2007 1249 hrs

 

 

Singapore Exchange (SGX) chief Hsieh Fu Hua

 

SINGAPORE: The Singapore Exchange (SGX) just can't seem to get it right. The conflict-of-interest issue that should have been settled decisively in a day dragged on for a fortnight, leaving behind a bruised image of the SGX as a listed company and regulator, the local media as a watchdog and Singapore as a financial centre.

When Dow Jones started digging into the story that there might be a conflict of interest because SGX chief executive Hsieh Fu Hua had an interest in a firm that was involved in attracting China companies to list in London, alarm bells should have gone off.

Instead, the SGX dug its heels in by issuing a quick rebuttal the day the story broke on April 12. The matter might have ended there. But The Asian Wall Street Journal, typical of a tenacious newspaper, picked up on the story six days later and went to the Monetary Authority of Singapore (MAS) for a quote.

And the quote by managing director Heng Swee Keat — that the SGX board should not ignore external views — triggered an announcement hours later that Mr Hsieh would relinquish his non-executive director's position in PrimeFounders Inc (PFI), which has an indirect stake in a joint venture that technically competes with SGX, and that his financial interest there would be put in a trust.

If you thought that was the end of the story, more was to come. SGX chairman, Mr J Y Pillay, obviously feeling there were gaps in the story, held a press briefing five days later on April 23, to which the foreign media was not invited. He revealed two startling pieces of information.

One, that a potential conflict of interest had existed from the time Mr Hsieh was chosen to head the organisation in 2003, which was slightly different from SGX's robust stand that the Dow Jones story was not justified. Two, that the SGX wanted him to give up his stake in PFI at the time they head-hunted him for the job but Mr Hsieh refused — and the board found it difficult to get someone else of his calibre because of his predecessor's sudden departure.

The Business Times, which for some reason did not report on the press briefing, must have decided to recover lost ground and reported on April 27 by quoting Mr Pillay as saying that Mr Hsieh would leave in Sept 2009.

The board had no choice but to issue another rebuttal saying that "whether the contract will be renewed in 2009 is subject to the board's decision, and Mr Hsieh's consent, and other relevant factors, at that time".

To complete the messy picture, the SGX even suspended trading of its shares for three hours on the same day.

Phew! What a fortnight it was for the SGX.

Nobody disputes that Mr Hsieh has done a great job with SGX's profits going up three times to $187 million since he took the job four years ago. Nobody disagrees that there was no wrongdoing. Mr Hsieh had declared his interest and sufficient safeguards were put in place to deal with the conflict of interest issue.

What everybody is wondering is how and why the SGX allowed this episode to drag on for so long, why the local media was playing such a reactive role and what all this means for Singapore's role as a financial centre.

As for the company, as it licks its wounds, there is an urgent need to relook its communications strategy with a special focus on how to deal with the scrutiny that will continue to come from outside Singapore.

The SGX did not anticipate how the story would develop and had acted in a knee-jerk fashion by swiftly rebutting the Dow Jones report with a short statement. It never expected the MAS to be interviewed by The Asian Wall Street Journal and for the central bank to say what it said. Mr Pillay's candour at the press briefing was welcome. But reading his quotes published in The Business Times on Friday and issued as a statement to all media on the same day, it would take a super human being to appreciate the fine difference it was trying to make.

Communications is a minefield. Say too little and tongues will wag. Say too much, without emphasising the buts and howevers, and you are likely to be misunderstood.

One simple rule to overcome such misunderstandings: Anticipate how the media is going to angle the story and take pains to communicate the subtleties you have in mind.

As for the local media, it did not raise the issue of a potential conflict of interest and, worse still, did not get the quote from the MAS that triggered a change of mind at the SGX. Right through the episode, it was playing catch-up, focusing mainly on what the foreign media and what the SGX were saying.

A relook at the role of the local media, now that Second Minister of Information and Communications Vivian Balakrishnan has surprised many with his "I expect the Press to whistleblow" remark at a Foreign Correspondents Association talk, is necessary.

