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It's good to see that the Company bought back 150 lots of its own shares over two trading sessions this week.
It is a somewhat belated action if I may say so, but nonetheless a good response by the Company to signal to the market that they view the stock price as being undervalued at the current level.
This share buy back initiative taken by the Management of Advanced Holdings is reassuring to Shareholders and Investors alike and will help to stabilize the share price / protect the share value of the Company.
The Management of Advanced has been given the mandate to do a share buy-back and should react more quickly in the future when there is an unreasonable sell down of the shares in the marketplace.
Advanced Holdings is a profitable Company with good fundamentals and a great future and should not be priced below NAV.
P.S HuatAh! Agree with your comment on Advanced's business model. That's the reason why most of us here are long term holders of the stock despite its dismal performance. Let's hope that the Management of Advanced can interest Fund Managers / Big Investors in the merit of the Company's business and get them to invest in it as that is the only way to get the share price moving again.
HuatAh! ( Date: 14-Jul-2008 13:56) Posted:
Finally some good news from Advanced although I highly doubt the share price will move.
Spark, while Aztech may have bought more shares back than Advanced under the Share Buy-Back Program, Dr Wong Kar King bought quite a number of shares himself at much higher prices than currently.
Furthermore, Aztech is trying to diversify into a totally new area of business. I never like companies that do that.
Personally, I still like Advanced but sorely disappointed by the gross underperformance of its share price. Clean energy demand will only go up. |
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| Name of Announcer * |
ADVANCED HOLDINGS LTD |
| Company Registration No. |
200401856N |
| Announcement submitted on behalf of |
ADVANCED HOLDINGS LTD. |
| Announcement is submitted with respect to * |
ADVANCED HOLDINGS LTD. |
| Announcement is submitted by * |
Ong Breng Hong |
| Designation * |
Company Secretary |
| Date & Time of Broadcast |
14-Jul-2008 19:03:07 |
| Announcement No. |
00115 |
| The details of the announcement start here ... |
| |
Name of Overseas Exchange where Company has Dual Listing (if applicable) |
|
| (A) Share Buy-Back Authority |
| I. |
Maximum number of shares authorised for purchase* |
28202218 |
| (B) Details of Purchases Made |
| I. |
Purchases made by way of market acquisition |
Yes
|
| If answer to the above question is Yes, please fill in the following : |
 |
|
Singapore Exchange |
Overseas Exchange |
| 1 |
Date of Purchases |
14-07-2008 |
|
| 2a |
Total number of shares purchased |
100000 |
|
| 2b |
Number of shares cancelled |
0 |
|
| 2c |
Number of shares held as treasury shares |
100000 |
|
| 3a |
Price paid per share# or |
Currency : S$
Amount : 0.21
|
Currency : [Select Currency]
Amount :
|
| 3b |
Highest price per share# |
Currency : [Select Currency]
Amount :
|
Currency : [Select Currency]
Amount :
|
| |
Lowest price per share# |
Currency : [Select Currency]
Amount :
|
Currency : [Select Currency]
Amount :
|
| 4 |
Total consideration (including stamp duties, clearing charges, etc) paid or payable for the shares# |
Currency : S$
Amount : 21050.00
|
Currency : [Select Currency]
Amount :
|
| II. |
Purchases made by way of off-market acquisition on equal access scheme? |
|
| If answer to the above question is Yes, please fill in the following : |
|
|
Singapore Exchange |
Overseas Exchange |
| 1 |
Date of Purchases |
|
|
| 2a |
Total number of shares purchased |
|
|
| 2b |
Number of shares cancelled |
|
|
| 2c |
Number of shares held as treasury shares |
|
|
| 3 |
Price paid or payable per share# |
Currency : [Select Currency]
Amount :
|
Currency : [Select Currency]
Amount :
|
| 4 |
Total consideration (including stamp duties, clearing charges, etc) paid or payable for the shares# |
Currency : [Select Currency]
Amount :
|
Currency : [Select Currency]
Amount :
|
|
By way of market acquisition |
By way of off-market acquisition on equal access scheme |
Total |
|
No. |
% 1 |
No. |
% |
No. |
% |
| Cumulative no. of shares purchased to-date 2 |
100000 |
0.03 |
|
|
100000 |
0.03 |
1 Percentage of company's issued shares excluding treasury shares as at the date of the share buy-back resolution
2 From the date on which the share buy-back mandate is obtained |
| (D) |
Number of issued shares excluding treasury shares after purchase * |
307872176 |
|
Number of treasury shares held after purchase* |
2695000 |
I think the Management realized there are a bunch of forummers here making noise about the buy back and hence they have decided to start it again.
