GSS ENERGY LIMITED Giken Sakata (S) Ltd (REG. CO. 197903879W)
Full Year Financial Statements And Dividend Announcement for the Year Ended 31 Aug 2014
PART I - INFORMATION REQUIRED FOR ANNOUNCEMENT OF QUARTERLY (Q1, Q2 & Q3) , HALF YEAR AND FULL YEAR RESULTS.
1(a)(i) A consolidated statement of comprehensive income (for the group) for the financial year ended 31 August 2014 together with a comparative figures for the corresponding period of the immediately preceding financial year.
Group
For the 12 | For the 12 | Increase/ |
months ended | months ended | (Decrease) |
31 Aug 2014 (S$'000) | 31 Aug 2013 (S$'000) | % |
Revenue 69,016 126,753 (45.55)% Cost of sales (57,277) (117,267) (51.16)% Gross profit 11,739 9,486 23.75% Other items of income
Other income 575 542 6.09% Interest income 47 44 6.82% Other items of expense
Distribution and selling expenses (5,716) (5,763) (0.82)% Administrative expenses (3,785) (3,631) 4.24% Other expenses (374) (14) NM Finance costs (62) (160) (61.25)% Profit before tax 2,424 504 NM Income tax expense (307) (58) NM Profit for the financial year 2,117 446 NM Other comprehensive income:
Item that will not be reclassified subsequently to profit or loss
Remeasurement of defined benefit pension scheme 28 5 NM
Item that may be reclassified subsequently to profit or loss
Exchange differences arising from translation of foreign operations (96) 241 NM Other comprehensive income for the year, net of tax (68) 246 NM Total comprehensive income for the year 2,049 692 NM
Profit attributable to:
Owners of the parent 2,104 445 NM Non-controlling interests 13 1 NM
2,117 446 NM
Total comprehensive income attributable to:
Owners of the parent 2,040 679 NM Non-controlling interests 9 13 (30.77)%
2,049 692 NM
1(a) (ii) Other information
Group
For the 12 For the 12 Increase/
months ended months ended (Decrease)
31/08/2014 31/08/2013
(S$'000) (S$'000) % Acquisition cost (244) - NM Allowance for inventory obsolescence (113) (29) NM Allowance for inventory obsolescence written back 29 - NM Compensation from customer 119 - NM Amortisation of intangible asset (55) - NM
Depreciation of property, plant and equipment (1,281) (1,477) (13.27%)
Foreign exchange (loss) / gain, net | (126) | 89 | NM |
Gain on disposal of property, plant and equipment | 90 | 2 | NM |
Government grants | 108 | 111 | (2.70)% |
Inventory written off | - | (2) | 100.00% |
Property, plant and equipment written off | (4) | (14) | (71.43)% |
NM-Not Meaningful
(b) (i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year.
Statements of Financial Position
as at 31 August 2014
Group Group Increase/ Company Company Increase/
31 Aug 2014 31 Aug 2013 (Decrease) 31 Aug 2014 31 Aug 2013 (Decrease)
S$ '000 S$ '000 % S$ '000 S$ '000 % ASSETS
Non-current assets
Property, plant and equipment 4,618 4,920 (6.14)% 111 53 NM Intangible assets 113 - NM 113 - NM Investment in subsidiaries - - NM 4,533 4,533 - Goodwill on consolidation 112 112 - - - NM Due from subsidiaries (non-trade) - - NM 734 1,825 (59.78)%
4,843 5,032 (3.76)% 5,491 6,411 (14.35)%
Current assets
Inventories 4,573 5,151 (11.22)% 2,648 2,778 (4.68)% Trade receivables 14,277 11,609 22.98% 9,110 7,293 24.91% Other receivables and deposits 351 465 (24.52)% 190 229 (17.03)% Prepayments 106 117 (9.40)% 59 47 25.53% Due from a related company (trade) - 3 (100.00)% - - NM Cash and cash equivalents 4,444 4,026 10.38% 1,386 536 NM
23,751 21,371 11.14% 13,393 10,883 23.06% Total assets 28,594 26,403 8.30% 18,884 17,294 9.19% Current liabilities
Trade payables 9,489 12,060 (21.32)% 4,277 5,940 (28.00)%
Other payables and accruals 2,885 2,542 13.49% 1,569 1,508 4.05% Due to related companies (trade) - 118 (100.00)% - 8 (100.00)% Due to holding company(trade) - 123 (100.00)% - 123 (100.00)% Due to subsidiaries (trade) - - NM 309 121 NM Provisions - 23 (100.00)% - 23 (100.00)% Current income tax payable 182 - NM - - NM Loans and borrowings 31 2,382 (98.70)% 31 1,885 (98.36)%