As for Singapore's image, it has been somewhat bruised. If an important institution such as the SGX cannot get such a small thing right, then what about the bigger ones it will face as the country gets more and more hooked up to the international grid?

The fortnight that just went by should be a wake-up call for action. Yes, Singapore's fundamentals to become a financial centre are strong. But there is no certainty that it will continue to be this way.

That is why this messy fortnight should not be a closed chapter, to be tucked away in some dusty file and forgotten.

Net allocation of JTC Corp's ready-built facilities down six-fold in Q1; By Daryl Loo, Channel NewsAsia | Posted: 30 April 2007 1603 hrs

SINGAPORE: Demand for JTC Corporation's industrial facilities dropped significantly in the first three months of the year compared with a year ago.

Net allocation of ready-built facilities, a key gauge for demand, fell by over six-fold to 6,600 square metres in the three months ended in March.

The figure compared with 41,400 square metres in the same period last year.

JTC said the drop was due to a larger amount of termination as some businesses consolidated their operations.

Tenancy of 45,400 square metres worth of ready-built space was terminated in the first three months of this year, compared with just 26,700 square metres a year ago.

In addition, overall take-up also fell from 68,100 square metres in the first quarter last year to 52,000 square metres this year.

The biggest drop was for standard and flatted factory facilities, where more space was terminated compared to new space taken up.

Still, according to JTC Corp, overall occupancy of ready-built facilities remained healthy at 88%, slightly up from 87.8% as of the end of last year.

Singapore manufacturers upbeat in next six months: EDB survey; Posted: 30 April 2007 1336 hrs

SINGAPORE : Companies in Singapore's key manufacturing sector are sharply more upbeat over the business outlook in the next six months compared with the previous quarter, a government survey released Monday said.

A net weighted 26 percent of manufacturers predict the outlook will improve in the April-September period, higher than the seven percent recorded in the last survey, the Economic Development Board (EDB) said.

Electronics firms were the most upbeat with a net weighted 38 percent expressing confidence that the business environment will be better on expectations of a pick-up in demand, it said.

Manufacturing accounts for a quarter of the Singapore economy, and electronics are the country's main exports.

In the biomedicals industry, a net weighted 10 percent of respondents were upbeat while the figure in the transport engineering sector, which includes Singapore's booming oil rig segment, was 26 percent, the EDB said.

In the chemicals sector, a net weighted 10 percent were confident the business outlook will improve, while a net weighted 24 percent were buoyant in the precision engineering segment.

The survey of 397 industrial firms, out of which 96 percent responded, was carried out in March.

In a separate survey by the Department of Statistics, a net weighted 22 percent of firms in the services sector project better business conditions in the six months to September, smaller than the 25 percent recorded in the last poll.

The property sector was the most upbeat in the services industry, with a net weighted balance of 61 percent confident business will get better.

"Within the industry, real estate developers and agents foresee brisk business activity ahead," the department said.

Singapore's property sector is undergoing a boom, fuelled by demand from wealthy foreigners and high-income professionals for luxury units.

Cosco Corp Singapore reports 12% rise in Q1 profit to S$42m; Posted: 30 April 2007 2225 hrs

SINGAPORE: Cosco Corp Singapore said its first quarter net profit rose 12 percent to S$42 million.

This was fuelled by better results from its ship repair, ship building and marine engineering businesses.

Cosco Corp is a unit of Cosco Shipping, the largest shipping and logistics firm in China.

Cosco Corp's revenue increased a third to some $356 million.

Its order book crossed the billion dollar mark to $1.05 billion in March, as a result of new orders for conversions and building of offshore oil and gas vessels.

Looking at its prospects, Cosco Corp said it expects this year's performance to be better than last year's.

Allco REIT reports distribution per unit of 1.6 cents for Q1; Posted: 01 May 2007 0000 hrs

SINGAPORE : Allco Commercial Real Estate Investment Trust has reported a distribution per unit of 1.6 Singapore cents for its first quarter - the three months to March.

