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(Post 1 of 25) 01/28/2000.08:19:00 |
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PAKARA TECHNOLOGY LTD PAKARA TECHNOLOGY LTD (formerly known as National Kap Limited) Formation of new joint venture to produce batteries for bicycles and for export On 4 January 2000, the shareholders of Pakara Technology Ltd ("Pakara" or the "Company"), (formerly known as National Kap Limited) approved, amongst others, the acquisition of a 55% indirect equity interest in Hangzhou Narada Battery Co., Ltd ("HNB"). HNB and its subsidiaries and associated company are engaged in the development, manufacture and sale of lead-acid batteries for industrial use. Detailed information on HNB has been disclosed in the Company's circular to shareholders dated 3 December 1999, and in its letter to shareholders dated 10 December 1999. Pakara wishes to announce the formation of a new joint venture between (a) Zhejiang Narada Battery Co., Ltd ("ZNB"), a 90%-held subsidiary of HNB; and (b) Zhoushan Huayuan Electrical Co., Ltd ("Zhoushan Huayuan"), a privately-owned enterprise in China that has about 10 years of experience in the production and sale of small and medium capacity batteries. The new joint venture company, known as Zhoushan City Narada Hua Yuan Battery Co., Ltd ("Zhoushan Narada"), will produce batteries for motorised bicycles and tricycles, which forms a new and growing market in China. Such motorised bicycles and tricycles are fitted with batteries to assist cyclists by reducing the amount of manual effort needed. Background Bicycles and tricycles are the most common and affordable means of transport in China. Bicycles are used for individual transport to and from schools, factories and offices, while tricycles are used for transporting goods. Equipping them with powerful yet lightweight batteries will significantly reduce the manual effort needed to ride these bicycles and tricycles in busy city streets and along uneven countryside terrain. Relying on the in-house research and development expertise of its joint venture shareholders, Zhoushan Narada has produced prototype 6-volt and 12-volt batteries that are lightweight, durable, and have a long lifespan. These product qualities are essential before the batteries can be mass-marketed, in order to minimise the frequency of battery re-charging and to maximise the useful life of each battery. Preliminary trials of Zhoushan Narada's prototype batteries have shown that they have a power-to-weight ratio of about 36 watt-hours per kilogram (wh/kg) which means that these batteries can be used over a distance of about 70 km. In comparison, Zhoushan Narada understands from its own market survey that competing brands in the market have an average power-to-weight ratio of about 28 to 30 wh/kg, and can be used over an average distance of about 40 to 50 km. Rationale for Joint Venture The formation of the joint venture will benefit HNB (and hence, Pakara) in the following ways:- (a) It will allow the joint venture parties to capitalise on their core competencies in the area of battery manufacturing, marketing and distribution. HNB is already a leading supplier of batteries for industrial use in China, where HNB estimates that it accounted for about 8% of the Chinese market for industrial batteries in 1998. The joint venture offers an opportunity for HNB to penetrate the consumer battery market by tapping the technical and marketing expertise that it has developed in the industrial battery market. (b) The joint venture will help HNB to build critical mass in battery manufacturing to compete effectively in both the industrial and consumer market segments. To generate sufficient turnover and thus economies of scale in the potentially large consumer market, HNB will need to build brand allegiance by producing technically superior products (eg. high power-to-weight ratio, long lifespan and less frequent re-charging) in the same way that it has established market recognition for its "Narada" brand of industrial batteries in the past 3 years Joint Venture Details Zhoushan Narada has a business licence of 15 years commencing from 1 January 2000 and expiring on 31 December 2014. Its registered capital will be contributed in two stages. In the first stage, which takes place immediately, ZNB will contribute Rmb 7.65 million of capital in the form of industrial and technology rights, equipment and cash to obtain a 51% interest in Zhoushan Narada, while Zhoushan Huayuan will contribute Rmb 7.35 million of capital in the form of new production facilities to obtain a 49% interest in the joint venture company. In the second stage, which is expected to take place by end-2000, ZNB will inject a further Rmb 5.0 million in cash, thereby raising its stake in the joint venture to 63.25% on an enlarged basis. Production Facilities Production of the 6-volt and 12-volt batteries for the consumer market will be centred at manufacturing facilities leased by the joint venture from Zhongshan Huayuan in Zhoushan city, near Ningbo. Production of HNB's existing range of 2-volt industrial batteries will continue at HNB's own factory in Lin Ping town, near Hangzhou. Both factories were built within the past 2 years. The Zhoushan factory will have an initial production capacity of 12,000 kilovolt ampere-hours (KVah). For comparison, HNB's factory at Lin Ping town has a capacity of 130,000 KVah. Financial Effects Zhoushan Narada is expected to commence production in May 2000. While the joint venture is expected to break-even in the first year of its operations, its contribution to the Company's consolidated earnings per share for the current financial year ending 31 December 2000 is not expected to be material. The Company will keep shareholders informed of the progress of the joint venture as and when key production, sales and/or financial milestones are reached. Based on current tax regulations, Zhoushan Narada will be exempt from income tax in the first two profitable years of its operation, and will be levied a concessionary income tax rate of 16.5% in the three years thereafter. The normal income tax rate is 33%. Interests of Directors and Substantial Shareholders None of the directors or substantial shareholders of Pakara has any interest, direct or indirect, in Zhoushan Huayuan, the other joint venture shareholder of Zhoushan Narada. By Order of the Board Hwang Koh Chee Director/ Company Secretary Singapore 27 January 2000 Submitted by Hwang Koh Chee, Director/Company Secretary on 27/01/2000 to the SES |
| (Post 2 of 25) 02/18/2000.08:25:00 |
