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Asia-Pacific Strategic Investments Limited (“Company”) Already Issued, by Way of an Introduction (“Introduction”)

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Asia-Pacific Strategic Investments Limited (“Company”) Already Issued, by Way of an Introduction (“Introduction”) INTRODUCTORY DOCUMENT DATED 27 JUNE 2007 This Introductory Document is issued in connection with our application to the Singapore Exchange Securities Trading Limited (“SGX-ST”) for permission to deal in and for quotation of all the ordinary shares (our “Shares”) in the capital of Asia-Pacific Strategic Investments Limited (“Company”) already issued, by way of an introduction (“Introduction”). Such permission will be granted when we have been admitted to the Official List of the SGX-ST Dealing and Automated Quotation System (“SGX-SESDAQ”). The SGX-ST assumes no responsibility for the correctness of any of the statements or opinions made or reports contained in this Introductory Document. Admission to the Official List of the SGX-SESDAQ is not to be taken as an indication of the merits of the Introduction, our Company, our subsidiaries or our Shares. This Introductory Document does not constitute a prospectus and has not been lodged with and registered by the Monetary Authority of Singapore. Nothing in this Introductory Document constitutes or shall be construed as an offer, or an invitation or a solicitation of an offer by us or on our behalf, to the public to subscribe for or purchase, any of our Shares. No Shares or units of Shares in the Company shall be allotted or allocated on the basis of this Introductory Document, in any respect whatsoever. This document is important. If you are in any doubt as to the action you should take, you should consult your legal, financial, tax or other professional adviser immediately. ASIA-PACIFIC STRATEGIC INVESTMENTS LIMITED Company Registration Number: 200609901H (Incorporated in Singapore on 6 July 2006) INTRODUCTION OF ASIA-PACIFIC STRATEGIC INVESTMENTS LIMITED TO THE OFFICIAL LIST OF THE SGX-ST DEALING AND AUTOMATED QUOTATION SYSTEM Financial Adviser GENESIS CAPITAL PTE. LTD. (Company Registration No. 200403939H) CONTENTS Page CORPORATE INFORMATION ............................................................................................................ 3 DEFINITIONS ...................................................................................................................................... 5 EXCHANGE RATES ............................................................................................................................ 14 LISTING ON THE SGX-SESDAQ ........................................................................................................ 15 CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS ...................................... 16 INTRODUCTORY DOCUMENT SUMMARY........................................................................................ 18 RISK FACTORS .................................................................................................................................. 21 STATISTICS IN RESPECT OF THE SHARE DISTRIBUTION ............................................................ 26 USE OF PROCEEDS AND EXPENSES OF THE SHARE DISTRIBUTION........................................ 27 DIVIDEND POLICY .............................................................................................................................. 28 GENERAL INFORMATION ON OUR GROUP .................................................................................... 29 INFORMATION ON THE SEATOWN SCHEME AND THE HMSC ACQUISITION .............................. 33 INFORMATION ON OUR BUSINESS .................................................................................................. 37 PROSPECTS, BUSINESS STRATEGIES AND FUTURE PLANS ...................................................... 47 SELECTED GROUP FINANCIAL INFORMATION .............................................................................. 48 MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT OF OPERATIONS ...................................................................................................................................... 50 CAPITALISATION AND INDEBTEDNESS .......................................................................................... 58 PROFIT PROJECTION ........................................................................................................................ 60 DIRECTORS, MANAGEMENT AND STAFF........................................................................................ 64 CORPORATE GOVERNANCE ............................................................................................................76 INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS ................................ 78 EXCHANGE CONTROLS .................................................................................................................... 