This was 8.8 percent higher than the forecast made in its initial public offering prospectus. All in, Allco had S$7.95 million to distribute to unit holders.

Allco said this was due to strong rental income growth from a property in Perth, Australia, additional rental contribution from the acquisition of 55 Market Street in Singapore, and the redeemable preference share restructuring effected in August 2006.

Nicholas McGrath, Chief Executive Officer and Managing Director of Allco Singapore, said the strong first quarter result had been largely driven by the continued strengthening of both the Singapore and Perth office markets.

As at last Friday, Allco REIT's market capitalisation had increased to S$616.1 million.

With an annualised distribution per unit of 6.49 cents, this represents an annualised distribution yield of 5.23 percent, based on the closing price of S$1.24 last Friday.

Allco said it would continue to invest in the Pan-Asian region, focusing on Singapore, Australia and other Asian markets with strong growth opportunities.

Rickmers Maritime's IPO attracts strong interest; Posted: 01 May 2007 0014 hrs

SINGAPORE : Rickmers Maritime, Singapore's third largest shipping trust, has seen strong interest for its initial public offering (IPO).

Its public tranche has been 10.2 times oversubscribed, while 2.6 times more institutional investors applied for the placement tranche.

Rickmers had priced its units at S$1.57 each - towards the top end of its indicative range.

The price works out to a possible yield of some 8.2 percent.

Rickmers offered about 170 million units for the IPO - or about 45 percent of its total outstanding units.

The units are expected to start trading this Friday.

Raffles Medical Group reports record Q1 sales, profits; By Daryl Loo, Channel NewsAsia | Posted: 30 April 2007 1708 hrs

SINGAPORE : Raffles Medical Group has booked record revenue and earnings for first quarter of this year.

Revenue for the three months ended in March came in at S$37.7 million, up 22 percent year-on-year, while net profit rose 42.5 percent to S$4.1 million.

Raffles Medical said the jump was due to better demand in its two main business divisions - Raffles Hospital and healthcare services.

The current buoyant economic climate means more employers are hiring. And according to Raffles Medical Group, this is fuelling demand by corporate clients for pre-employment medical checks at its clinics islandwide.

Its flagship hospital along North Bridge Road is also benefiting from an increased patient-load, particularly from overseas visitors.

Dr Loo Choon Yong, Executive Chairman, Raffles Medical Group, said, "Currently 35 percent of the patients in the hospital are foreigners. We expect this to grow within a few years, to be 50-50, half foreigners and half locals. Where do they come from? They come from 120 different countries. Of course, the bulk - 30 percent or so - come from Indonesia."

Raffles Medical is seeking to draw patients from new markets - especially Vietnam and Russia - by widening its network of associate clinics.

It is also planning to invest up to S$200 million with a partner in China, to set up either a medical centre or a new hospital in the country.

Dr Loo said, "We are actively exploring. Medical Centres are easier, and obviously we would put them in gateway cities like Shanghai or Beijing.

"We are also actively exploring having a 300-bed hospital in Beijing or Shanghai. But hospitals will be more involved. There will be more capital needed and the regulations will be more stringent."

Raffles Medical is hoping to have a deal firmed up in about 18 months.

UOB to invest in China's Evergrowing Bank; Posted: 30 April 2007 1421 hrs

SINGAPORE : United Overseas Bank has signed a letter of intent to make a strategic investment in China's Evergrowing Bank.

In its filing to the Singapore Exchange on Monday, UOB did not reveal the size of its potential investment.

UOB says the two parties will negotiate the definitive agreements for the investment and a due diligence will be conducted on Evergrowing Bank.

UOB said it would make an appropriate announcement in due course.

The investment would be subject to regulatory approval.

There had been recent speculation that investment firm Temasek Holdings was interested in buying a 20 percent stake in Everygrowing Bank.

