Aqua-Terra Supply Co. Limited
2 Sixth Lok Yang Road
Tel: (65) 6319 4666 Fax: (65) 6268 4455
AQUA-TERRA INITIATING AGGRESSIVE
EXPANSION WITHIN CHINA
Proposing acquisition of 75% equity interest in Raymonds Supply
Co., Hong Kong (RSC), a company with more than 2 decades of
track record in HK and China.
RSC’s established network in China and Hong Kong to help intensify
sale of existing agency products
Consolidation of offices in China will realize further synergies and
bring added value to both entities.
Singapore, 11 January 2007 – Integrated oil & gas and marine service provider and
procurement specialist and SGX-ST Main Board listed Aqua-Terra Supply Co. Limited
(“Aqua-Terra”, “ATS” or "The Group” or “亿国拓丽”), is pleased to announce that it will be
enlarging its footprint in the People’s Republic of China (“China”) through the acquisition of a
75% equity interest in an established oil and gas supply company in Hong Kong –
Raymonds Supply Co., Limited (“RSC”) from a Mr. Cheng Wai Meng (Raymond Cheng), the
shareholder and founder of RSC (the “Vendor”).
Established more than 20 years ago by Mr. Cheng, RSC and its group of companies are
privately owned. Headquartered in Hong Kong, RSC Group also has offices in Shanghai and
Shenzhen. The principal activities of RSC are in the supply of parts and consumables. In
addition, a group company of RSC also owns and operates specialized logistics services
catering to the needs of a globally renowned North American O&G conglomerate, as well as
customers from Hong Kong and China.
Subject to the satisfactory completion of the audit and due diligence to be undertaken on the
unaudited accounts of RSC, the consideration for the acquisition is HK$15.75 million. This
acquisition price is computed based on the unaudited NTA of RSC as at 31 December 2006
which amounted to approximately HK$21 million.
The acquisition will aggressively expand ATS’