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PAKARA TECHNOLOGY LTD Proposed Disposal of ASJ Components Inc. The Board of Directors of Pakara Technology Ltd ("Pakara" or the "Company") is pleased to announce that the Company has yesterday entered into a Sale and Purchase Agreement with ASJ Holdings Limited (the "Purchaser") to dispose of the Company's entire shareholding in its 51.2%-owned subsidiary, ASJ Components Inc. ("ASJC"), for a cash consideration of US$597,071 ("Disposal"). The Disposal Consideration represents a 25% premium to the Group's share of the net book value of ASJC as at 31 December 1998. For the year ended 31 December 1998, ASJC incurred a loss after tax of approximately US$9,795. The Disposal is subject to, amongst others, (a) The Purchaser being reasonably satisfied with the results of its investigation into the financial, contractual, tax and trading position of ASJC and its subsidiary ASJ Components S.A. de C.V. ("ASJSA") and the title to the assets of ASJC and ASJSA; (b) the approval by the Company's shareholders for the Disposal; (c) the approval of such other authorities in Singapore or elsewhere as may be necessary; and (d) the in-principle listing approval of the Singapore Exchange Limited for the issue of new ordinary shares of the Purchaser to one of the shareholders (not Pakara) of ASJC as consideration of the sale of his shares in ASJC to the Purchaser pursuant to the terms of the Sale and Purchase Agreement. The disposal of the Company's 51.2% stake in ASJC (described as the "US Trading Business") was disclosed in the Company's circular to Shareholders dated 3 December 1999, and was approved by shareholders at the extraordinary general meeting ("EGM") held on 4 January 2000. Rationale As stated in its circular to Shareholders dated 3 December 1999, the Company intends to re-align its business focus through the acquisition of a 55.0% indirect equity interest in Hangzhou Narada Battery Co. Ltd., which is engaged in the development, manufacturing and sale of lead-acid batteries for industrial use ("Acquisition"). The Disposal is one of the conditions precedent to the Acquisition. The Acquisition was also approved by shareholders at the same EGM held on 4 January 2000. Additional information on the Disposal and the Acquisition and the rationale for both transactions had been set out in the circular dated 3 December 1999. Financial Effects of the Disposal on the Group For illustration purposes, the financial effects of the Disposal have been computed based on the audited consolidated financial statements of the Group as at 31 December 1998, assuming that the Disposal had been completed on 1 January 1998 for the profit and loss statement and 31 December 1998 for the balance sheet and gearing calculations. The loss attributable to Shareholders before extraordinary items would have decreased from S$6,501,000 to S$6,492,590 with a decrease in the loss per share from S$0.3385 to S$0.3380. The Disposal will result in an extraordinary gain on disposal of S$177,205. The net tangible asset value ("NTAV") of the Group would have increased from S$2,350,661 to S$2,549,105 with an increase in the NTAV per share from S$0.063 to S$0.068. Assuming that the proceeds from the sale of ASJC is used to repay bank borrowings, the gearing (total bank borrowings divided by Shareholders' funds) of the Group would have been reduced from 2.4 times to 1.8 times. Interests of Directors and Substantial Shareholders As stated in the Circular dated 3 December 1999:- (a) Pakara Investments Pte Ltd ("PI"), Messrs Zhou Qing Zhi, Zhang He and Tong Xin and Ms Chang Shu Ping (alternate to Mr Zhang He); and (b) Beng Kim Holdings Pte Ltd ("BKH"), Messrs Ng Kong Beng, Ng Kok Lip, Hwang Koh Chee, Ng Kok Kiong, Ng Kok Koon and Ms Ng Lay Kuan; are all deemed to be interested in, inter alia, the Disposal. PI and BKH signed an Option Agreement ("Agreement") dated 4 September 1998, whereby PI and BKH granted each other a put option on the terms and conditions set out in the Agreement. Under the Agreement, BKH has the right to require PI to purchase all the shares held by BKH and Messrs Ng Kok Lip and Hwang Koh Chee in the Company, while PI has the right to require BKH to purchase all the shares held by PI in the Company if the Company does not complete the Disposal by 28 March 2000. All the above parties are deemed to be interested in the Disposal by virtue of this Agreement. Save as disclosed above, none of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the Disposal. By order of the Board Hwang Koh Chee Company Secretary 17 February 2000 Submitted by Hwang Koh Chee, Director/Company Secretary on 17/02/2000 to the SES |
| (Post 3 of 25) 02/25/2000.11:11:00 |
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Circular No. LM/279/2000 Subject : PAKARA TECHNOLOGY LTD Capital Reduction Exercise to reduce par value of the Company's shares ("shares") from $0.50 to $0.05 From : Vice President, Trading Management Date : 02/23/2000 1. The High Court has confirmed the Capital Reduction Exercise and the Company will file the court order with the Registrar of Companies and Businesses on 1 March 2000. 2. Trading of the Shares will be in the new par value of 5 cents each with effect from 9.00 a.m., Thursday, 2 March 2000. Buyers of Shares transacted on or after 24 February 2000 will be credited with Shares in the new par value of 5 cents. 3. (I) Shareholders whose shares are deposited with the Central Depository (Pte) Ltd The above shareholders need not take any action. (II) Shareholders holding physical share certificates Shareholders who hold physical share certificates in their own names ("old share certificate') and who wish to deposit share certificates after 1 March 2000 ("Effective Date") must first deliver their old certificates to M&C Services Private Limited ("Share Registrar") at 16 Raffles Quay #23-01 Hong Leong Building, Singapore 048581. The share certificate reflecting the new par value of $0.05 each ("New Share Certificate") will be sent by ordinary mail to the registered addresses of the Shareholders at THEIR OWN RISK within fifteen (15) Market Days from the date of receipt of the Old Share Certificates. Last modified by SESXSVR/SESX on 02/23/2000 06:34:00 PM |
| (Post 4 of 25) 04/01/2000.09:29:00 |
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Pakara Tech '99 Loss S$3M Vs Loss S$6.5M Pakara Technology Ltd. 1999 Net Profit (S$3,071,000) vs (S$6,501,000) Pretax Profit (3,233,000) vs (7,022,000) Revenue 9,555,000 vs 9,157,000 Per Share Net Profit (0.08 cents) vs (0.34 cents) Dividend Omitted vs Omitted |
| (Post 5 of 25) 04/20/2000.08:20:00 |
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PAKARA TECHNOLOGY LTD Proposed placement of 1,200,000 new ordinary shares of $0.05 each in the capital of Pakara Technology Ltd ______________________________________________________________________________ The Board of Directors of Pakara Technology Ltd (the "Company") is pleased to announce that the Company is proposing to issue 1,200,000 new ordinary shares of $0.05 each ("Placement Shares") in the capital of the Company at $0.45 in cash ("Placement Price") for each Placement Share. The allotment and issue of the Placement Shares will be made pursuant to the share issue mandate approved by the shareholders of the Company on 4 January 2000, in accordance with Section 161 of the Companies Act, Chapter 50. The purpose of the placement is to ensure that at least 10% of the Company's issued share capital is held by public shareholders, in compliance with Clause 926 of the Listing Manual of the Singapore Exchange Securities Trading Limited ("SGX-ST"). The 10% public shareholding is also one of the conditions set by SGX-ST in its letter to the Company dated 7 January 2000 for the listing and quotation of (a) the 35,320,000 new shares, and (b) the up to 6,703,000 shares to be issued upon the exercise of warrants, both of which are to be issued to Pakara Investments Pte Ltd as consideration for the Company's acquisition of a 55% indirect equity interest in Hangzhou Narada Battery Co. Ltd ("HNB"). The Placement Shares will be issued pursuant to the terms of a subscription agreement (the "Subscription Agreement") entered into between the Company and Silver Bay International Finance Limited ("Silver Bay") on 19 April 