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 REGULA