But the Chinese lender has denied that market talk.

Evergrowing Bank is a small regional bank established in 1987 and is based in Yantai, in China's Shandong province.

It was previously known as Yantai Housing Savings Bank.

It was largely in the housing credit and settlement business until 2003 when it completed a joint-stock restructuring, changed its name, and became a joint-stock commercial bank.

The lender has set up branches in China's major cities, including Beijing, Shanghai and Shenzhen.

Evergrowing Bank has a registered capital of one billion Chinese yuan, or S$197 million.

According to the latest available figures, its total deposits reached 27.8 billion yuan by the end of 2005, accompanying total assets of 36.99 billion yuan.

GIC Real Estate buys 50% stake in Westfield Parramatta; Posted: 30 April 2007 1841 hrs

SINGAPORE: GIC Real Estate is buying a 50 percent stake in Sydney's Westfield Parramatta Centre, one of the largest shopping centres in Australia.

GIC Real Estate is the property arm of the Government of Singapore Investment Corp.

It is paying A$717.5 million or about S$903 million for the purchase.

The deal is seen as a joint venture between GIC Real Estate and Australia's Westfield Group.

The Australian shopping centre developer has been appointed property, leasing and development manager of the centre.

Parramatta is seen as the second central business district in Sydney.

GIC Real Estate has been looking for opportunities in the region to build up its portfolio.

Besides Australia, it currently has interests in retail properties in the UK, Italy and Malaysia.

Special Report: The Global 2000

Rank	Company	Country	Industry	Sales ($bil)	Profits ($bil)	Assets ($bil)	Market Vaue ($bil)
358	DBS Group	Singapore	Banking	6.29	1.48	128.65	21.25
360	Singapore Telecom	Singapore	Telecommunications Services	8.13	2.58	20.11	33.06
370	United Overseas Bank	Singapore	Banking	5.93	1.68	105.16	20.51
478	Oversea-Chinese Banking	Singapore	Banking	4.28	1.31	98.55	17.47
615	Singapore Airlines	Singapore	Transportation	8.26	0.77	14.46	12.86
752	Flextronics Intl	Singapore	Technology Hardware & Equip	17.50	0.43	12.69	6.64
917	Keppel	Singapore	Conglomerates	4.95	0.49	9.01	9.33
926	CapitaLand	Singapore	Diversified Financials	2.05	0.66	13.46	12.82
1172	SembCorp Industries	Singapore	Conglomerates	4.88	0.67	4.92	5.12
1444	Neptune Orient Lines	Singapore	Transportation	7.48	0.37	4.23	2.80
1500	City Developments	Singapore	Diversified Financials	1.66	0.24	7.17	7.97
1661	Singapore Technologies	Singapore	Aerospace & Defense	2.92	0.29	3.52	6.33
1868	Golden Agri-Resources	Singapore	Food Drink & Tobacco	1.16	0.48	2.96	3.84
1998	Singapore Petroleum	Singapore	Oil & Gas Operations	5.59	0.19	2.05	1.50

All figures are in U.S. dollars and are latest available. Market value is as of Feb. 28. 1Combined market value for Unilever NV and Unilever Plc (a dual-listed company with headquarters in the Netherlands and the U.K.). 2Combined market value for BHP Billiton Ltd. and BHP Billiton Plc (a dual-listed company with headquarters in Australia and the U.K.). 3Combined market value for Rio Tinto Plc and Rio Tinto Ltd. (a dual-listed company with headquarters in Australia and the U.K.). 4Includes Carolina Group stock. 5Combined market value for Carnival Corp. and Carnival Plc (a dual-listed company with headquarters in Panama and the U. K.). 6Includes market values of tracking stocks Liberty Media Interactive series and Liberty Media Capital series. 7Combined market value for Reed Elsevier Plc and Reed Elsevier NV (a dual-listed company with headquarters in the Netherlands and the U.K.). 8Combined market value for Brambles Industries Plc and Brambles Industries Ltd. (a dual-listed company with headquarters in Australia and the U.K.). 9Combined market value for Investec Plc and Investec Ltd. (a dual-listed company with headquarters in South Africa and the U.K.). E: Estimate. NA: Not available. Sources: FT Interactive Data, LionShares, Reuters Fundamentals and Worldscope via FactSet Research Systems; Bloomberg Financial Markets; Forbes.