2000, under which Silver Bay agreed to subscribe for the 1,200,000 Placement Shares at the Placement Price. Silver Bay is a finance company incorporated in Hong Kong. As of 20 January 2000, being the date of its latest audited accounts for the financial year ended 31 December 1999, Silver Bay had an authorised, issued and fully paid share capital of HK$5,000,000. The Company confirms that neither its directors and substantial shareholders nor their related parties have subscribed for the Placement Shares. Pursuant to the Subscription Agreement, the Placement is conditional upon:- (a) approval-in-principle being granted by the SGX-ST for the listing and quotation of all the Placement Shares on SGX-SESDAQ; and (b) the Company's acquisition of the 55% indirect equity interest in HNB. The Placement Price of $0.45 for each Placement Share represents a discount of approximately 0.3% to the price of $0.4513, being the weighted average trading price of the Company's shares on the SGX-SESDAQ during the two weeks preceding the date of the Subscription Agreement. As at the date of this Announcement, the issued and paid-up ordinary share capital of the Company is $1,861,850 divided into 37,237,000 ordinary shares of $0.05 each. The Placement Shares represent approximately 3.2% of the issued share capital of the Company as at the date of this announcement and will, upon allotment and issue, rank pari passu in all respects with the Shares existing as at the date of issue. The net proceeds from the issue of the Placement Shares, amounting to approximately $530,000, will be used by the Company for working capital, including to meet the working capital requirements of HNB. Based on the unaudited consolidated financial statements of the Company and its subsidiaries (the "Group") as at 31 December 1999, the Placement will enhance the net tangible assets per share of the Group from negative 2.93 cents to negative 1.46 cents. The Placement is not expected to have any material effect on the earnings per Share of the Group in the current financial year. None of the Directors and substantial shareholders of the Company has any interest, direct or indirect, in the proposed placement. Submitted by TONG XIN, Director on 19/04/2000 to the SES |
| (Post 6 of 25) 05/07/2000.06:48:00 |
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PAKARA TECHNOLOGY LTD Acquisition of 55% indirect equity interest in Hangzhou Narada Battery Co., Ltd Changes to the Board of Directors Change in Company Secretary ___________________________________________________________________ Pakara Technology Ltd ("Pakara" or the "Company") is pleased to announce that it has completed the acquisition of a 55% indirect equity interest in Hangzhou Narada Battery Co., Ltd ("HNB") (the "Acquisition"). The Acquisition was approved by shareholders of the Company at an extraordinary general meeting held on 4 January 2000. With the completion of the Acquisition, Pakara's principal business will now be the development, manufacture and sale of lead-acid batteries for industrial use, further details on which were set out in the Company's circular to shareholders dated 3 December 1999 and its letter to shareholders dated 10 December 1999. Under the terms of the Option Agreement dated 4 September 1998 entered into between two of the substantial shareholders of the Company, namely Beng Kim Holdings Pte. Ltd. ("BKH") and Pakara Investments Pte Ltd ("PI"), and as subsequently amended by a supplemental agreement dated 3 December 1999 and a letter agreement dated 27 April 2000 between BKH and PI:- (a) an aggregate of $1,858,309 of shareholders' loans extended by BKH to the Company have been waived and forgiven by BKH ("Waived Amount"); (b) the Company has been paid cash of $4,341,691 by BKH ("Cash Top-Up Amount"), which amount shall have the effect of strengthening the Company's balance sheet, increasing its cash balance, and reducing its gearing through the repayment of all its outstanding bank loans. The Cash Top-Up Amount may be adjusted subsequently upon the finalisation of the Company's audited accounts. Thereafter, depending on the actual amount of proceeds received from the Company's disposal of its factories in Jurong and Penang, and its 51.2% stake in ASJ Components, Inc., BKH would either (i) be repaid all or any part of the Waived Amount and Cash Top-Up Amount; or (ii) be required to pay a further top-up amount to the Company on a non-recourse basis. Changes to the Board of Directors Upon completion of the Acquisition, Mr Ng Kong Beng, Mr Ng Kok Kiong, Mr Goh Kheng Hock and Mr Tan Sin Eng have resigned from the Board of the Company. The Board wishes to record its gratitude to the Directors who have resigned today for their faithful service to the Company since its listing on SESDAQ in 1988. The Board acknowledges in particular the counsel and guidance given by Mr Ng Kong Beng since the founding of the Company. Mr Zhou Qing Zhi and Mr Tong Xin, who were appointed as Directors of the Company on 29 December 1998, have today been designated as Chairman and as Managing Director of the Company respectively. Ms Chang Shu Ping, who has been an alternate Director since 29 December 1998, has today resigned as alternate Director and has been appointed Director and Chief Financial Officer. The Company has also appointed Dr Lin Dan to its Board of Directors with effect from today, and proposes to appoint Mr Wang Yu Bo and Mr Xu Guang Yue shortly. The aforesaid changes to the Board, together with summaries of the business experience and educational qualifications of the new Directors appointed today, were disclosed in the Company's circular to shareholders dated 3 December 1999. The Company also proposes to appoint Dr Ong Chit Chung as an independent Director, and further details will be announced when his appointment is formalised. Change in Company Secretary Mr Hwang Koh Chee has resigned from his position as Company Secretary with effect from today, while Ms Chuang Sheue Ling will remain as Company Secretary. Press queries can be directed to Mr Tong Xin or Ms Chang Shu Ping at telephone number 538 7388 or fax number 538 0588 By order of the Board Tong Xin Managing Director 5 May 2000 Submitted by Tong Xin, Managing Director on 5/5/2000 to the SES |
| (Post 7 of 25) 06/10/2000.04:34:00 |
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Proforma Profit And Loss Statement And Proforma Balance Sheet Of The Pakara Technology Ltd Group - Clarification Further to the Company's announcement dated 8 June 2000, the Company wishes to clarify that there is a typograhical error in Note (2) of Item 2.2 [Proforma Balance Sheet of the Pakara Technology Ltd Group] which should read as S$0.1533 per ordinary share (not S$0.1533 cents per ordinary share). Submitted by Chuang Sheue Ling, Company Secretary on 9/6/2000 to the SGX |
| (Post 8 of 25) 07/08/2000.23:19:00 |
