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􀂃 Advance SCT Limited announced that in 1H FY 2008, group revenue rose 12.9% to $231.1 million due to a broadening of the earnings base. The copper smelter in Port Klang, owned by 80% subsidiary TTMI Industries Sdn Bhd (TTMI) contributed to a full six months in the first half, offsetting lower revenue from the trading of scrap materials. Lower than expected yield and selling prices for some of the refined copper coils, as well as a provision for doubtful debts of S$3.7 million by TTMI resulted in TTMI incurring a loss of $7.0 million in 1H FY2008. The group is reviewing the profit guarantee of $7 million provided by the vendor of TTMI and will be taking steps to recover any shortfall on the profit guarantee.

􀂃 Electronic waste recycler Centillion Environment and Recycling Ltd has announced the successful acquisition of 100% of the membership interest in Computer and Electronics Recycling, LLC for an initial cash payment of US$4 million, with a further US$3 million over a 3 year earn out period. The acquisition will allow GRX to draw upon the Group’s expertise in the recycling of electronics and recovery of precious while GRX’s 10 million pounds recycled yearly will provide additional leverage and scale to Centillion’s existing US operations.

􀂃 China Milk Products Group Ltd announced that, net profit rose 23.5% to RMB101.5 million from RMB82.2 million the corresponding period last year (“1QFY08”) for the three months ended 30 June (“1QFY09”). This was achieved on the back of a 27.6% rise in 1QFY09 revenue to RMB158.4 million year-on-year. The Group’s higher revenue was attributable to its expanded herd size, increased production and higher raw milk prices, which surged more than 50% as compared to a year ago.

􀂃 China Milk Products Group Ltd announce that the Company has, on 14 August 2008, entered into an investment agreement with the Heilongjiang Animal Breeding Center (HABC) and an independent third party, to acquire a shareholding stake in a joint venture company (the “JV Co”) to be formed by the parties. Pursuant to the Agreement, China Milk will own 40% of the JV Co, with HABC and the independent third party owning the remaining 40% and 20% of JV Co respectively.

􀂃 Chuan Hup Holdings reported a 15.5 percent drop in full-year net profit to US$19.48 million despite a 63.9 percent rise in sales. For the year ended June 30, 2008, its sales was US$25.59 million while earnings per share dropped to 1.85 US cents from 2.12 US cents previously.

􀂃 CitySpring Infrastructure Management Pte Ltd, the Trustee-Manager for CitySpring Infrastructure Trust, announced that CitySpring has repaid the S$370 million equity bridge loan it took to partially fund the acquisition of Basslink. It has done so by fully drawing down a three-year corporate loan facility for the same amount.

􀂃 Jiutian Chemical Group announced that China state-owned enterprise Anyang Chemical Industry Group Co. Ltd (Anhua) has acquired a 28.4 percent stake in the company based on the price of Singapore cents a share and 2 Singapore cents for each warrant. The stake in Jiutian was sold by its largest shareholder, Stateglory Investments, which owns the 28.4 percent stake in Jiutian.

􀂃 LottVision Ltd announced that its Web TV partner, Beijing Online JiuZhou has snared broadcast rights from CCTV.com, the government-owned official Olympics Internet broadcaster in China to provide Beijing Olympics 2008 coverage on Jiu Zhou’s website (www.116.com.cn). Under the agreement, LottVision and its whollyowned subsidiary, Tian Tian Zai Xian, will jointly provide technical services to ensure the stability and availability of Jiu Zhou’s website for its Olympics-related broadcast.

􀂃 Singapore Airlines reported its passenger load factor for the month of July 2008 fell to 81 percent from 82.1 percent in the same month last year. The company said that it recorded a 6.7 percent year-on-year growth in systemwide passenger carriage while capacity grew by 8.2 percent. Hence, the passenger load factor declined 1.1 percentage points to 81.0 percent.

􀂃 Straits Asia Resources Ltd announced that it has entered into a conditional sale and purchase agreement to acquire from its controlling shareholder, Straits Resources Ltd, certain coal based interests in Madagascar and Brunei. The acquisition of the Madagascar coal interest will add substantial acreage to Straits Asia’s exploration footprint. Based on a preliminary review of the information Straits Asia has an exploration target of 300-500 million tones of in situ coal.

Source: POEMS, SGX MASNET