12,587 17,248 (27.02)% 6,186 9,608 (35.62)%
Net current assets 11,164 4,123 NM 7,207 1,275 NM
Non-current liabilities
Provisions 444 487 (8.83)% 154 229 (32.75)%
444 487 (8.83)% 154 229 (32.75)% Total liabilities 13,031 17,735 (26.52)% 6,340 9,837 (35.55)% Net assets 15,563 8,668 79.55% 12,544 7,457 68.22%
Equity
Share capital 26,178 21,332 22.72% 26,178 21,332 22.72% Reserves (10,912) (12,952) (15.75)% (13,634) (13,875) (1.74)%
Equity attributable to equity holders of the parent 15,266 8,380 82.17% 12,544 7,457 68.22%
Non-controlling interests 297 288 3.13% - - NM
Total equity 15,563 8,668 79.55% 12,544 7,457 68.22%
(b) (ii) Aggregate amount of group's borrowing and debt securities
Amount repayable in one year or less, or on demand
As at 31.08.2014
As at 31.08.2013
Secured S$ ' 000 | Unsecured S$ ' 000 | Secured S$ ' 000 | Unsecured S$ ' 000 |
31 | - | 2,382 | - |
Amount repayable after one year
As at 31.08.2014
As at 31.08.2013
Secured S$ ' 000 | Unsecured S$ ' 000 | Secured S$ ' 000 | Unsecured S$ ' 000 |
- | - | - | - |
Details of any collateral
Nil
1 (c) A consolidated statement of cash flows (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year.
Consolidated Statement of Cash Flows
For the 12 For the 12 months ended months ended
31 Aug 2014 31 Aug 2013
S$'000 S$'000
Cash flows from operating activities
Profit before income tax 2,424 504
Adjustments:
Allowance for inventory obsolescence 113 29
Allowance for inventory obsolescence written back (29) - Amortisation of computer software 55 - Depreciation of property, plant and equipment 1,281 1,477
Finance costs 62 160
Gain on disposal of property, plant and equipment (90) (2) Interest income (47) (44) Inventories written off - 2
Property, plant and equipment written off 4 14
Provisions made - 107
Operating cash flows before working capital changes 3,773 2,247
Working capital changes:
Inventories 496 (1,137) Trade receivables (2,726) 4,655
Other receivables and deposits 95 (155) Prepayments 11 (3) Due from a related company 3 6
Trade payables (2,570) (2,784) Other payables and accruals 343 268
Due to holding company (123) (25) Due to related companies (118) 49
Provisions settled (38) (89)
Cash flows (used in)/generated from operations (854) 3,032
Interest received 47 44
Interest paid (62) (160) Income taxes paid (105) (166)
Net cash (used in)/generated from operating activities (974) 2,750
Cash flows from investing activities
Proceeds from disposal of property, plant and equipment 91 202
Purchase of intangible assets (168) - Purchase of property, plant and equipment (984) (1,030)
Net cash used in investing activities (1,061) (828) Cash flows from financing activities
Dividend paid to a non-controlling interest - (26)
Proceeds from bank loans - 477
Proceeds from issue of share capital 4,846 - Repayment of bank loans (1,906) (1,895) Repayment of obligations under finance leases (477) (519) Net cash generated from/(used in) financing activities 2,463 (1,963)
Net increase/(decrease) in cash and cash equivalents 428 (41) Effect of foreign exchange rate changes in
cash and cash equivalents (10) (56) Cash and cash equivalents at beginning of financial year 4,026 4,123
Cash and cash equivalents at end of financial year 4,444 4,026
Reconciliation of cash and cash equivalents
Cash and bank balances 2,435 2,786
Fixed deposits 2,009 1,240
4,444 4,026
The Group's additions to property, plant and equipment during the financial year were financed as follows:
Additions of property, plant and equipment 1,025 1,030
Acquired under finance lease agreements (41) - Cash payments to acquire property, plant and equipment 984 1,030
1 (d) (i) A statement (for the issuer and group) showing either (i) all changes in equity or
(ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year.