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no one would want to even look at pakara tech. and i think this is really an oversight. everyone have been talking so much of gp batteries. how about pakara then? pakara should be given a second chance. pakara have been subject to some management changes. this is really a positive step. if past management handled the company so badly they should be given the golden handshake. this was exactly the outcome. with much of its busines now focused to mainland china, and the disposal of its money-losing business unit, pakara look set to achieve an even better performance in the near future. pakara is expected to turn to investors to inject more funds into the company, if it is still unable to sell off its asset in penang at a good price. anyway, this is a good time to buy into pakara for a medium term investment. its stochastics is showing an oversold position currently. its macd is very bearish as it's now below its signal line which calls for more downside. look out for a bargain buy for anything below 0.30 but do not punt pakara. pakara's share is very illiquid. all the time buyers and sellers are very scarce. you might get in easily but do not expect a quick exit. one thing that investors might want to take note of is that the company have not been paying dividends since 1993! perhaps this time round will be different? especially with one or two dominant personal sitting in its board of directors. happy investing! |
| (Post 9 of 25) 09/14/2000.02:57:54 |
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Disposal of ASJ Components Inc. - Change in disposal terms
On 17 February 2000, the Company made an announcement that it had entered into a Sale and Purchase Agreement ("Agreement") with ASJ Holdings Limited ("ASJ Holdings") to dispose of the Company's entire shareholding in its 51.2% owned subsidiary, ASJ Components Inc. ("ASJI"), for a cash consideration of US$597,071. The other two shareholders of ASJI were also parties to the Agreement and had agreed to sell their stake in ASJI to ASJ Holdings as well so that ASJ Holdings would own 100% of ASJI after completion. Under the Agreement, completion of the above sale and purchase transaction was scheduled to take place by 15 March 2000. Certain conditions precedent, however, were not fulfilled by the scheduled completion date but the parties continued to negotiate and explore the possibility of completing the transaction. The parties have now decided that it would not be possible to complete the sale and purchase based on the original terms and the Agreement has hence lapsed. Nonetheless, the Company is still willing to sell and ASJ Holdings is also interested in acquiring the Company's 51.2% interest in ASJI and the parties are now negotiating the terms of a new sale and purchase agreement ("New Agreement"). The detailed terms of the New Agreement will be announced in due course once the current negotiations are brought to a successful close. Financial Effects of the Disposal on the Company The Company had on 5 May 2000 stated in its announcement that pursuant to the terms of the Option Agreement dated 4 September 1998 entered into between two of its substantial shareholders, namely Beng Kim Holdings Pte Ltd ("BKH") and Pakara Investments Pte Ltd (as subsequently amended by a supplemental agreement dated 3 December 1999 and a letter agreement dated 27 April 2000), BKH had paid the Company a Cash Top-Up Amount for the purpose of inter alia strengthening the Company's balance sheet. Depending on the actual amount of proceeds received from inter alia the disposal of the Company's 51.2% stake in ASJI, BKH would either (i) be repaid all or any part of the Cash Top-Up Amount; or (ii) be required to pay a further top-up amount to the Company on a non-recourse basis. In view of the aforesaid, the proposed disposal by the Company of its stake in ASJI to ASJ Holdings is not expected to have any material financial effect on the Company. Press queries, if any, can be directed to Mr Tong Xin at telephone number : 538 7388 or fax number : 538 0588 By order of the Board Tong Xin Managing Director 13 September 2000 Submitted by Chuang Sheue Ling, Company Secretary on 13/9/2000 to the SGX |
| (Post 10 of 25) 01/12/2001.23:54:51 |
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Winding Up of Wholly-Owned Subsidiaries - Amended Announcement to supercede the Masnet No : 32 of 12/01/2001
The Directors of Pakara Technology Ltd ( "the Company") wish to announce the following matters: 1 Members' Voluntary Winding Up of Wholly-Owned Subsidiary - Orbit Electric Private Limited Orbit Electric Private Limited ("Orbit Electric"), a wholly-owned subsidiary of the Company has on 12 January 2001 resolved to be wound up voluntarily by way of a members' voluntary winding up pursuant to Section 290 of the Companies Act, Chapter 50. In May 2000, the Company has completed acquisition of 55% equity interest in Hangzhou Narada Battery Co. Ltd from Pakara Investments Pte Ltd. With the completion of the acquisition, the principal business of the Company has changed to the development, manufacture and sale of lead-acid batteries for industrial use. Due to the realignment of the Company's core business and the fact that Orbit Electric has been dormant since 1999, the Company wishes to wind up Orbit Electric by way of a members' voluntary winding up. Orbit Electric was incorporated in Singapore on 1 November 1969 and its principal activities consisted of the processing of certain components and parts of electrolytic capacitors for its immediate holding company and for general trading. It has been dormant since it ceased activities in April 1999 due to low market demand. Mr Lim Say Wan has been appointed liquidator of Orbit Electric. The said winding up of Orbit Electric will have no material impact on the business or affairs of the Company nor will it have any material effect on the consolidated net tangible assets per share and the consolidated earnings per share of the Company and its other subsidiaries for the financial year ended 31 December 2000. None of the directors has, and the Company has not received notification from any substantial shareholders of the Company that it has, any direct or indirect interest in the said winding up. 2 Creditors' Voluntary Winding up of Wholly-Owned Subsidiary - NKL Machinery Pte Ltd NKL Machinery Pte Ltd ("NKL"), a wholly-owned subsidiary of the Company has on 12 January 2001 resolved to be wound up by way of a creditors' voluntary winding up as NKL cannot by reason of its liabilities continue its business. The liabilities of NKL are due mainly to the Company and the Company has made full provisions in its accounts in the financial year ended 31 December 1999. With the realignment of the Company's core business and since NKL has ceased trading and became dormant since 1993, the Company wishes to wind up NKL by way of a creditors' voluntary winding up. NKL was incorporated on 28 October 1993 and its principal activity was the trading of machinery. Messrs Ewe Pang Kooi and Loke Poh Keun have been appointed as joint liquidators of NKL. The said winding up of NKL will have no material impact on the business or affairs of the Company nor will it have any material effect on the consolidated net tangible assets per share and the consolidated earnings per share of the Company and its other subsidiaries for the financial year ended 31 December 2000. None of the directors has, and the Company has not received notification from any substantial shareholders of the Company that it has, any direct or indirect interest in the said winding up. Submitted by Tong Xin, Managing Director on 12/01/2001 |
| (Post 11 of 25) 06/28/2001.17:37:43 |
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DISPOSAL OF PROPERTY