Finally some good news from Advanced although I highly doubt the share price will move.
Spark, while Aztech may have bought more shares back than Advanced under the Share Buy-Back Program, Dr Wong Kar King bought quite a number of shares himself at much higher prices than currently.
Furthermore, Aztech is trying to diversify into a totally new area of business. I never like companies that do that.
Personally, I still like Advanced but sorely disappointed by the gross underperformance of its share price. Clean energy demand will only go up.
Advanced secures four new contracts worth S$19.3m
•
Two oil and gas projects in Singapore and two petrochemical projects in China; targeted to be delivered by end 2009
•
Asserts Advanced’s horizontal integration efforts into the chemical and petrochemical and clean, renewable energy sectors
SINGAPORE – 14 July 2008 – Advanced Holdings Ltd. (“Advanced” or the “Group”)
Of the four contracts, two are oil and gas projects in Singapore while the other two are petrochemical projects in China. These contracts are not expected to have any material impact on the Group’s earnings in the current financial year.
Commenting on the new contract wins, Dr Kar Wong, Managing Director of Advanced, said, “I’m very pleased to witness our steady gain in visibility in the fast-growing industries that we have targeted. With these new contracts, it demonstrates our commitment to intensify our efforts and activities in the Oil & Gas and Petrochemicals & Chemicals as well as Clean Energy & Environmental Technologies Divisions. We recognize that these high growth industries will represent a key growth opportunity for our Group and will continue to leverage on our technical expertise and marketing strength in these industries.”
Details of the oil and gas and petrochemical projects secured by Advanced are as follow:
, a global supplier of proprietary process equipment and technologies, clean energy solutions and environmental technologies, today announced that it has secured four new contracts worth a total of S$19.27 million. These contracts are in addition to the S$63.0 million outstanding orders as of 31 March 2008 announced during the Group’s 1Q08 results.
Singapore Parallel Train-Integrated Refinery Facilities (“SPT-IRF”) project, Jurong Island, Singapore
Advanced inked two contracts to supply process analyzer systems for the SPTIRF project on Jurong Island. The SPT project is an integrated petrochemical project initiated by ExxonMobile Singapore (“EM”) as an extension to their existing plants at the refining and chemical complex on Jurong Island. It consists of a number of downstream units including a steam cracker ethylene complex and two downstream plants for the production of ethylene and propylene derivatives.
The SPT project will add new facilities to the existing EM’s fully operational chemical and refinery facilities, while the SPT-IRF project is termed for works which are confined to within EM’s existing refineries.
Dr Wong commented, “The SPT project once completed, will position Jurong Island as the petrochemical hub in Asia. We are very proud to be awarded these two contracts and be able to support ExxonMobile for this planned major milestone in Singapore’s petrochemicals industry where the Jurong Island petrochemicals industry will account for an impressive S$25 billion of the Singapore economy
MTO project, China
Strengthening its portfolio in the clean renewable energy sector, Advanced entered into a contract with a state owned petrochemical and chemical company to supply equipment for its methanol-to-olefin (“MTO”) process unit.
Through this project, “clean coal” technologies will be applied to convert coal feedstock to produce methanol, which will be further converted to olefins via MTO technology and eventually to ethylene and propylene - elements that are used as the building blocks for processes such as plastics and chemical products.