Statements of Changes in Equity
For the year ended 31 August 2014
Share Statutory Foreign currency Accumulated Total equity Non-controlling Total
Capital reserve translation losses attributable to interests fund reserves holders of the
company
The Group S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000
Balance at 1 September 2012 21,332 198 (2) (13,827) 7,701 301 8,002
Net profit for the financial year - - - 445 445 1 446
Other comprehensive income for the financial year
Remeasurement of defined benefit pension scheme - - - 5 5 - 5
Exchange differences arising from translation of
operation - - 229 - 229 12 241
Total other comprehensive income for the
financial year - - 229 5 234 12 246
Total comprehensive income for the
financial year - - 229 450 679 13 692
Transactions with owners of the parent recognised directly in equity
Dividend paid to non-controlling interest - - - - - (26) (26) Transfer to statutory reserve fund - 155 - (155) - - - Total transactions with owners of the
parent recognised directly in equity - 155 - (155) - (26) (26)
Balance at 1 September 2013 21,332 353 227 (13,532) 8,380 288 8,668
Net profit for the financial year - - - 2,104 2,104 13 2,117
Other comprehensive income for the financial year
Remeasurement of defined benefit pension scheme - - - 28 28 - 28
Exchange differences arising from translation of
operation - - (92) - (92) (4) (96)
Total other comprehensive income for the
financial year - - (92) 28 (64) (4) (68)
Total comprehensive income for the
financial year - - (92) 2,132 2,040 9 2,049
Transactions with owners of the parent recognised directly in equity
Issue of ordinary shares 4,846 - - - 4,846 - 4,846
Transfer to statutory reserve fund - 27 - (27) - - -
Total transactions with owners of the
parent recognised directly in equity 4,846 27 - (27) 4,846 - 4,846
Balance at 31 August 2014 26,178 380 135 (11,427) 15,266 297 15,563
Statements of Changes in Equity
For the year ended 31 August 2013
Share Statutory Foreign currency Accumulated Total equity Non-controlling Total
Capital reserve translation losses attributable to interests fund reserves holders of the
company
The Company S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000
Balance at 1 September 2012 21,332 - - (13,886) 7,446 - 7,446
Net profit for the financial year - - - 11 11 - 11
Total comprehensive income for the
financial year - - - 11 11 - 11
Balance at 1 September 2013 21,332 - - (13,875) 7,457 - 7,457
Net profit for the financial year - - - 241 241 - 241
Total comprehensive income for the
financial year - - - 241 241 - 241
Transactions with owners, recognised directly in equity
Issue of ordinary shares 4,846 - - - 4,846 - 4,846
4,846 - - - 4,846 - 4,846
Balance at 31 August 2014 26,178 - - (13,634) 12,544 - 12,544
1 (d) (ii) Details of any changes in the company's share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of others issues of equity securities, issues of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles, as well as the number of shares held as treasury shares, if any, against the total number of issued shares excluding treasury shares of the issuer, as at the end of the current financial period reported on and
as at the end of the corresponding period of the immediately preceding financial year.
On 22 October 2013, the Company issued 76,275,000 new shares in the capital of the Company to Roots Capital Asia Limited and 55,234,000 new shares in the capital of the Company to various placees,at an issue price of S$0.024 per share, pursuant to a resolution passed by members of the Company on 16 October 2013.