The Board of Directors of Pakara Technology Ltd (the "Company") is pleased to announce that Medipearl Pte Ltd had exercised the option granted by the Company to purchase the Company's factory property known as No. 1, Third Chin Bee Road, Singapore 618679 (the "Property") for a total cash consideration of S$1,500,000 (the "Purchase Price"). The Property is leased from Jurong Town Corporation ("JTC") for a period of 28 years from 16 March 1997. The grant of the lease is subject to compliance by the Company with certain investment requirements ("Investment Conditions"). The Company has obtained an extension of time from JTC to fulfil the Investment Conditions. The sale of the Property is therefore conditional upon the approval of JTC. The Property is currently vacant. The Purchase Price was arrived at on a willing buyer and seller basis. The sale price for the Property was estimated by DTZ Debenham Tie Leung (SEA) Pte Ltd to be between S$400,000 to S$500,000 ("Estimated Value") as at 7 February 2001 in view of the fact that the lease has not been issued by JTC. Although the Purchase Price is above the Estimated Value, it is below the audited net book value of the Property of S$2.4 million as at 31 December 2000. Financial Effects The Property was valued at S$2.4 million pursuant to the letter agreement dated 27 April 2000 entered into between Beng Kim Holdings Pte Ltd ("BKH") and Pakara Investments Pte Ltd ("PI") (the "Letter Agreement") for the purpose of determining the consolidated net asset value of the Company. The details of the Letter Agreement was announced by the Company on 5 May 2000. Pursuant to Clause 8 (c) of the Letter Agreement, if the Property was sold for less than S$2.4 million, BKH shall make a further payment (on a non-recourse basis) to the Company of a sum equal to the difference between the sale price of the Property (less all relevant commissions and expenses and relating to the sale) and the value of S$2.4 million. As the Purchase Price is less than S$2.4 million, the Company will be receiving additional payment from BKH (on a non-recourse basis) to meet the difference after the computation of all commissions and expenses relating to the sale. As such, the sale of the Property is not expected to have any material effect on the earnings per share and the net tangible assets per share of the Company for the financial year ending 31 December 2001. Rationale It has been the Company's intention all along to dispose of the Property after the realignment of its business and the completion of its acquisition of the 55% indirect equity stake in Hangzhou Narada Power Source Group Co. Ltd ("HNP") as highlighted in the announcement dated 5 May 2000. The property market however was weak and the sale was therefore delayed. Interests of Directors and Substantial Shareholders Save as set out above, none of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the sale of the Property. Submitted by Tong Xin, Managing Director on 28/6/2001 |
| (Post 12 of 25) 07/06/2001.19:40:22 |
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ACQUISITION OF SHARES IN SUBSIDIARY
The Board of Directors of Pakara Technology Ltd (the "Company") is pleased to announce that Pakara Investments Pte Ltd ("Pakara Investments"), a substantial shareholder of the Company, has entered into a sale and purchase agreement ("S&P Agreement") with the Company in respect of the acquisition ("Acquisition") by the Company of Pakara Investments' 914 shares ("Sale Shares") in Kastra Investments Pte Ltd ("Kastra"), a subsidiary of the Company. Rationale The Company currently holds 90.86% of the issued and paid-up share capital of Kastra. Kastra in turn holds a 60.53% equity interest in Hangzhou Narada Power Source Group (formerly known as Hangzhou Narada Battery Co. Ltd), ("HNP"). HNP is a profitable manufacturing business which has 4-year record of turnover and profit growth. Between 1997 and 2000, the consolidated turnover of HNP and its subsidiaries and associated company ("HNP Group") rose at a compound average growth rate ("CAGR") of 186% per annum, while its profit before tax grew at a CAGR of 163% per annum. Based on the last audited accounts of Kastra dated 31 December 2000, its net tangible asset ("NTA") is $736.73 per share. Kastra's profit after tax and extraordinary income for the financial year ending 31 December 2000 is $6.74 million. The net profits attributable to the acquisition of the Sale Shares is $616,466. With the Acquisition, Kastra will become a wholly owned subsidiary of the Company, thereby increasing. the Company's share in HNP's profitable business. Purchase Consideration The total consideration for the Sale Shares is S$670,000.00 ("Purchase Price") and works out to about S$733.04 per Sale Share. The Purchase Price will be paid in cash and will be funded by the Company from its own internal resources. The above price is based on the consideration paid by the Company on 5 May 2000 ("First Acquisition Consideration") for its present 90.86% stake in Kastra ("First Acquisition"). In the First Acquisition, the Company paid about S$894.08 per Kastra share to Pakara Investments through the issue of consideration shares and warrants. Pakara Investments has given the Company a discount of approximately 18% on the First Acquisition Consideration. The First Acquisition was made based on HNP's financial results for 1996 (reviewed but unaudited), 1997 (audited) and 1998 (audited). The table below sets out a summary of the financials of HNP from 1997 to 2000 as announced by the Company previously:-
The above table shows that HNP's financial position has improved since the First Acquisition. Chapter 9A As Pakara Investments is a substantial shareholder of the Company, the Acquisition is an interested person transaction within the meaning of Chapter 9A of the Listing Manual. The Acquisition however does not require the approval of the shareholders of the Company as the value of the Acquisition is below 5% of the Company's latest audited NTA, bringing it within the materiality exceptions in Chapter 9A. Financial Effects The Acquisition is not expected to have any material effect on the earnings per share and the net tangible assets per share of the Company for the financial year ending 31 December, 2001. Audit Committee The Audit Committee of the Company is of the view that the terms of the S&P Agreement are on normal commercial terms and are not prejudicial to the interests of the Company's shareholders. Interests of Directors and Substantial Shareholders Save as set out above, none of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the Acquisition and the S&P Agreement Submitted by Tong Xin, Managing Director on 6/7/2001 |
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| (Post 13 of 25) 07/25/2001.20:54:23 |
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Sale of the Leasehold Factory in Penang
On 7 November 2000, Pakara Technology Ltd (the "Company") announced that its subsidiary, Natkap Sdn. Bhd. ("Natkap") had entered into a conditional sale and purchase agreement ("Agreement") with an independent third party (the "Purchaser") to sell the leasehold factory in Penang (the "Sale") at No. 1478, Lorong Perusahaan Maju 8, Bukit Tengah Industrial Park, Pulau Pinang, Malaysia ("Penang Factory") for a cash consideration of RM 5,150,000.00 (approximately S$2,466,850). Under the Agreement, the Sale is subject to, inter alia, the parties obtaining the approval from the State Authority of Penang and the Foreign Investment Committee of Malaysia ("FIC"). The Purchaser has, through its solicitors, informed Natkap that it was unable to obtain the approval of FIC for the Sale and on that basis the Purchaser terminated the Agreement. It has also demanded for the full refund of the 10% deposit ("Deposit") which it had earlier paid to the solicitors of Natkap to hold as stakeholders. Natkap is now seeking legal advice from its solicitors in Malaysia on whether the Purchaser is in breach of the Agreement and whether Natkap has the right to forfeit the Deposit and/or to seek legal remedies against the Purchaser. In the meantime, the Company will be seeking out other potential buyers for the Penang Factory and/or its shares in Natkap. Submitted by Tong Xin, Managing Director on 25/7/2001 |