With the use of coal, an abundant and relatively inexpensive feedstock, to produce various products, on the environmental front, the MTO technology does not only help to reduce greenhouse gas emissions, it will also produce great economic benefits.
MDI project, China
With the second petrochemical contract signed, the scope of Advanced’s contract calls for the supply of equipment to another petrochemical and chemical company in China.
In recent years, global MDI capacity has had a rapid expansion, reaching 4.8 million tonnes in 2007, at a compound annual growth rate of over 20%. Global MDI production capacity is mainly concentrated in Europe and the United States which accounts for more than 40% and 30% of the global production capacity respectively. China accounts for 13% and is quickly emerging as one of the key MDI markets with an expected 13% MDI consumption growth rate in the next few years.
Methylene Diphenyl DiIsocyanate (“MDI”) is used in the production of polyurethane which is widely used in the construction and automobile industries as well as for the manufacturing of paint and footwear.
.”
Advanced secures four new contracts worth
S$19.3m
• Two oil and gas projects in Singapore and two petrochemical projects
in China; targeted to be delivered by end 2009
• Asserts Advanced’s horizontal integration efforts into the chemical and
petrochemical and clean, renewable energy sectors
SINGAPORE – 14 July 2008 – Advanced Holdings Ltd. (“Advanced” or the
“Group”), a global supplier of proprietary process equipment and
technologies, clean energy solutions and environmental technologies, today
announced that it has secured four new contracts worth a total of S$19.27
million. These contracts are in addition to the S$63.0 million outstanding
orders as of 31 March 2008 announced during the Group’s 1Q08 results.
Of the four contracts, two are oil and gas projects in Singapore while the
other two are petrochemical projects in China. These contracts are not
expected to have any material impact on the Group’s earnings in the current
financial year.
Commenting on the new contract wins, Dr Kar Wong, Managing Director of
Advanced, said, “I’m very pleased to witness our steady gain in visibility in the
fast-growing industries that we have targeted. With these new contracts, it
demonstrates our commitment to intensify our efforts and activities in the Oil
& Gas and Petrochemicals & Chemicals as well as Clean Energy &
Environmental Technologies Divisions. We recognize that these high growth
industries will represent a key growth opportunity for our Group and will
continue to leverage on our technical expertise and marketing strength in
these industries.”
Details of the oil and gas and petrochemical projects secured by Advanced
are as follow:
Singapore Parallel Train-Integrated Refinery Facilities (“SPT-IRF”) project,
Jurong Island, Singapore Advanced inked two contracts to supply process analyzer systems for the SPTIRF project on Jurong Island.
The SPT project is an integrated petrochemical project initiated by
ExxonMobile Singapore (“EM”) as an extension to their existing plants at the
refining and chemical complex on Jurong Island. It consists of a number of
downstream units including a steam cracker ethylene complex and two
downstream plants for the production of ethylene and propylene derivatives.
The SPT project will add new facilities to the existing EM’s fully operational
chemical and refinery facilities, while the SPT-IRF project is termed for works
which are confined to within EM’s existing refineries.
Dr Wong commented, “The SPT project once completed, will position Jurong
Island as the petrochemical hub in Asia. We are very proud to be awarded
these two contracts and be able to support ExxonMobile for this planned
major milestone in Singapore’s petrochemicals industry where the Jurong
Island petrochemicals industry will account for an impressive S$25 billion of
the Singapore economy1.”
MTO project, China
Strengthening its portfolio in the clean renewable energy sector, Advanced
entered into a contract with a state owned petrochemical and chemical
company to supply equipment for its methanol-to-olefin (“MTO”) process unit.
Through this project, “clean coal” technologies will be applied to convert
coal feedstock to produce methanol, which will be further converted to
olefins via MTO technology and eventually to ethylene and propylene -
elements that are used as the building blocks for processes such as plastics
and chemical products.
With the use of coal, an abundant and relatively inexpensive feedstock, to
produce various products, on the environmental front, the MTO technology
does not only help to reduce greenhouse gas emissions, it will also produce
great economic benefits.