On 17 March 2014, the Company issued 52,000,000 new shares in the capital of the Company to various placees at an issue price of S$0.0325 per share, pursuant to a resolution passed by members of the Company on 26 December 2013.
There are no outstanding convertible securities nor treasury shares.
1 (d) (iii) Total number of issued shares excluding treasury shares as at the end of the current financial period and as at end of the immediately preceding year.
31 Aug 2014 31 Aug 2013
Total number of issued shares (excluding treasury shares) 315,018,657 131,509,657
1 (d) (iv) A statement showing all sales, transfers, disposals, cancellation and/or use of treasury shares as at the end of the current financial period reported on.
There were no sales, transfers, disposals, cancellation and/or use of treasury shares for the financial year ended 31 August 2014.
2 Whether the figures have been audited, or reviewed and in accordance with which standard (e.g. the Singapore Standard on
Auditing 910 (Engagement to review Financial Statement), or an equivalent standard)
The figures have not been audited or reviewed by the external auditor.
3 Where the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of matter)
Not applicable
4 Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statements have been applied.
The Group has applied the same accounting policies and methods of computation in the financial statements for the current reporting period compared with the audited financial statements for the year ended 31.08.2013 as well as the new/revised Financial Reporting Standards (FRS) which became effective for financial years beginning on or after 01.09.2013.
5 If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effects of, the change.
The adoption of the new/revised FRS did not result in any material impact on the Group's results.
6 Earnings per ordinary share of the group for the current financial period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends.
31 Aug 2014 31 Aug 2013
S$(Cents) S$(Cents) Based on the No. of shares in issue during the year 0.78 0.34
On fully diluted basis 0.78 0.34
"Item 6: The earnings per share for the financial year ended 31 August 2014 is calculated based on the weighted average share capital in issue during the period of 268,577,673 ordinary shares (31 August 2013: 131,509,657 ordinary shares)"
7 Net asset value (for the issuer and group) per ordinary share based on issued share capital excluding treasury shares of the issuer at the end of the (a) current financial period reported on and (b) immediately preceding financial year.
Group Company
31 Aug 2014 31 Aug 2013 31 Aug 2014 31 Aug 2013
S$(Cents) S$(Cents) S$(Cents) S$(Cents)
Net assets value per ordinary share based on 4.94 6.59 3.98 5.67 issued share of the company at the end of the
financial year (Singapore cents)
"Item 7: The net assets value per share for the year ended 31 August 2014 is calculated based on the share capital in issue at the end of the year of 315,018,657 ordinary shares (31 August 2013: 131,509,657 ordinary shares)"
8 A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. It must include a discussion of the following:-
(a) any significant factors that affected the turnover, costs and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors; and
(b) any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on.
Consolidated Statement of Comprehensive Income
(i) The Group achieved a turnover of S$69.02 million for Financial Year 2014. This is a decrease of S$57.74 million from Financial Year 2013. The reduction is due to the discontinuation of a turn-key project in March 2014.
(ii) The change in product mix resulted in a better gross margin of 17.01%, as compared to a gross margin of 7.48% for Financial Year 2013. Gross profit for
Financial Year 2014 was S$11.74 million.
(iii) Other Expenses increased by S$0.36 million over Financial Year 2013. This includes expenses of S$0.24 million relating to the acquisition of a stake in Cepu
Sakti Energy Pte Ltd, which was completed in September 2014.
(iv) Financial expenses decreased by S$0.10 million over Financial Year 2013 due to the full settlement of the outstanding amount owing to the financial institutions by the Company during the year.
(v) The Group achieved a net profit after tax of S$2.12 million for Financial Year 2014, as compared to a net profit after tax of S$0.45 million for Financial Year 2013
Statements of Financial Position
(vi) Share capital increased by S$4.85 million due to the issue of 183.51 million new shares in the Company during the financial year.
(vii) Due to the current product mix change, the inventory decreased by S$0.58 million, as compared to 31 August 2013.