| (Post 14 of 25) 12/28/2001.14:07:12 |
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PAKARA TECHNOLOGY LTD
Resolutions passed at the Extraordinary General Meeting held on 28 December 2001. The Board of Directors of Pakara Technology Ltd ("the Company") wishes to announce, pursuant to Clause 903(2) of the Listing Manual of the Singapore Exchange Limited, that all the Special Resolutions and Ordinary Resolutions as set out in the Notice of Meeting dated 3 December 2001 have been passed by the shareholders of the Company at the Extraordinary General Meeting held on 28 December 2001. By Order of the Board Chuang Sheue Ling Company Secretary Submitted by Chuang Sheue Ling, Company Secretary on 28/12/2001 to the SGX |
| (Post 15 of 25) 12/31/2001.09:02:53 |
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PAKARA TECHNOLOGY LTD
MANAGEMENT BUY-OUT OF SHARES IN SUBSIDIARY The Board of Directors of Pakara Technology Ltd (the "Company") wishes to announce that the Company has entered into a sale and purchase agreement ("S&P Agreement") with Mr Robert M. Brubaker ("Mr Brubaker") and completed the sale of the Company's entire 51.2% interest in ASJ Components Inc. ("ASJI") today ("Completion"). ASJI is a subsidiary of the Company and is involved in the business of distributing electronics components in the United States of America and Mr Brubaker is the President and a director of ASJI. Rationale The disposal of ASJI ("Disposal") by the Company is part of the realignment of the Company's business focus after its acquisition of a 55.0% indirect equity interest in Hangzhou Narada Power Source Group Co., Ltd, which is engaged in the development, manufacturing and sale of lead-acid batteries for industrial use ("Acquisition"). Additional information on the Disposal and the Acquisition and the rationale for both transactions had been set out in the Company's circular to shareholders dated 3 December 1999 and its letter to shareholders dated 10 December 1999. Sale Consideration The total consideration for the Disposal is US$281,600 (approximately S$ 517,018) to be paid by Mr Brubaker in cash within sixty (60) days after Completion. The sale consideration is decided based on the last offer of US$281,600 previously received by the Company from ASJ Holdings Limited, an unrelated party,which transaction was then subsequently aborted. It represents a 20.1% discount to the Group's share of the net tangible asset value of ASJI which is US$352,446 (approximately S$647,091) as at 30 June 2001. The discount given in this management buy-out is partly in recognition of Mr Brubaker's long years of service to ASJI. With the Disposal, ASJI will cease to be a subsidiary of the Company. The net sale proceeds will be used to repay part of the cash top-up amount provided by Beng Kim Holdings Pte Ltd to the Company at the completion of the Acquisition, the details of which were announced by the Company on 5 May 2000. Financial Effects of the Disposal on the Company There is no impact on the net profit (after deducting old charges except taxation and excluding extraordinary items) attributable to the disposal of ASJI. The Disposal is not expected to have any material impact on the consolidated net tangible assets per share and the consolidated earnings per share of the Company for the financial year ending 31 December 2001. Interests Of Directors And Substantial Shareholders None of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the S&P Agreement and the Disposal. Press queries, if any, can be directed to Mr Tong Xin at telephone number : 538 7388 or fax number : 538 0588. By order of the Board Tong Xin Managing Director Submitted by Chuang Sheue Ling, Company Secretary on 28/12/2001 to the SGX |
| (Post 16 of 25) 01/04/2002.08:51:59 |
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PAKARA TECHNOLOGY LTD
Resignation of Director The Board of Directors of Pakara Technology Ltd ("the Company") wishes to announce that Mr Zhang He has resigned as director of the Company with effect from 31 December 2001. The Board wishes to record its appreciation for the invaluable contribution Mr Zhang He has made to the Company. By order of the Board Chuang Sheue Ling Company Secretary Submitted by Chuang Sheue Ling, Company Secretary on 3/1/2002 to the SGX |
| (Post 17 of 25) 01/08/2002.08:33:38 |
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PAKARA TECHNOLOGY LTD
MANAGEMENT BUY-OUT OF SHARES IN ASJ COMPONENTS INC. Further to the announcement dated 28 December 2001, released via MASNET by Pakara Technology Ltd ("Company"), the Board of Directors of the Company wishes to elaborate on the determination of the purchase consideration and the financial impact on the Company in relation to the disposal ("Disposal") of all its 51.2% interest ("Shares") in ASJ Components Inc. ("ASJI"). Purchase Consideration On 17 February 2000, the Company announced that it had entered into a sale and purchase agreement with ASJ Holdings Limited ("ASJ Holdings") to dispose of the Shares for a cash consideration of US$597,071 ("First Offer"). However, this sale was subsequently aborted as announced by the Company on 13 September 2000. Subsequent to the aborted First Offer, ASJ Holdings approached the Company with another offer of US$281,600 for the Shares, subject to certain revised terms and conditions. The Company however did not accept the revised terms and the sale was not proceeded with. The Company then received another offer from Mr Robert M. Brubaker to buy the Shares and the Company agreed to sell the Shares to Mr Robert M. Brubaker at the aforesaid sale consideration of US$281,600 based on a willing seller and willing buyer basis. The sale to Mr Robert M. Brubaker was subsequently completed and announced on 28 December 2001. Financial Impact The Company had stated in the announcements dated 5 May 2000 and 13 September 2000 that pursuant to the terms of the Option Agreement dated 4 September 1998 entered into between two of its substantial shareholders, namely Beng Kim Holdings Pte Ltd ("BKH") and Pakara Investments Pte Ltd (as subsequently amended by a supplemental agreement dated 3 December 1999 and a letter agreement dated 27 April 2000 ("Letter Agreement"), BKH had paid the Company cash amounting to S$4,341,691 ("Cash Top-Up Amount") for the purpose of strengthening the Company's balance sheet, increasing its cash balance, and reducing its gearing through the repayment of all its outstanding bank loans. As a result of the Cash Top-Up Amount, the Company recorded an exceptional gain of S$3.2 million for the financial year ending 31 December 2000. The aforesaid Cash Top-Up Amount was decided based on, among other things, the following considerations : (i) the Company's interest in ASJI was valued at zero for the purpose of determining the Cash Top-Up Amount. Hence, in the event that ASJI is sold by