MDI project, China
With the second petrochemical contract signed, the scope of Advanced’s
contract calls for the supply of equipment to another petrochemical and
chemical company in China.
1 http://www.hydrocarbons-technology.com/projects/singaporeparellel/
Methylene Diphenyl DiIsocyanate (“MDI”) is used in the production of
polyurethane which is widely used in the construction and automobile
industries as well as for the manufacturing of paint and footwear.
In recent years, global MDI capacity has had a rapid expansion, reaching 4.8
million tonnes in 2007, at a compound annual growth rate of over 20%.
Global MDI production capacity is mainly concentrated in Europe and the
United States which accounts for more than 40% and 30% of the global
production capacity respectively. China accounts for 13% and is quickly
emerging as one of the key MDI markets with an expected 13% MDI
consumption growth rate in the next few years.
About Advanced Holdings Ltd.
Founded in 1993, SGX Mainboard-listed Advanced is an ISO9001:2000-certified
specialist company with three key business areas encompassing the design and
supply of Process Equipment and Technologies to the Chemical & Petrochemical
and Oil & Gas industries; the design and supply of Clean Energy Equipment and
Technologies; and the provision of Environmental Technologies. Advanced is an
established global company with a rapidly growing presence in approximately 15
countries spanning Asia, Europe and USA.
The NAV of Advanced Holdings is S$ 0.2215 c.
At the current price, the P/E ratio is around 5 x and the Dvidend Yield is around 6 p/c.
Above info obtained from ShareInvestor.com.
It is a pretty decent set of numbers anyway you look at it, and perhaps more so when you consider that the Company has been profitable and paying Dividends consistently since its listing 3 years ago.
I saw on the SGX news that Wastach Advisors has ceased to be a significant shareholder of the Company after disposing off 1.65 mil shares and this could be the reason for the recent sharp fall in Advanced's share price. With a balance of 15.3 mil shares which they still hold, Wasatch Advisors will likely want to dispose of them too, so it looks like Advanced's share price will remain under pressure for a while yet. However, once the selling by Wasatch is over, we should see a lift in Advanced's share price (unless another substantial shareholder calls it quits too). Meantime, let's hope that the Management of Advanced will do so some share buy-back to prevent further falls in the share price as this is a very thinly traded counter and subject to wild swings either way with just a few hundred trades / day.
The last share buy-back action by the Company was made in December 2007. The Company has bought back shares on just 4 occassions in 2007 totalling less than 5 p/c of the share buy-back mandate given to it.
I do not follow Aztech but out of curiosity made a check on it.
It seems to be a fundamentally sound Company sharing many similarities with Advanced, but operating in a different business area.
However, if you compare its share buy-back activities with that of Advanced, then they are in two totally different worlds.
Take a look :
Advanced share buy-back action (04.09.2007 - 18.12.2007) : 4 occassions (none in Y 2008).
Aztech share buy-back action (02.09.2007 - 18.12.2007) : 27 occassions (comparable period with Advanced)
Aztech share buy-back action 19.12.2007 - 26.03.2008) : 33 occassions (of which 25 were made in Y 2008).
Aztech Directors' buy of shares in open market (20.09.2007 - 23.06.2008) : 23 occassions (of which 7 were made in Y 2008)
It's not for me to day who is right or wrong, but if you look at the share buy-back activities, it does say a lot about the Management styles of these 2 fundamentally sound Companies.
For me, the Management of Aztech is the one that is giving more assurance / support to the Investors and Shareholders of the Company and a clear message of confidence to the investing public.
tim1188 ( Date: 11-Jul-2008 16:30) Posted:
HuatAh ! ..Many counters are trading below their Nav .. Aztech even with Share buyback also suffer the same faith. But if you believe Adv Hldg can peform .. it should be able to ride out the current storm. 
HuatAh! ( Date: 11-Jul-2008 14:59) Posted:
Tim, i think you missed my post. I lost 70% of my capital in Advanced Holdings. Bought it sometime back. Think I am the biggest loser for Advanced Holdings. So fed up with the share price underperformance.
