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fnulnu
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03-Sep-2007 00:11
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Business Times - 29 Aug 2007 Seatown reborn as ASI funeral and cemeteries operator By CONRAD RAJ PRE-CAST concrete manufacturer Seatown Corporation will resume life as a funeral and cemeteries operator, catering to the rich and middle class, on Sesdaq tomorrow. Its shares, which have been suspended since May 22, 2002, will be traded under the name Asia-Pacific Strategic Investments (ASI) following a reverse take-over by Malaysian parties earlier in the year. ASI is developing a 40-hectare site owned by Pribena Construction in Semenyih Hill, just outside Kuala Lumpur, into a memorial park with embalming facilities, memorial service halls, columbaria and non-Muslim cemeteries. While the development and construction works are still ongoing and will be carried out in several phases over 5-8 years, internment is expected to be carried out from the end of this year. ASI also intends to develop Semenyih into a centre of learning and training of professional bereavement care providers. The company then plans to develop and operate similar parks and columbaria throughout Asia, especially in China, Vietnam and Indonesia. It said it is currently in negotiations to acquire and collaborate with an Indonesian party to develop a memorial park in Jakarta and has engaged a consultant for the project. ASI's chairman and chief executive Choo Yeow Ming said: 'We want to design and provide facilities throughout Asia like those in the West and Japan where they even provide recreation, and not places to be feared.' Seatown has a long and troubled history as it began life as Pacific Can, culminating in its placement under the judicial management of accountant and deal maker Nicky Tan, who after several failed attempts to get a white knight or inject new businesses into the company, met up with Mr Choo and got him to invest in the company. Under the reverse takeover terms, Mr Choo and executive director Heng Aik Koon will end up with 32.63 per cent each of ASI, which has a paid-up capital of $100 million divided into 500 million shares, with non-executive director Faizal bin Ahmad Stalin owning 16.18 per cent. Former Seatown shareholders will own 3.23 per cent, its judicial manager 3.57 per cent, E2-Capital Investment 4.04 per cent and Seatown's creditors 4.2 per cent. For the financial year ended Sept 30, 2006, Seatown suffered a loss of $9.14 million compared with $5.93 million the year before while revenue rose 8 per cent to $3.94 million from $3.65 million. Its last traded price was 3 cents but the judicial manager's effective price for his stake in ASI was 46 cents a share. Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved. |
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