the Company for a value of more than zero, a sum equal to the sale price of ASJI (less all relevant commissions and expenses relating to the sale) shall be paid by the Company to BKH as repayment of the Cash Top-Up Amount; and (ii) likewise, the Company's interest in the Jurong Property was valued at S$2.4 million and the Company's interest in the Penang Property was valued at S$1,626,464. Depending on the actual amount of proceeds received from the disposal of the Jurong Property and the Penang Property, BKH would either be repaid all or any part of the Cash Top-Up Amount or be required to pay a further top-up amount to the Company on a non-recourse basis. As announced on 28 June 2001, the Jurong Property was sold for S$1.5 million. As the sale price for the Jurong Property was less than the aforesaid valued amount, BKH had made a further payment (on a non-recourse basis) to the Company of a sum equal to the difference between the sale price of the Jurong Property (less all relevant commissions and expenses relating to the sale) and the value of S$2.4 million. Hence, in pursuance of the aforesaid understanding, the proceeds from the disposal of the Shares to Mr Robert M. Brubaker would be repaid by the Company to BKH after deducting all relevant costs and expenses relating to the sale. As announced on 28 December 2001, the sale consideration for the Disposal represents a 20.1% discount to the Group's share of the net tangible asset value of ASJI which is US$352,446 as at 30 June 2001. However, as mentioned earlier, ASJI has already been valued at zero in the books of the Company, for the purpose of determining the Cash Top-Up Amount pursuant to the Letter Agreement. Accordingly, the Disposal is not expected to have any material impact on the consolidated net tangible assets per share and the consolidated earnings per share of the Company for the financial year ending 31 December 2001. There is also no impact on the net profit of the Company (after deducting all charges, except taxation and excluding extraordinary items) attributable to the Disposal. Press queries, if any, can be directed to Mr Tong Xin at telephone number : 538 7388 or fax number : 538 0588. By order of the Board Tong Xin Managing Director 7 January 2002 Submitted by Chuang Sheue Ling, Company Secretary on 7/1/2002 to the SGX |
| (Post 18 of 25) 02/04/2002.17:16:55 |
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PAKARA TECHNOLOGY LTD
Directors' Acceptances of Grant of Share Options Further to the announcement dated 1 February 2002 (Masnet No :21 of 1.2.2002) made by Pakara Technology Ltd ("the Company") on the acceptances of the offer of options by the directors of the Company, namely Dr Ong Chit Chung, Mr Ong Beng Teck, Mr Tong Xin and Ms Chang Shu Ping, under the Pakara Technology Share Option Scheme, the Company wishes to inform that the date of grant of the said options was 16 January 2002 and not 4 January 2002. Submitted by Tong Xin, Managing Director on 4/2/2002 to the SGX |
| (Post 19 of 25) 04/30/2002.13:47:20 |
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PAKARA TECHNOLOGY LTD
Notice Of Annual General Meeting NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that the 2002 Annual General Meeting of the Company will be held at 16 Collyer Quay #06-01 Hitachi Tower Singapore 049318 on 17 May 2002 at 10.00 a.m. to transact the following business: ORDINARY BUSINESS 1. To receive and consider the directors' report and accounts for the year ended 31 December 2001 and the auditor's report thereon.(Resolution 1) 2. To re-elect the following Directors retiring pursuant to the Article 91 of the Company's Articles of Association:- (i) Dr Lin Dan (Resolution 2) (ii) Chang Shu Ping(Resolution 3) (iii) Xu Guangyue(Resolution 4) 3. To re-appoint Auditors and to authorise the Directors to fix their remuneration. (Resolution 5) 4. To transact any other business of the Company which may properly be transacted at an Annual General Meeting. SPECIAL BUSINESS 5. To approve the proposed Directors' fees of $120,000 for the year ended 31 December 2001. (2000 $110,000) [please see Explanatory Note(a)](Resolution 6) 6. To consider and, if thought fit, to pass the following resolutions as ordinary resolutions:- "That pursuant to Section 161 of the Companies Act, Cap. 50 and the listing rules of the Singapore Exchange Securities Trading Limited, authority be and is hereby given to the Directors of the Company to issue shares in the Company (whether by way of rights, bonus or otherwise) at any time and upon such terms and conditions and for such purposes and to such persons as the Directors may in their absolute discretion deem fit provided: (i) the aggregate number of shares issued pursuant to this resolution does not exceed 50% of the Company's issued share capital for the time being; and (ii) the aggregate number of shares issued other than on a pro rata basis to shareholders does not exceed 20% of the Company's issued share capital for the time being, such authority to continue in force until the conclusion of the next Annual General Meeting or the expiration of the period within which the next Annual General Meeting of the Company is required by law to be held, whichever is earlier, unless previously revoked or varied at a general meeting of the Company." [please see Explanatory Note(b)](Resolution 7) 7 "That the directors be and are hereby authorised to allot and issue from time to time such number of shares in the capital of the Company as may be required to be issued pursuant to the exercise of options granted under the Pakara Technology Share Option Scheme ("the Share Option Scheme") provided always that the aggregate number of shares to be issued pursuant to the Share Option Scheme shall not exceed 20 per centum (20%) of the issued share capital of the Company from time to time." [see Explanatory Note (c)](Resolution 8) By Order Of the Board Chuang Sheue Ling Company Secretary 30 April 2002 Singapore Explanatory Notes on Special Business to be transacted:- Explanatory Note (a) Ordinary Resolution 6 will empower the Company to pay the Directors' Fees to the Directors of the Company as at 31 December 2001. Explanatory Note (b) Ordinary Resolution 7 will empower the Directors from the date of the Annual General Meeting until the date of the next Annual General Meeting to issue further shares in the Company. The maximum number of shares, which the Directors may issue under this resolution, shall not exceed the quantum set out in the resolution. Explanatory Note (c) Ordinary Resolution 8 will empower the Directors to issue shares in the Company pursuant to the exercise of options granted under the Pakara Technology Share Option Scheme ("The Share Option Scheme") provided that the aggregate number of shares to be issued does not exceed 20% of the issued share capital of the Company from time to time. Notes to Proxy Form: (i) A member entitled to attend and vote at this meeting is entitled to appoint one or two proxies to attend and vote in his stead. A proxy need not be a member of the Company. (ii) If a proxy is to be appointed, the form must be deposited at the registered office of the Company, 16 Collyer Quay #06-01 Hitachi Tower Singapore 049318 not less than 48 hours before the meeting. (iii) The form of proxy must be signed by the appointor or his attorney duly authorised in writing. (iv) In the case of joint shareholders, all holders must sign the form of proxy. Submitted by Chuang Sheue Ling, Company Secretary on 30/4/2002 to the SGX |
