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    N08   SG1E32850828

NEW TOYO INTERNATIONAL HOLDINGS LTD

(N08)
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New Toyo : Tien Wah Press Holdings Berhad - Proposed Renounceable Rights Issue * Asset Acquisitions and Disposals

02/23/2016 | 10:53pm EST

9438c50f-df90-4209-a8fe-3e0335d25a27.pdf


Asset Acquisitions and Disposals::Tien Wah Press Holdings Berhad - Proposed Renounceable RightsIssue


Issuer & Securities


Issuer/ Manager

NEW TOYO INTERNATIONAL HOLDINGS LTD

Securities

NEW TOYO INT HLDGS LTD - SG1E32850828 - NOS

Stapled Security

No


Announcement Details


Announcement Title

Asset Acquisitions and Disposals

Date & Time of Broadcast

23-Feb-2016 19:58:17

Status

New


Announcement Sub Title

Tien Wah Press Holdings Berhad - Proposed Renounceable Rights Issue

Announcement Reference

SG1602230TH RJAMT

Submitted By (Co.I Ind. Name)

Lee Wei Hsiung

Designation

Company Secretary

Description (Please provide a detailed description of the event in the box below)


Please refer to the attachments.


Attachments lIDNTI H TWPH - Proposed Renounceable Rights l ssue.pdf IIDTWPH Proposed Renounceable Rights lssue.pdf

Total size =332K


NEW TOYO INTERNATIONAL HOLDINGS LTD

Company Registration No.: 199601387D


TIEN WAH PRESS HOLDINGS BERHAD ("TWPH") - PROPOSED RENOUNCEABLE RIGHTS ISSUE OF 48,247,500 NEW ORDINARY SHARES OF RMl.00 EACH IN TWPH ("TWPH SHARE(S)") ("RIGHTS SRARE(S)") AT AN ISSUE PRICE OF RMJ.00 PER RIGHTS SHARE ON THE BASIS OF ONE (1) TWPH RIGHTS SHARE FOR EVERY TWO (2) EXISTING TWPH SHARES HELD ON AN ENTITLEMENT DATE TO BE DETERMINED AND ANNOU NCED LATER ("PROPOSED TWPH RIG HTS ISSUE")


The Board of Directors of New Toyo International Holdings Ltd (the "Company") wishes to announce that its subsidiary, Tien Wah Press Holdings Berhad ("TWPH"), has today issued an announcement on the above matter, a copy of which is enclosed.


The Company's subsidiaries, Singapore Pacific Investments Pte Ltd ("SP!") and Tien Wah Holdings (1990) Sdn Bhd ("TWH1990"), which hold approximately 29.89% and 24.21% equity interests in TWPH respectively, have irrevocably undertaken to TWPH to, inter alia, subscribe in full for their respective entitlements in the Proposed TWPH Rights Issue ("SP! and TWH 1990 Subscriptions ") as well as subscribe for any additional Rights Shares not taken up by other entitled shareholders of TWPH by way of excess application ("Excess"), to the extent such that SPI's and TWHl 990's respective aggregate shareholdings in TWPH (i.e. after subscription for the Rights Shares Entitlement and the Excess) will not exceed 32.4% of the enlarged issued and paid-up share capital in TWPH .


Rationale


The Company, via the aforesaid subsidiaries, is the single largest shareholder in TWPH which is as an important subsidiary of the Company. The subscription of the Proposed TWPH Rights Issue would enable the Company to maintain or increase its shareholdings in TWPH.


Financial Effects


  1. Relative Figures Compu ted on the Bases Set Out in Rule 1006 of the Listing Manual


    Chapter IO of the Listing Manual of the SGX-ST governs the continuing listing obligations of a listed company in respect of acquisitions and realisations. For illustrative purposes only and based on the announced unaudited consolidated financial statements of the Company for FY2015, the relative figures computed on the bases set out in Rule I 006 of the Listing Manual are as follows:


  2. Rule l 006(a) - The net asset value of the assets to be Not Applicable disposed of compared with the Group's net asset

    value. This basis is not applicable to an acquisition of assets.

  3. Rule 1006(b) - The net profits (before income tax, Between Nil to minority interest and extraordinary items) attributable 8.3%1


    I The effect on the unaudited net profit (before incom e tax, minority interest and extraordinary items) attributable to the TWPH Subscription is computed based on the level of final subscription by the Group for the TWPH Rights Issue.


    to the TWPH Subscription based on TWPH 's unaudited profits of approximately S$ l 3.2 m illion (MYR37.6 million) for the FY2015, compared with the Group's latest announced consolidated net profit (before income tax, minority interest and extraordinary items) of S$23.3 million for the same period.

    (c)

    Rule 1006(c) - The aggregate value of the

    consideration given is at least S$8.7 million to a maximum of S$13.9 million compared with the Company's market capitalisation of S$92.3 m illion as at 22 February 2016 (based on the weighted average market price of S$0.210 per share being the market day preceding the date of the agreement).

