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Wearnes Appoints Deputy Chairman

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Wearnes Appoints Deputy Chairman Wearnes appoints Deputy Chairman Independent director Ng Ser Miang to assume new post Will aid board and Chairman in Group’s plans to expand on recent turnaround in operations and profit SINGAPORE, 13 NOVEMBER 2008 FOR IMMEDIATE RELEASE WBL Corporation Limited (Wearnes), a dynamic international group listed on the SGX mainboard, is pleased to announce the appointment of Mr Ng Ser Miang as the Deputy Chairman of its board, with immediate effect. Mr Ng has served as an independent and non-executive director of the Wearnes board since 2005. In addition, he is the chairman of its risk committee and a member of its nominating committee. Following his appointment as non-executive Deputy Chairman, he will continue to serve in these roles. As Deputy Chairman, Mr Ng will participate in the formulation and implementation of the Group’s overall strategies for development, and will assist the board and Chairman Wong Nang Jang in consolidating the Group’s plans to take Wearnes on its next thrust forward. Mr Wong commented: “During his tenure with Wearnes, Mr Ng Ser Miang has provided the board with invaluable advice and contributed significantly to the Group’s efforts to restructure its operations – efforts that have enabled Wearnes to make a strong turnaround this year. “Mr Ng’s long, illustrious service in the public sector as well as his vast experience in the private sector will be of inestimable help to the Group as we face the challenges ahead and step up our efforts to safeguard margins and bolster profits.” A distinguished diplomat as well as businessman, Mr Ng is currently Singapore’s Ambassador to Hungary and Norway. He also served as a Nominated Member of Parliament from 2002 to 2005. An avid sportsman as well, with a particular passion for sailing, Mr Ng is Vice-President of the Singapore National Olympic Council and a long-standing member of the International Olympic Committee (IOC) as well as a member of its Executive Board since 2005. He is also the Chairman of the Singapore Youth Olympic 1 Games Organising Committee. For his many achievements in the public sector, he was conferred the Singapore Public Service Star in 1999. In the private sector, Mr Ng currently serves as the Chairman of TIBS International Pte Ltd, NTUC Fairprice Co-operative Limited, NTUC Choice Homes Co-operative Limited and Network China. He is also a director of Singapore Press Holdings Limited, Yanlord Land Group Limited and NTUC Fairprice Foundation Ltd. In addition, he served for seven years on the APEC Business Advisory Council. Added Mr Wong: “With this latest key appointment, Wearnes is confident that we can capitalise on the many stringent measures we have put in place to streamline our operations and that we will further strengthen our balance sheet and cashflow position as we build on the turnaround that has been achieved so far. “The board believes that Mr Ng will contribute immensely to the Group’s moves to improve debt and capital management, as well as its plans to forge greater profitability, and it takes this opportunity to welcome him to his new position.” Currently, other members of the board include Group Chief Executive Officer Tan Choon Seng and independent, non-executive directors Cham Tao Soon, Michael Wong Pakshong, Fong Kwok Jen and Yeap Lam Yang as well as non-independent and non-executive directors Lai Teck Poh, Norman Ip and Peter Eng. In its recent results, Wearnes reported a six-fold jump in net attributable profit (PATMI) from operations to S$57.9 million for the year ended 30 September 2008 (FY08). Net earnings rose to S$66.8 million, in a reversal from the loss of S$20.2 million posted in FY07. This turnaround was achieved through solid performances at all four of the Group’s business divisions, in particular technology and property. Wearnes continued to generate positive net cashflow from operations, which came in at S$138.8 million as at 30 September 2008. Net gearing improved significantly to 8%. 2 NEW DEPUTY CHAIRMAN NG SER MIANG Mr Ng Ser Miang has served as an independent and non-executive director of the Wearnes board since December 2005 and was last re-elected in 2006. He also chairs the board’s risk committee and serves on its nominating committee. He currently serves as the Chairman of TIBS International Pte Ltd, NTUC Fairprice Co-operative Limited, NTUC Choice Homes Co-operative Limited and Network China. In addition, he is a director of Singapore Press Holdings Limited, Yanlord Land Group Limited and NTUC Fairprice Foundation Ltd. He was also a director of TIBS Holdings Ltd (the company he founded in 1981) until its merger with SMRT in 2001, SMRT Corporation Ltd and Biosensors International Group Ltd. He served as a member of the APEC Business Advisory Council from September 2001 to September 2008. Mr Ng has been Singapore’s Ambassador to the Republic of Hungary since 2000 and its Ambassador to the Kingdom of Norway since 2001. He was a Nominated Member of Parliament from June 2002 to January 2005, and was appointed a Justice of the Peace in September 2005. He is an executive board member of the International Olympic Committee (IOC) and serves on various IOC Commissions. He also chairs the board of governors for the Singapore Olympic Academy, and serves as Vice-President of the Singapore National Olympic Council and chairman of its finance committee. In addition, he is the Chairman of the Singapore Youth Olympic Games Organising Committee. In 1999, Mr Ng was conferred Singapore’s Public Service Star. He has received other awards, including the Medal of Commendation at the NTUC May Day Awards in 1993, a Gold Medal from the International Sailing Federation in 1998, the NTUC Friend of Labour Award in 2001 and the Outstanding Chief Executive Award in 1992. In 2007, he received the NTUC Meritorious Award. Mr Ng holds a BBA (Hons) from the University of Singapore and is a Fellow of the Chartered Institute of Transport. 3 ABOUT WEARNES www.wearnes.com SGX mainboard listing: November 1912 Wearnes (WBL Corporation) is a dynamic international group with key activities in technology, automotive distribution, property and engineering and distribution. The Group is one of the world’s leading producers of flexible printed circuits (FPCs), which are found in widely used consumer products such as mobile phones. Its 54.4%-owned, NASDAQ-listed unit, M-Flex, is one of the few global firms able to provide seamless, integrated, end-to-end solutions for quick-turn prototypes through high-volume production. In automotive distribution, Wearnes has successfully expanded its operations over the past century to include eight world-renowned brands: Volvo, Jaguar, Bentley, Renault, Mazda, Volkswagen, Chevrolet and Bugatti. The Group has a substantial land bank in China and, through its wholly-owned subsidiary Huaxin International, is active in property developments in Shenyang, Chengdu, Chongqing, Shanghai and Suzhou. Its engineering and distribution businesses include the design and fabrication of process equipment for the oil and gas industry, the distribution of bottled liquefied petroleum gas, building materials and equipment for the construction and marine industries, systems integration services and mining. FOR FURTHER ENQUIRIES MR LESTER WONG WBL CORPORATION +65 6470 6002 [email protected] DR VIVIEN CHIONG WBL CORPORATION +65 6470 6006 [email protected] MS ELINE OH OAKTREE ADVISERS +65 9839 0263 [email protected] 4.
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