| (Post 20 of 25) 05/13/2002.19:29:21 |
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PAKARA TECHNOLOGY LTD
Reply to the SGX on Annual Report for the Financial Year Ended 31 December 2001 13 May 2002 The Singapore Exchange Limited 2 Shenton Way #19-00 SGX Centre Singapore 068804 Attention : Ms Siew Wun Mui Dear Sirs Reply to the letter by the SGX on 10 May 2002 We refer to your letter dated 10 May 2002 and would reply as follows: (a) The related party transactions of S$1.149 million as stated on page 33 of the Company's 2001 Annual Report does not fall within the definition of Interested Person Transactions of the SGX Listing Manual. (b) As at 29 April 2002, the percentage of share capital held in the hands of public as defined in Clause 101 of the Listing Manual was 10.79%. The Company complies with Clause 926 of the Listing Manual. Yours faithfully For and on behalf of Pakara Technology Ltd Tong Xin Managing Director Submitted by Chuang Sheue Ling, Company Secretary on 13/5/2002 to the SGX |
| (Post 21 of 25) 05/15/2002.22:31:31 |
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PAKARA TECHNOLOGY LTD
Annual Report for the Financial Year ended 31 December 2001 Further to the Company's announcement on 13 May 2002, the Company wishes to inform that the related party transactions of S$1.149 million as stated on page 33 of the Company's 2001 annual report do not fall within the definition of Interested Person Transactions of the SGX Listing Manual. This is because the transactions were the sales of goods from Hangzhou Narada Power Source Co., Ltd ("HNP") to Beijing Narada Power Source Equipment Co., Ltd ("BNP"). Kastra Investments Pte Ltd, a wholly-owned subsidiary of the Company, has a 60.5% equity interest in HNP. HNP in turn has a 37% equity interest in BNP. Save as disclosed above, none of the directors, chief executive officer, or substantial shareholders of the Company has any interest in BNP. By order of the Board Tong Xin Managing Director Submitted by Chuang Sheue Ling, Company Secretary on 15/5/2002 to the SGX |
| (Post 22 of 25) 05/17/2002.16:56:16 |
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PAKARA TECHNOLOGY LTD
Resolutions Passed at the Annual General Meeting held on 17 May 2002 The Board of Directors of Pakara Technology Ltd ("the Company") wishes to announce, pursuant to Clause 903(2) of the Listing Manual of the Singapore Exchange Limited, that all the resolutions as set out in the Notice of Meeting dated 30 April 2002 and put to the meeting as ordinary business and special business have been passed by the shareholders of the Company at the Annual General Meeting held on 17 May 2002. By Order of the Board Chuang Sheue Ling Company Secretary Submitted by Chuang Sheue Ling, Company Secretary on 17/5/2002 to the SGX |
| (Post 23 of 25) 07/16/2002.17:42:36 |
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PAKARA TECHNOLOGY LTD
COMPLETION OF THE SALE OF THE LEASEHOLD FACTORY IN PENANG The Board of Directors of Pakara Technology Ltd ("Company") is pleased to announce that the Company has completed the sale of its leasehold factory in Penang at No. 1478, Lorong Perusahaan Maju 8, Bukit Tengah Industrial Park, Pulau Pinang, Malaysia ("Penang Factory") owned by the Company's subsidiary, Natkap Sdn. Bhd. ("Natkap"). Completion A conditional sale and purchase agreement dated 8 February 2002 was entered into by Natkap with Auxpoint Industries Sdn. Bhd., a Malaysian company ("Purchaser") to sell the Penang Factory for a cash consideration of RM 4,000,000.00 (approximately S$1,839,926.40) ("Sale") as announced by the Company on 8 February 2002 ("February Announcement"). The sale was completed and the balance of the sale proceeds have been received by the Company. Financial Effects The Company had stated in the announcement dated 7 January 2002 that Beng Kim Holdings Pte Ltd ("BKH") had previously paid the Company cash amounting to S$4,341,691 ("Cash Top-Up Amount") for the purposes set out in the aforesaid announcement. The Cash Top-Up Amount was decided based on, among other things, the valuation of the Company's interest in the Penang Factory at S$1,626,464. As stated in the February Announcement, the balance sale proceeds from the Sale would be used as follows : (i) an amount equivalent to S$1,626,464 will be used for the Group's working capital requirements; and (ii) the balance amount will be paid to BKH as part repayment of the Cash Top-Up Amount. Accordingly, the Sale is not expected to have any material impact on the net profits, the consolidated net tangible assets per share and the consolidated earnings per share of the Company for the financial year ending 31 December 2002. There is also no impact on the net profit of the Company (after deducting all charges, except taxation and excluding extraordinary items) attributable to the Sale. Interests of Directors and Substantial Shareholders Save as disclosed, none of the Directors or substantial shareholders has any interest, direct or indirect in the Sale or the Completion. Press queries, if any, can be directed to Mr Tong Xin or Ms Chang Shu Ping at telephone number : 6538 7388 or fax number : 6538 0588 By order of the Board Tong Xin Managing Director 16 July 2002 Submitted by Chuang Sheue Ling , Company Secretary on 16/7/2002 to the SGX |
| (Post 24 of 25) 08/02/2002.17:49:58 |
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PAKARA TECHNOLOGY LTD
Profit Warning The Board of Directors of Pakara Technology Ltd (the "Company") refers to the announcement of the Company's results for the full year ended 31 December 2001 made on 26 March 2002, whereby the Directors stated that the growth in new investments in the China's telecom industry is not expected to increase as much as in 2001 and with keen competition from companies producing telecom-related products, the demand for the Group's products may not be strong. The Directors further stated that the performance of the Group for financial year ending 31 December 2002 was expected to remain profitable. In anticipation of the Group's announcement of its results for the half year ended 30 June 2002, which is expected to be released by September 2002, the Directors deem it fit to give shareholders a profit warning. According to the statistics from the Ministry of Information Industry, PRC, the investment in the China's telecom industry had in fact reduced by 31.7% for the first five months in 2002, resulting in the demand for lead-acid batteries by the telecom industry to be reduced substantially. Turnover of the Group for the first half of FY 2002 declined, compared to the previous corresponding period. Profit margins have also come under a downward pressure. In view of the above, the Directors expect to announce a net loss in the first half year ended 30 June 2002. The Directors are currently reviewing and analysing the results. Further details will be made available in the forthcoming announcement. By order of the Board Tong Xin Managing Director 2 August 2002 Submitted by Chuang Sheue Ling, Company Secretary on 2 August 2002 to the SGX |
| (Post 25 of 25) 09/27/2002.09:10:04 |
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PAKARA TECHNOLOGY LTD
Reply to Singapore Exchange Limited's Query on Announcement of Half-Year Financial Statement for the Period 30 June 2002 Pls view announcment here. |
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