83 CLEARANCE AND SETTLEMENT ...................................................................................................... 86 GENERAL AND STATUTORY INFORMATION .................................................................................... 87 APPENDIX A-1 – AUDITED COMBINED FINANCIAL STATEMENTS OF ASIA-PACIFIC STRATEGIC INVESTMENTS LIMITED AND ITS SUBSIDIARIES FOR THE FINANCIAL YEARS ENDED 30 JUNE 2004, 2005 AND 2006 ......................A-1-1 APPENDIX A-2 – AUDITED COMBINED FINANCIAL STATEMENTS OF ASIA-PACIFIC STRATEGIC INVESTMENTS LIMITED AND ITS SUBSIDIARIES FOR THE FINANCIAL PERIOD FROM 1 JULY 2006 TO 31 DECEMBER 2006............A-2-1 1 CONTENTS APPENDIX B – AUDITED FINANCIAL STATEMENTS OF HMSC FOR THE FINANCIAL YEARS ENDED 30 JUNE 2004, 2005, 2006 AND SIX MONTHS FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2006 ........................................B-1 APPENDIX C – LETTER FROM THE REPORTING ACCOUNTANTS IN RELATION TO THE PROFIT PROJECTION ..............................................................................................C-1 APPENDIX D – SALLMANNS’ EXPERT REPORT ON THE PROFIT PROJECTION ........................D-1 APPENDIX E – SALLMANNS’ VALUATION REPORT ........................................................................E-1 APPENDIX F – SUMMARY OF RELEVANT MALAYSIAN LAWS AND REGULATIONS....................F-1 APPENDIX G – SUMMARY OF THE CONSTITUTION OF OUR COMPANY ....................................G-1 APPENDIX H – TAXATION ..................................................................................................................H-1 2 CORPORATE INFORMATION Board of Directors : Dato’ Dr. Choo Yeow Ming Chairman and CEO Wu Wen Long Executive Director and COO Michael Chu Siu Yin Executive Director and CFO Ir. Heng Aik Koon Executive Director Faizal bin Ahmad Stalin Non-Executive Director Dr. Lam Lee G. Lead Independent Director Chew Soo Lin Independent Director Yap Siean Sin Independent Director Company Secretary : Yap Wai Ming, LLB. (Hons) Lean Min-Tze, LLB. (Hons) Registered Office : 9 Raffles Place #32-00 Republic Plaza Singapore 048619 Share Registrar and Share : B.A.C.S. Private Limited Transfer Office 63 Cantonment Road Singapore 089758 Auditors and Reporting : Ernst & Young Accountants One Raffles Quay North Tower, Level 18 Singapore 048583 Partner-in-charge: Max Loh Khum Whai (a member of the Institute of Certified Public Accountants, Singapore) Auditors to HMSC : Ernst & Young, Kuala Lumpur (from 6 March 2006) Level 23A, Menara Milenium Jalan Damanlela Pusat Bandar Damansara 50490 Kuala Lumpur Malaysia Partner-in-charge: Lee Seng Huat (a member of the Malaysian Institute of Accountants) Auditors to HMSC (from : GEP Associates 1 June 1998 to 6 March 2006) 25-3 Jalan PJU 1/42A Dataran Prima 47301 Petaling Jaya Selangor Malaysia Partner-in-charge: Esther Tan (a member of the Institute of Chartered Accountants in England and Wales) Financial Adviser : Genesis Capital Pte. Ltd. 16 Raffles Quay #27-05/06 Hong Leong Building Singapore 048581 3 CORPORATE INFORMATION Legal Adviser to the Company in : Drew & Napier LLC relation to the Introduction and 20 Raffles Place the Share Distribution as to #17-00 Ocean Towers Singapore law Singapore 048620 Legal Adviser to HMSC : Stamford Law Corporation as to Singapore law 9 Raffles Place #32-00 Republic Plaza Singapore 048619 Legal Adviser to the Company as : Vaasan Chan & Chandran to Malaysian law Suite 11.3A, Level 11 The Weld 76 Jalan Raja Chulan 50200 Kuala Lumpur Malaysia Valuers and Expert in relation to : Sallmanns (Far East) Limited the profit projection 22/F Siu On Centre 188 Lockhart Road Wanchai Hong Kong Principal Bankers : ABN Amro N.V. Singapore Branch One Raffles Quay South Tower Level 25 Singapore 048583 Malayan Bank Berhad Lot UG, 20-22 Kompleks Wilayah Jalan Dang Wangi 50100 Kuala Lumpur Malaysia HSBC Bank Malaysia Berhad 17-23 Jalan Sultan 46200 Petaling Jaya Selangor Malaysia 4 DEFINITIONS In this Introductory Document, the following definitions have, where appropriate, been used: Companies within our Group “ASI” or the “Company” : Asia-Pacific Strategic Investments Limited “Group” : The proforma group of companies comprising ASI and its subsidiary HMSC as at the date of the Introductory Document, treated for the purposes of the Introductory Document as if the ASI Group structure had been in place since 1 July 2003 “HMSC” : HMS Capital Sdn Bhd Other companies, organisations and agencies “ACRA” : The Accounting and Corporate Regulatory Authority “Auditors and : Ernst & Young Reporting Accountants” “CDP” or the “Depository” : The Central Depository (Pte) Limited “Court” : The High Court of the Republic of Singapore “CPF” : Central Provident Fund “CPF Agent Banks” : Agent banks included under CPFIS “CPFIS” : Central Provident Fund Investment Scheme “Exa Earth” : Exa Earth Sdn Bhd “Genesis Capital”
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