Special Report: Asia's 200 Best Under A Billion (Singapore)

Name	Country	Sales (US$mil)	Net Income (US$mil)	Market Value (US$mil)	Industry
Boardroom	Singapore	19	7	56	secretarial services
CHT	Singapore	71	14	104	basic materials
CSE Global	Singapore	161	13	257	IT services
Eu Yan Sang International	Singapore	110	9	146	drugs
First Engineering	Singapore	113	16	102	industrial machinery
Hyflux	Singapore	79	28	725	utility
Jaya Holdings	Singapore	193	68	688	maritime
Koda	Singapore	50	5	34	home furnishings
KS Energy Services	Singapore	162	20	378	industrial machinery distributing
Labroy Marine	Singapore	310	33	993	ship building
Micro-Mechanics	Singapore	20	5	50	electronic production equipment
Midas Holding	Singapore	42	11	506	industrial machinery
MMI Holdings	Singapore	530	50	377	electronic components
Multi-Chem	Singapore	43	7	48	oilfield services & equipment
Raffles Education	Singapore	57	20	848	education
Singapore Exchange	Singapore	257	119	3,072	investment brokerage
Tat Hong Holdings	Singapore	252	27	317	equipment leasing
Unisteel Technology	Singapore	111	25	431	electronic components
Want Want Holdings	Singapore	689	114	2,165	food processing

All figures are in U.S. dollars. Data as of September 28. NA: Not available. Sources: Worldscope via FactSet Research Systems; Forbes.

SUNVIC CHEMICAL HOLDINGS LIMITED

Registration Number: 200406502E
(Incorporated in the Republic of Singapore on 27 May 2004)

The Group is principally engaged in the manufacture and sale of the following three categories of products:


(a) Acrylic acid ("AA") (comprising purified AA and glacial AA);

(b) Acrylate esters ("AE") (comprising butyl acrylate, methyl acrylate, ethyl acrylate and 2-ethylhexyl acrylate); and

(c) Others (comprising N-(phosphonomethyl) Iminodiacetic Acid ("PMIDA") and cyclohexane).

In FY2005, AA and AE accounted for approximately 69.6% of the Group's sales and approximately 96.0% of the Group's gross profit. In HY2006, AA and AE accounted for approximately 91.7% of the Group's sales and approximately 93.7% of the Group's gross profit. Going forward, the Group aims to become one of the largest AA and AE manufacturers in the PRC.

The Group's principal place of business is in the PRC. Currently, approximately more than 75.0% of the Group's products are supplied to the PRC market. The Group sells directly to its customers who are mostly chemical producers located in Beijing and Shanghai, as well as in Zhejiang, Fujian, Guangdong, Jiangsu and Shandong provinces. The Group conducts all its export sales through its subsidiary, Yixing Yinyan Import & Export Co., Ltd. ("YYIE") and sells to customers in Europe, USA, South America and Asia.

CapitaRetail China Trust ("CRCT")

CAPITARETAIL CHINA TRUST

(a unit trust constituted on 23 October 2006 under the laws of the Republic of Singapore

Overview of CapitaRetail China Trust ("CRCT") CRCT is the first pure-play China Retail real estate investment trust ("REIT") based in Singapore. It is 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's initial portfolio of seven retail malls (the "Properties") is strategically located within large population catchment areas in five cities across China, including Beijing, Shanghai, Wuhu (Anhui), Zhengzhou (Henan) and Huhehaote (Inner Mongolia).