(viii) Due to higher margin project with longer receivable period, trade receivables increased by S$2.67 million, as compared to 31 August 2013.
(ix) With a lower turnover, trade payables decreased by S$2.57 million, as compared to 31 August 2013.
(x) Loan and borrowing amounting to S$2.38 million was fully settled in Financial Year 2013. The balance left is S$0.03 million.
(xi) The net asset of the Group as at 31 August 2014 was S$15.56 million while the net current asset value was S$11.16 million.
Consolidated Statement of Cash Flows
(xii) The Group utilised a net cash outflow of S$0.97 million from its operating activities during the financial year.
(xiii) Net cash used in investing activites in Financial Year 2014 was S$1.06 million, mainly due to acquisition of new machines in subsidiaries.
(xiv) Net cash generated by financing activities in Financial Year 2014 was S$2.46 million. An amount of S$4.85 million was generated by the issue of new shares in the Company while S$2.38 million was used to repay loans and borrowings from financial institutions.
(xv) Net cash and cash equivalents position as at 31 August 2014 stood at S$4.44 million.
Others
(xvi) On 5 May 2014, the Company incorporated a wholly-owned subsidiary, Giken Sakata Investment Holdings Limited, in the British Virgin Islands, as part of the Company's ongoing business development.
(xvii) On 31 May 2014, the Group entered into a sale and purchase agreement with Java Petral Energy Pte Ltd, to acquire 624,079 ordinary shares in the capital of Cepu Sakti Energy Pte Ltd, representing 53.68% of its share capital, for an aggregate consideration of S$48.00 million, to be satisfied by S$25.20 million in cash and S$22.80 million by the issue of 76 million new shares in the Company. The acquisition of Cepu Sakti Energy Pte Ltd was completed on 10 September 2014.
9 Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results.
The Group did not make any forecast or prospect statement for the current period to shareholders.
10 A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months.
The Group has diversified into the energy business with the acquisition of Cepu Sakti Energy Pte Ltd, in addition to the existing precision engineering business. The
Group has a positive outlook and will continue to actively source for new growth opportunities for both the business sectors.
11 If a decision regarding dividend has been made:
None.
(a) Whether an interim (final) ordinary dividend has been disclared (recommended); and
None.
(b) (i) Amount per share ... cents
Not applicable.
(b) (ii) Previous corresponding period ... cents
Not applicable.
(c) Whether the dividend is before tax, net of tax or tax exempt. If before tax or net of tax, state the tax rate and the country where the dividend is derived. (If the dividend is not taxable in the hands of shareholders, this must be stated).
Not applicable.
(d) The date the dividend is payable.
Not applicable.
(e) The date on which Registrable Transfers received by the company (up to 5.00 pm) will be registered before entitilements to the dividend are determined.
Not applicable.
12 lf no dividend has been declared /recommended , a statement t o that effect.
No d1v1dend has been declared or recommended
13 lnterested Person Transactions
The aggregate value of 1nterested person transacllons for the f1nane al year ended 31 August 2014 1s as follaws
Nature of transactlon and name of lnterested Person
Aggregate value of a111nterested person
transact1ons conducted dunng the peno d under Aggregate value of a111nterested person rev1ew (exclud1ng transact1ons less than transact1ons conducted under shareholder's
$100,000 and transact1ons conducted under mandate pursuant to Rule 920
shareholders' mandate pursuantto Rule 920) transact1ons
S$'000 S$'000
Purchase of property, plani and equ1pment
-M1yosh1 PreCISIOn (Malaysia) Sdn Bhd 192
lnterested person relat1onsh1p between M1yosh1 Prec1s1on Llm1ted group of compan1es and the Company ceased 1n March 2014
14 Negative confirmation pursuant to Rule 705(5).
NA
PART II - ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT (This part is not applicable to Q1,Q2,Q3 or Half Year Results)
15 Segmented revenue and results for business or geographical segments (of the group) in the form presented in the issuer's most recently audited annual financial statements, with comparative information for the immediately preceding year.