Now Advanced is trading below its NAV of $0.2167. |
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By the way, "close" as in closed to new investors. Sorry...a bit misleading
starbugs ( Date: 13-Jul-2008 12:46) Posted:
Take a look at SGX site. Wasatch Advisors is the big seller.
I think it has to do with below news. Wasatch still has 15,305,030 shares to sell. Better to stay out for a while. (I am also vested)
Wasatch Advisors(R) Plans to Close Two Micro Cap Funds
http://www.reuters.com/article/pressRelease/idUS104642+16-Jun-2008+BW20080616
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Take a look at SGX site. Wasatch Advisors is the big seller.
I think it has to do with below news. Wasatch still has 15,305,030 shares to sell. Better to stay out for a while. (I am also vested)
Wasatch Advisors(R) Plans to Close Two Micro Cap Funds
http://www.reuters.com/article/pressRelease/idUS104642+16-Jun-2008+BW20080616
ADVANCE HOLDIONG.
It is rather low now, it is expanding with good dividends yield for medium to long term it should be good for those can afford to hold, and may get rewarded in due time.
HuatAh ! ..Many counters are trading below their Nav ..
Aztech even with Share buyback also suffer the same faith.
But if you believe Adv Hldg can peform .. it should be able to ride out the current storm.
HuatAh! ( Date: 11-Jul-2008 14:59) Posted:
Tim, i think you missed my post. I lost 70% of my capital in Advanced Holdings. Bought it sometime back. Think I am the biggest loser for Advanced Holdings. So fed up with the share price underperformance.
Now Advanced is trading below its NAV of $0.2167. |
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Tim, i think you missed my post. I lost 70% of my capital in Advanced Holdings. Bought it sometime back. Think I am the biggest loser for Advanced Holdings. So fed up with the share price underperformance.
Now Advanced is trading below its NAV of $0.2167.
50% paper lost ...that's alot ! 
Adv Hldg NTA is wat ?
One key factor for many share price poor performance is Mkt sentiments..full of fear .
knightrider ( Date: 10-Jul-2008 17:10) Posted:
Be extra careful, the way the management let this share free fall all the way down, it might be an ulterior motive of planning to delist from the SGX (just my wild guess). This stock is profitable, somehow not transparent enough. If there is a merge or force buy up by others, then this stock will move. What a disappointment ?
My investment is a paper lost of around 50% ! FYI. |
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It is not difficult for the Management to show their support and confidence in the Company by doing a share buy-back as the daily trading volume for Advanced Holdings is very thin. This shows that it is not a speculative counter and that most of the share-holders have been holding the stock for a very long time. They should NOT allow the share price to just slide down from S$ 0.27c to S$ 0.195c in just three weeks (after stagnating in the range of S$ 0.26 - 0.32c for the past six months). The current share price is now less than the NTA value of the Company, so if they are not going to do a share buy-back now, makes you wonder when they are going to do it.
The speculation by Knightrider about a motive to keep the share price down may not be so wild after all.
Frankly, the Management does not realise that by not doing anything at all with the share buy-back mandate they are building up a groundswell of very diasppointed and soon-to-be hostile shareholders (who used to support them without any question in the past).
Question to Dr Wong : Why ask for a share buy-back mandate if you do not do anything about it especially now when the share price is below NTA. What type of message are you giving out to Investors / Share-holders of the Company ??
HuatAh! ( Date: 11-Jul-2008 10:26) Posted:
I wonder what they are doing with that cash hoard. The cost for the biogas project only $1.8m so they still have a lot of cash left.
If they do not know what to do with it, I strongly suggest they either start activating the share buy back or either that declare dividends in the coming quarters to return the money to shareholders. Just like what they did when they gave out dividend for first quarter.
I thought Advanced sometimes got Q&A with shareholders. The next one I will confirm have to query them liao.
Looking at the poor price performance, I don't even dare to average down now. Just holding on to what I have now. |
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I wonder what they are doing with that cash hoard. The cost for the biogas project only $1.8m so they still have a lot of cash left.