The quality geographically diversified portfolio, valued at approximately S$690 million, is anchored by major international and domestic retailers, such as Wal-Mart, Carrefour and the Beijing Hualian Group. The Properties are positioned as one-stop family-oriented shopping, dining and entertainment destinations for the sizeable population catchment areas in which they are located.

The manager, CapitaRetail China Trust Management Limited (the "Manager"), is an indirect wholly-owned subsidiary of CapitaLand Limited. The Manager's principal investment strategy is to invest in a diversified portfolio of income producing real estate used primarily for retail purposes and located primarily in China, Hong Kong and Macau. CRCT currently owns and invests in a portfolio of Properties located in five various cities of China and, should suitable opportunities arise, the Manager intends to grow the portfolio to include other geographic markets where CRCT does not presently operate.

The Manager intends to hold the properties for long-term investment purposes and will place strong emphasis on regular maintenance, periodic renovation and capital improvement, as deemed necessary to maintain the attractiveness and marketability of the Properties.

The Manager's key financial objective is to provide Unitholders with a competitive rate of return for their investment by ensuring regular and stable distributions to Unitholders and achieving long-term growth in distributions and net asset value per Unit.

First Real Estate Investment Trust ("First REIT")

FIRST REAL ESTATE INVESTMENT TRUST

(a real estate investment trust constituted on 19 October 2006 under the laws of the Republic of Singapore)

First Real Estate Investment Trust ("First REIT") is a Singapore-based real estate investment trust established with the principal investment objective of owning and investing in a diversified portfolio of income-producing real estate and/or real estate-related assets in Asia that are primarily used for healthcare and/or healthcare-related purposes, including, but not limited to, regional healthcare and/or healthcare-related markets with high growth potential such as Indonesia, Singapore, China, Malaysia, Thailand and Hong Kong, whether wholly- or partially-owned, and whether directly or indirectly held through the ownership of special purpose vehicles whose primary purpose is to hold or own real estate.

In addition, as one of its objectives, First REIT seeks to invest in healthcare and healthcare-related assets that are positioned to capitalise on the growing demand for healthcare services in Asia.

First REIT's initial asset portfolio, as at the listing date, comprises the following Properties which are all located in Indonesia:

· Siloam Hospitals Lippo Karawaci;
· Siloam Hospitals West Jakarta;
· Siloam Hospitals Surabaya; and
· Imperial Aryaduta Hotel & Country Club.

Babcock & Brown Structured Finance Fund Limited (the "Company")

	BABCOCK & BROWN STRUCTURED FINANCE FUND LIMITED
	(a mutal fund company incorporated with limited liability in Bermuda on 24 April 2006)

Babcock & Brown Structured Finance Fund Limited (the "Company") is a mutual fund company incorporated with limited liability in Bermuda on 24 April 2006.

The Company is Babcock & Brown Group's first listed fund which will source assets originated or identified by two of the five Babcock & Brown Group's core business units: Operating Lease and Structured Finance.

The Company's key investment objective is to invest in a portfolio of assets and economic exposures which provide its shareholders with an attractive yield and a competitive rate of return by paying regular dividends and achieving capital growth.

The Company plans to achieve its investment objectives and policies through further acquisitions, active portfolio management as well as financing and risk management. The Company provides investors with the ability to invest, through the Company, in asset classes which are not readily accessible to most investors in a listed form.

The Company invests in assets in three target sectors: (i) Operating Lease Assets; (ii) Loan Portfolio and Securitisation Assets; and (iii) Alternative Assets.

CHINA FARM EQUIPMENT LIMITED

CHINA FARM EQUIPMENT LIMITED

(Company Registration Number: 200605703R)
(Incorporated in the Republic of Singapore on 20 April 2006)

First Ship Lease Trust ("FSL Trust")

(Registration Number 200702265R)

First Ship Lease Trust ("FSL Trust") is a business trust established on 19 March 2007 under the Business Trusts Act, Chapter 31A of Singapore.