GIKEN GROUP
BUSINESS SEGMENTS FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2014
Mechanisms Microshafts Others Eliminations Group
MC MS
S$'000 S$'000 S$'000 S$'000 S$'000
Revenue
Sales to external customers 51,683 17,333 - - 69,016
Inter-segment sales - - - - - Total revenue 69,016
Results
Operating profit 1,813 944 - (318) 2,439
Interest income 47
Interest expense (62) Income tax expenses (307) Non-controlling interests (13) Net profit 2,104
BUSINESS SEGMENTS FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2013
Mechanisms Microshafts Others Eliminations Group
MC MS
S$'000 S$'000 S$'000 S$'000 S$'000
Revenue
Sales to external customers 112,518 14,235 - - 126,753
Inter-segment sales - - - - - Total revenue 126,753
Results
Operating profit 453 637 - (470) 620
Interest income 44
Interest expense (160) Income tax expenses (58) Non-controlling interests (1) Net profit 445
Geographical Segments
Group Turnover Group Assets Group Capital Expenditure
FY 2014 FY 2013 FY 2014 FY 2013 FY 2014 FY 2013
S$'000 S$'000 S$'000 S$'000 S$'000 S$'000
Singapore 29,751 102,666 13,617 10,905 259 55
Indonesia 19,086 9,030 6,302 8,851 475 961
Germany 7,785 5,682 - - - -
China 7,329 5,301 8,675 6,647 459 14
Other Countries 5,065 4,074 - - - -
Total 69,016 126,753 28,594 26,403 1,193 1,030
16 In the review of performance, the factors leading to any material changes in contribution to turnover and earnings by the business or geographical segments
(a) The Mechanism Division recorded a turnover of S$51.68 million for Financial Year 2014, a decrease over the S$112.52 million for
Financial Year 2013. This is due to the discontinuation of a turn-key project in March 2014.
The Mechanism Division achieved an operating profit of S$1.81 million for Financial Year 2014.
(b) The Microshaft Division achieved a turnover of S$17.33 million for Financial Year 2014, an increase over the S$14.24 million for
Financial Year 2013.
The Microshaft Division achieved an operating profit of S$0.94 million for Financial Year 2014.
17 A breakdown of sales
Group
Latest Previous Increase /(Decrease) Financial Year Financial Year
S$'000 S$'000 %
(a) Sales reported for first half year 38,515 79,674 (51.66)%
(b) Operating profit after tax before deducting 710 474 49.79%
minority interests reported for first half year
(c) Sales reported for second half year 30,501 47,079 (35.21)%
(d) Operating profit/(loss) after tax before deducting 1,407 (28) NM
minority interests reported for second half year
18 A breakdown of the total annual dividend (in dollar value) for the issuer's latest full year and its previous full period.
Total Annual Dividend
Latest Full Year (S$'000) | Previous Full Period (S$'000) | |
Ordinary | 0 | 0 |
Preference | 0 | 0 |
Total : | 0 | 0 |
NA
19 Disclosure of person occupying a managerial position in the issuer or any of its principal subsidiaries who is a relative of a director or chief executive officer or substantial shareholder of the issuer pursuant to Rule 704(10) in the format below. If there are no such person, the issuer must make an appropriate negative statement.
The Company confirms that there is no person occupying any managerial positions in the Company or any of its prinicipal subsidiaries who is a relative of a director, chief executive officer or substantial shareholder of the Company.
BY ORDER OF THE BOARD
Ng Say Tiong
Company Secretary
29 October 2014
This document has been prepared by the Company and its contents have been reviewed by the Company's Sponsor, Stamford Corporate Services Pte Ltd, for compliance with the relevant rules of Singapore Exchange Securities Trading Limited ("SGX-ST"). The Company's Sponsor has not independently verified the contents of this document. This document has not been examined or approved by SGX-ST and SGX-ST assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.
The contact person for the Sponsor is Mr Bernard Lui: telephone no. (65) 6389 3000; email address bernard.lui@stamfordlaw.com.sg.
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