If they do not know what to do with it, I strongly suggest they either start activating the share buy back or either that declare dividends in the coming quarters to return the money to shareholders. Just like what they did when they gave out dividend for first quarter.
I thought Advanced sometimes got Q&A with shareholders. The next one I will confirm have to query them liao.
Looking at the poor price performance, I don't even dare to average down now. Just holding on to what I have now.
Profitable Company, Cash Rich, Good Dividend Yield, Low P/E, Healthy Order Book, Involved In so Many New Projects yet the stock price keeps on going down (after being stagnant for more than 6 months). It does not make sense and has no logic to it.
Your "wild guess" may not be so wild after all.
SES should send a note to the Management to ask them what's going on.
They sure have lots to explain, if you ask me.
Needless to say, like all long suffering share-holders, this surely must rank as one of the most disappointing stock to hold.
PS. Why ask for a share buy back mandate if they are not doing anything about it ??
knightrider ( Date: 10-Jul-2008 17:10) Posted:
Be extra careful, the way the management let this share free fall all the way down, it might be an ulterior motive of planning to delist from the SGX (just my wild guess). This stock is profitable, somehow not transparent enough. If there is a merge or force buy up by others, then this stock will move. What a disappointment ?
My investment is a paper lost of around 50% ! FYI. |
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Be extra careful, the way the management let this share free fall all the way down, it might be an ulterior motive of planning to delist from the SGX (just my wild guess). This stock is profitable, somehow not transparent enough. If there is a merge or force buy up by others, then this stock will move. What a disappointment ?
My investment is a paper lost of around 50% ! FYI.
I have wrote this stock off as a bad debt and will just leave it in my portfolio to collect dust. Don't understand why the price just keeps falling despite the company being cash rich.
The way I see it, the only problem is that their revenue hinges a lot on projects which are non recurring. I think they realized they cannot rely on projects all the way and hence the biogas plant to get a stream of steady income.
I am still waiting for the share buyback to start again. Need to quiz management liao. This is my worst performing stock. Lost a whopping 70% on this goner.
Advanced to invest S$1.8 million to Build and
Operate Singapore’s 1st Biogas Plant
• New BOT project to provide recurring revenue stream
• Strengthen Advanced’s position as a provider of clean, renewable
energy and technologies
SINGAPORE – 23 June 2008 – Advanced Holdings Ltd. (“Advanced” or the
“Group”), a global supplier of proprietary process equipment and
technologies, clean energy solutions and environmental technologies, is
making a key investment that will put the Group amongst pioneer companies
in Singapore to establish a Clean Development Mechanism (“CDM”) project
under the Kyoto Protocol1.
Advanced today announced that its wholly-owned subsidiary, Advanced
Environmental Technologies Pte Ltd (“AET”), will invest approximately S$1.8
1 Source: http://en.wikipedia.org/wiki/Clean_Development_Mechanism : The Clean Development
Mechanism (CDM) is an arrangement under the Kyoto Protocol allowing industrialised countries with
a greenhouse gas reduction commitment to invest in projects that reduce emissions in developing
countries as an alternative to more expensive emission reductions in their own countries.
million (inclusive of working capital) in a Build-Operate-Transfer (“BOT”) biogas
plant in a local poultry company N&N Agricultural Farm (“N&N”). The
investment will be financed through the placement proceeds raised on 8
August 2007.
N&N, which owns N&N Chicken Farm, is a corporation established in
accordance with the legislation of the Republic of Singapore, and located at
No. 1 Lim Chu Kang Lane 9A Singapore 718845. N&N rears chicken solely for
egg laying purpose and has an existing chicken population of over 500,000.
The ongoing challenge facing N&N is to manage the 50 tonnes of manure
generated daily, and the resulting odour emitted from its chicken-raising
operations.
As part of the proposed plan, AET will construct a biogas plant system on
N&N’s existing premises with a capacity to treat up to 50 tonnes of chicken
manure per day. The energy value of the manure will be captured and
processed to generate 160 kilowatts of electricity per hour.