The overall objective of FSL Trust is to provide long-term non-tax driven leasing services across major maritime segments. Specifically, FSL Trust engages in the business of providing leasing services on a bareboat charter basis to the international shipping industry, and owns and invests in a portfolio of lease assets across various sub-sectors of this industry.

FSL Trust's assets may be leased to international ship operators under operating leases in the form of bareboat charters, whereby each lessee has possession of the asset and pays rent to the lessor of the asset for the right to use the asset. FSL Trust may also lease its assets under finance leases. FSL Trust's main objective is to derive a stable income stream from its portfolio of lease assets.

The lease assets in FSL Trust's portfolio will comprise long-term bareboat charters of a diverse range of commercial ocean-going transportation vessels to customers. Upon the listing of FSL Trust, the initial portfolio of vessels owned by FSL Trust will comprise four containerships, four product tankers, three chemical tankers and two dry bulk carriers with an average vessel age of approximately five years, and bareboat charters with an average remaining term of approximately nine years (excluding extensions and early buyout options). Moving forward, FSL Trust intends to seek additional accretive leasing transactions in order to grow its business.

FSL Trust is managed by its trustee-manager, FSL Trust Management Pte. Ltd, which is responsible for safeguarding the interests of Unitholders and for investment and financing strategies, asset acquisition and disposal policies, and the overall management of the business of FSL Trust.

UTTAM GALVA STEELS LIMITED

UTTAM GALVA STEELS LIMITED

 

 

SIHUAN PHARMACEUTICAL HOLDINGS GROUP LTD

SIHUAN PHARMACEUTICAL HOLDINGS GROUP LTD

(Incorporated in Bermuda on 26 April 2006)
(Company Registration Number: 38317)

The Company was incorporated in Bermuda on 26 April 2006 under the Bermuda Companies Act as an exempted company with limited liability under the name of Sihuan Pharmaceutical Holdings Group Ltd. Headquartered in Haikou, Hainan Province with manufacturing facilities located in Beijing, the Group is specialized in the field of cardiocerebral vascular drugs.

The principal business activities can be categorized as follows: The Group undertakes the R&D, production and/or sale of cardiocerebral vascular drugs in the PRC, which is the core business activity. The Group's cardiocerebral vascular drugs are used for the treatment of a wide range of cardiocerebral vascular diseases, such as coronary heart disease, pneumocardial disease, cerebrovascular disease, rheumatic fever, chronic rheumatic heart disease, atheroma, hypertension and embolism.

The Group also undertakes the R&D, production and/or sale of non-cardiocerebral vascular drugs. The non-cardiocerebral vascular drugs include those used for the treatment of cancer, infections caused by bacteria, refractory infections from tuberculosis, chronic respiratory diseases, prevention and treatment of chronic hepatitis and hepatic cirrhosis.

As at January 2007, the Group markets and sells 13 cardiocerebral vascular drugs and 18 noncardiocerebral vascular drugs in different forms and dosages. Through its in-house R&D team in Haikou City, Hainan, and Beijing, as well as through joint collaborations with renowned third-party research institutions, academic bodies and pharmaceutical research companies, the Group is in the process of developing or procuring the development of more than 50 pharmaceutical products which are at various stages of development.

Rickmers Maritime

RICKMERS MARITIME

(a business trust constituted on 30 March 2007 under the laws of the Republic of Singapore managed by Rickmers Trust Management Pte. Ltd.
(the "Trustee-Manager") a wholly-owned subsidiary of Rickmers Holding GmbH & Cle. KG (the "Sponsor")
Rickmers Maritime is a business trust registered (Registration Number: 2007003) under the Business Trusts Act; Chapter 31A of Singapore

CHINA YUANBANG PROPERTY HOLDINGS LIMITED

CHINA YUANBANG PROPERTY HOLDINGS LIMITED

(Company Registration Number: 39247)
(Incorporated in Bermuda on 4 December 2006)

MACARTHURCOOK INDUSTRIAL REIT

MACARTHURCOOK INDUSTRIAL REIT

(a unit trust constituted on 5 December 2006 under the laws of the Republic of Singapore)

China Energy Limited (the "Company")

(Incorporated in the Republic of Singapore on July 21; 2005 with company registration number 200510060K)

BACKGROUND

China Energy Limited (the "Company") produces Dimethyl Ether ("DME"), which the Company sells to fuel distributors, chemical producers and traders in various regions in China, including in Shandong, Jiangsu, Guangdong, Anhui and Shanghai.

