CONTENTS PAGE CORPORATE INFORMATION...................................................................................................... 1 DEFINITIONS................................................................................................................................3 GLOSSARY OF TECHNICAL TERMS.......................................................................................... 13 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS .............................. 14 INFORMATION ON THE SHARE DISTRIBUTION, THE PRIVATE PLACEMENT AND THE LISTING SHARE DISTRIBUTION .......................................................................................................... 15 PRIVATE PLACEMENT............................................................................................................ 15 LISTING ON THE SGX-SESDAQ ............................................................................................ 16 INDICATIVE TIMETABLE FOR LISTING ................................................................................ 19 SELLING RESTRICTIONS .......................................................................................................... 21 DILUTION...................................................................................................................................... 22 STATISTICS IN RESPECT OF THE SHARE DISTRIBUTION AND THE PRIVATE PLACEMENT ................................................................................................................................23 DIVIDENDS .................................................................................................................................. 24 PROSPECTUS SUMMARY OUR BUSINESSES ................................................................................................................ 25 OUR FINANCIAL HIGHLIGHTS .............................................................................................. 27 OUR STRENGTHS .................................................................................................................. 28 OUR PROSPECTS AND FUTURE PLANS ............................................................................ 29 WHERE YOU CAN FIND US .................................................................................................. 29 RISK FACTORS RISKS RELATING TO OUR GROUP ...................................................................................... 30 RISKS RELATING TO OUR RESORT OPERATIONS BUSINESS.......................................... 35 RISKS RELATING TO OUR INDUSTRIAL PARKS BUSINESS .............................................. 37 RISKS RELATING TO OUR UTILITIES BUSINESS................................................................ 39 RISKS RELATING TO OUR FIXED PROPERTY .................................................................... 41 RISKS RELATING TO REGULATORY, ECONOMIC, SOCIAL AND POLITICAL CONDITIONS .......................................................................................................................... 43 RISKS RELATING TO AN INVESTMENT IN OUR SHARES .................................................. 47 i PAGE GENERAL INFORMATION ON OUR GROUP OUR COMPANY ...................................................................................................................... 50 SHARE CAPITAL .................................................................................................................... 50 THE ATD SCHEME AND THE RESTRUCTURING EXERCISE OF OUR GROUP ................ 52 PT AIB CONVERTIBLE LOAN AGREEMENT ........................................................................ 57 OUR SHAREHOLDERS .......................................................................................................... 58 SIGNIFICANT CHANGES IN PERCENTAGE OF OWNERSHIP ............................................ 61 THE VENDOR.......................................................................................................................... 62 MORATORIUM ........................................................................................................................ 62 SHAREHOLDINGS IN THE COMPANIES COMPRISING OUR GROUP IMMEDIATELY BEFORE THE RESTRUCTURING EXERCISE ...................................................................... 63 OUR GROUP STRUCTURE .................................................................................................... 64 INFORMATION ON OUR BUSINESSES OUR HISTORY ........................................................................................................................ 68 BUSINESS STRUCTURE ........................................................................................................ 73 OUR PROPERTY DEVELOPMENT BUSINESS .................................................................... 74 OUR INDUSTRIAL PARKS BUSINESS .................................................................................. 82 OUR RESORT OPERATIONS BUSINESS.............................................................................. 97 OUR UTILITIES BUSINESS .................................................................................................... 106 RESEARCH AND DEVELOPMENT ........................................................................................ 114 OUR FIXED ASSETS .............................................................................................................. 115 INTELLECTUAL PROPERTY .................................................................................................. 118 MANAGEMENT’S DISCUSSION AND ANALYSIS OF OUR FINANCIAL POSITION AND RESULTS OF OPERATIONS OUR OPERATING RESULTS .................................................................................................. 122 OUR LIQUIDITY ...................................................................................................................... 133 OUR FINANCIAL POSITION .................................................................................................. 135 FOREIGN EXCHANGE MANAGEMENT ................................................................................ 139 CHANGES IN OUR ACCOUNTING POLICIES ...................................................................... 139 CAPITALISATION AND INDEBTEDNESS .................................................................................. 140 ii PAGE INFORMATION ON OUR MANAGEMENT AND EMPLOYEES OUR MANAGEMENT REPORTING STRUCTURE ................................................................ 145 OUR DIRECTORS .................................................................................................................. 146 REMUNERATION OF OUR DIRECTORS .............................................................................. 150 SERVICE AGREEMENT .......................................................................................................... 150 OUR KEY EXECUTIVES ........................................................................................................ 152 REMUNERATION OF OUR KEY EXECUTIVES .................................................................... 155 OUR EMPLOYEES .................................................................................................................. 156 STAFF TRAINING .................................................................................................................... 157 CORPORATE GOVERNANCE ................................................................................................ 157 INTERESTED PERSON TRANSACTIONS PAST INTERESTED PERSON TRANSACTIONS .................................................................. 161 ON-GOING INTERESTED PERSON TRANSACTIONS.......................................................... 167 SHAREHOLDERS’ MANDATE ................................................................................................ 180 REVIEW PROCEDURES FOR INTERESTED PERSON TRANSACTIONS .......................... 182 REVIEW BY AUDIT COMMITTEE .......................................................................................... 185 OPINION OF THE INDEPENDENT FINANCIAL ADVISER .................................................... 185 POTENTIAL CONFLICTS OF INTEREST.................................................................................... 186 EXCHANGE CONTROLS ............................................................................................................ 192 GENERAL AND STATUTORY INFORMATION............................................................................ 194 APPENDIX A - VALUATION CERTIFICATES ISSUED BY COLLIERS INTERNATIONAL .............................. A-1 APPENDIX B - INDEPENDENT MARKET REVIEW REPORT ........................................................................ B-1 APPENDIX C - OPINION OF THE INDEPENDENT FINANCIAL ADVISER IN RELATION TO THE SHAREHOLDERS’ MANDATE ................................................................................................ C-1 APPENDIX D - DESCRIPTION OF OUR SHARES.......................................................................................... D-1 APPENDIX E - SELECTED ARTICLES OF ASSOCIATION OF OUR COMPANY .......................................... E-1 iii PAGE APPENDIX F - GOVERNMENT REGULATIONS ............................................................................................ F-1 APPENDIX G - SUMMARY OF TAXATION ...................................................................................................... G-1 APPENDIX H - AUDITED FINANCIAL STATEMENTS OF GALLANT VENTURE