ADVANCE SCT LIMITED : MISCELLANEOUS :: INCREASE OF INVESTMENT IN …


ADVANCE SCT LIMITED (Company Registration Number: 200404283C) (the Company)

INCREASE OF INVESTMENT IN A SUBSIDIARY AND UPDATE ON THE USE OF PROCEEDS FROM SHARES PLACEMENT

Increase of investment in a subsidiary

The Board of Directors of Company and its subsidiaries (collectively the Group) wishes to announce that its subsidiary, Green World Holdings Ltd (GWH) had increased its investment in GWHs wholly- owned subsidiary, BF Envirotech (Shenyang) Co. Ltd. (BFE), a wholly-owned foreign enterprise incorporated in Shenyang, China., by injecting S$1.4 million in cash into the share capital account of BFE.
$827,000 of the above investment is funded by internal resources and $573,000 is funded by proceeds from a shares placement announced on 5 March 2013 (the Placement). This investment is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group for the current financial year.
None of the directors and substantial shareholders of the Company have any interest, direct or indirect in the transaction, save their interests owing by way of their shareholdings and/or directorships, as the case may be, in the Company.

Update on the use of proceeds of S$1,200,000 from the Placement:

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