A substantial portion of its customers are based in Shandong, where it has experienced a significant growth in demand for DME from the second half of 2005.

The Company also produces Methanol, which is primarily used for the production of other chemicals, including as a feedstock for DME production. DME is used as an aerosol propellant and as an economical blendstock for liquefied petroleum gas ("LPG"). DME is blended with LPG by LPG distributors to reduce their average costs, and such fuel blend is then sold to end consumers for household and industrial uses.

The Company believes that DME is an environmentally-friendly fuel with lower smoke emission rates compared to certain other conventional fuels. The Company relies primarily on coal as a raw material for its Methanol production, and uses Methanol as a feedstock for its DME production. The Company commenced commercial production of Methanol in December 2003 and DME in January 2004. The Company focussed on Methanol production up to the first half of 2005 as the DME market at the time was still underdeveloped.

Demand for DME came primarily from chemical producers at the time, and demand for DME for use as a blendstock for LPG was limited as potential consumers did not have security of supply for the volumes they required, primarily due to limited DME production capacity. With the increasing acceptance of DME as a blendstock for LPG, the Company's sales of DME increased significantly from the second half of 2005 and it commenced using a portion of the Methanol it produced as a feedstock for its DME production.

The Company plans to focus on DME sales as its main growth contributor in the future, with a view to DME sales making up substantially all of its revenue in the future.

The Company's existing DME and Methanol facilities are currently located in Luozhuang High and New Technology Industrial Park in Linyi, Shandong Province, China, which is approximately 720 kilometres from Beijing. The Company currently has two operating facilities, occupying approximately 205,000 square metres of facility space.

MacarthurCook Property Securities Fund (the “Fund”)

(A Registered Managed Investment Scheme under the Corporations Act 2001 (Commonwealth of Australia)

Background

MacarthurCook Property Securities Fund (the “Fund”) is a diversified, listed property fund that invests in a range of listed property trusts, unlisted property trusts and listed property-related companies registered in Australia. It was established with the aim of providing investors with a diversified property-based investment offering a stable level of income with the opportunity for long term capital growth.

The Fund is managed by MacarthurCook Fund Management Limited, a subsidiary of MacarthurCook Limited, a specialist international real estate investment manager.

As at 30 June 2006, the Fund had investments in over 46 funds managed by more than 27 specialist real estate investment managers with more than 1,200 underlying properties under management across office, retail and industrial sectors as well as “non-traditional” sectors like healthcare and childcare. Properties owned by the funds in which the Fund invests are located in Australia, the United States, Europe and New Zealand.

The Fund is a registered Managed Investment Scheme in Australia and has been listed on the Australian Stock Exchange since 17 December 2004.

Unionmet (Singapore) Limited

	UNIONMET (SINGAPORE) LIMITED
	(Registration Number: 200409104W) (Incorporated in the Republic of Singapore on 21 July 2004)
	BACKGROUND Unionmet (Singapore) Limited is a leading manufacturer and supplier of indium ingots for the consumer electronics and solar energy industries. Its ISO 9001:2000 certified plants located in Liuzhou, Guangxi, are equipped to produce 25MT of high purity indium ingots (up to 99.9999% or 6N) annually. Its indium ingots are sold overseas to countries including Korea, Japan, Europe and the USA under its "Intai" brand name, which has gained market recognition for its quality. During its extraction process of indium, Unionmet also derive by-products such as zinc ingots, zinc sheets, zinc carbonate and zinc sulphate of which they on-sell in the PRC.