The targeted date for completion and operation of the plant is estimated to
be by early 2009. AET will be responsible to build the biogas plant and
operate it for a period of ten years with an option to extend the operation
period.
The project is not expected to have material financial impact on the Group’s
results for the financial year ending 31 December 2008.
From a growth perspective, Advanced believes that the highly strategic
benefits from its new BOT biogas project is expected to have a positive, longterm
impact on the Group due to the following reasons:
• New streams of recurring income generated from the operations of the
biogas plant.
• Subject to approval by Executive Board of United Nations Framework
Convention on Climate Change, place Advanced as one of the
pioneers in Singapore to establish a CDM project under the Kyoto
Protocol, thus substantially boosting the Group’s credibility and track
record within the Environmental Industry.
• Strengthen Advanced’s technical and engineering know-how,
expertise and developmental capabilities in the areas of animal waste
management and biogas technologies.
• Expected new project opportunities in the biogas technology sector.
Advanced is currently working on several other similar projects in the
region.
Since the early 2000s, Advanced has identified clean, renewable energy
sector as one of its key thrust of growth. The Group made its first mark in the
sector when it netted a US$3.5 million contract to supply clean fuel process
equipment to a grass-root refinery owned by a Chinese oil major in the PRC in
November 2006. Subsequent to that, Advanced had clinched another clean
fuel contract in China worth over S$5.39 million in January 2007.
“We have identified clean, renewable energy as one of our key sectors of
focus very early on and we’re moving as fast as possible to expand and
entrench our position in this area. Our new biogas project will generate
substantial strategic and economic benefits to Advanced through increased
scope, new products and services, and tangible synergies,” said Dr Kar
Wong, Managing Director of Advanced.
USE OF PLACEMENT PROCEEDS
The Board of Directors of Advanced Holdings Ltd (the “Company”) refers to the private placement of
51.7 million new shares at SGD 0.5363 each in the capital of the Company in August 2007.
The Company would like to provide an update on the use of the proceeds raised from the placement
which amounted to SGD 27,727,000. The use of proceeds is as follows:-
Proceeds SGD
Amount raised 27,727,000
Less: Placement expenses (880,000)
Net Placement Proceeds 26,847,000
Eh knightrider, boh tai boh ji got a bit of dividend to take in the first quarter is better than nothing lor.
They just paid out full year dividend and now distributing money again..i definitely won't complain.
Now I am waiting for them to start the share buy-back again.
Undervalued!
REPLY TO SGX QUERIES ON THE ANNOUNCEMENT OF FIRST QUARTER FINANCIAL
STATEMENT RESULTS FOR THE PERIOD ENDED 31 MARCH 2008 (“1Q08 RESULTS”)
The Board of Directors of Advanced Holdings Ltd. (the “Company”) wishes to provide
additional information in response to the query received from the SGX-ST on 16 May 2008
with respect to the Company’s announcement of first quarter financial statement results for
the period ended 31 March 2008 ( “1Q08 Results”) released on 12 May 2008.
SGX’s query:
We note that the Company recorded an unrealised foreign exchange loss amounting to
S$778,000 in 1QFY2008. The Company has explained that the loss is substantially due to
the revaluation of foreign currency denominated monetary assets and liabilities at the end of
the period. However, please provide more clarification on the nature of the underlying
monetary assets and liabilities and the foreign currencies in which they are denominated.
Company’s reply:
The unrealised foreign exchange loss is the result of unfavourable movement in the
exchange rate between Singapore Dollars (“SGD”) and United States Dollars (“USD”)
recorded by subsidiaries in accordance to FRS 21 “The effects of changes in foreign
exchange rates” within the Group during the quarter ended 31 March 2008. These
subsidiaries’ functional currency is SGD, however, they also transact in USD. During the
quarter ended 31 March 2008, the depreciation of USD against SGD resulted in an increase
in net unrealised foreign exchange loss. This mainly arose from the revaluation of amount
due from customers for contract work-in-progress and bank balances which are
denominated in USD.