    Between 9.5% to

    15.1%2

    (d)

    Rule 1006(d) - The number of equity securities

    issued by the issuer as consideration for an acquisition, compared with the number of equity securities previously in issue.

    Not Applicable


    As the applicable relative figures computed under Rule 1006(b) and Rule 1006(c) do not exceed 20%, the TWPH Subscription is not classified as a "major transaction" as defined in Chapter I O of the Listing Manual and therefore does not require the approval of the shareholders of the Company.


  4. Illustrative Effects of the TWPH _ Subscription on the Ea rn ings per Share ("EPS") and Net Tangible Assets ("NTA") of the Company


    Assum ptions


    The pro forma financial effects in this section are based on the consolidated unaudited financial statements of the Group for the financial year ended 31 December 20 15 ("FY2015"). The financial effects of the TW PH Subscription have been prepared based on the following assumptions:


  5. For the purpose of computing the financial effects of the TWPH Subscription on the NTA of the Group, the TWPH Subscription is assumed to have been fu lly subscribed for and completed on 3 1 December 20 15;


  6. For the purpose of computing the financial effects of the TWPH Subscription on the EPS of the Company, the TWPH Subscription is assumed to have been completed on 1 January 20 15;


  7. Assuming that the Company, for the TWPH Subscription, utilised approximately a minimum S$8.7 million based on the SPI and TWH 1990 Subscriptions ("Minimum Scenario") and a maximum 8$ 13.9 million based on the SPI and TWH 1990 Subscriptions and Excess ("Maximum Scenario");


  8. Assuming the Proposed TWPH Rights Issue had been fully subscribed for with proceeds (net of estimated issue expenses) of approximately S$ 15.9 million (MYR47.4 million) and after the TWPH Subscription, the Company's interest in TWPH remained at approximately 54.1% (Min imum Scenario) or increased to 64.80% (Maximum Scenario);



  9. 2 The aggregate value of the consideration given for the TWPH Subscription is computed based on the level of fmal subscription by the Group for the TWPH Rights Issue.


    (f) ln the calculation of the gearing, it is assumed that TWPH utilised S$5.8 million (MYR l 7.4 million) from the proceeds to partially repay bank loan of a roximately S$24.0 m illion (MYR71.6 million);

    (g) In the calculation of EPS, it is assumed that there is a potential interest savings of approximately S$0.20 m illion by TWPH (based on the Company's effective equity interest of approximate ly 54.1% or 64.80% - approximately S$0.10 million or S$0. J l million interest savings respectively) from the repayment of bank loan.


    The financial effects of the TWPH Subscription on the Group are for illustrative purposes only and are, therefore, not indicative of the actual financial performance or position of the Group after the completion of the TWPH Subscription.


    NTA


    The pro forma financial effects of the TWPH Subscription on the NTA of the Group are as follows:


    Before the proposed TWPH

    Subscription

    After the proposed TWPH

    Subscription (Minimum Scenario)

    After the proposed TWPH

    Subscription (Maximum Scenario)

    NTA of the Grau (S$'000)

    164,994

    164,994

    164,994

    Number of issued Shares

    439,424,603

    439,424,603

    439,424,603

    NTA er Share (cents)

    37.55

    37.51

    38.39


    EPS


    The pro forma financial effects of the TWPH Subscription on the EPS of the Group are as follows:


    Before the proposed TWPH

    Subscription

    After the proposed TWPH

    Subscription (Minimum Scenario)

    After the proposed TWPH

    Subscr iption (Maximwn Scenario)

    Profit after tax attributable to equity holders of the Group (S$'000)

    14,674

    14,784

    16,080

    Number of issued Shares

    439,424 ,603

    439,424,603

    439,424,603

    EPS (cents)

    3.34

    3.36

    3.66



    Interests of Directors and Controlling Shareholders


    Ms. Angela Heng Chor Kiang is a director of the Company, TWPH, TWH 1990, SPI and New Toyo Lamination (M Pte Ltd through which the Company owns TWH1990.


    Mr David Lim Teck Leong is a director of the Company and TWPH.


    Mr. Yen Wen Hwa i s the Executive Chairman of TWPH and a controlling shareholder of the Company.

New Toyo International Holdings Ltd. issued this content on 23 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 24 February 2016 03:52:30 UTC

Original Document: http://www.newtoyo.com/announcements/23 Feb 16 - NTIH_TWPH Proposed Renounceable Rights Issue.pdf


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Financials
Sales 2020 242 M 177 M 177 M
Net income 2020 7,59 M 5,54 M 5,54 M
Net Debt 2020 1,15 M 0,83 M 0,83 M
P/E ratio 2020 10,1x
Yield 2020 8,62%
Capitalization 90,1 M 65,7 M 65,7 M
EV / Sales 2019 0,34x
EV / Sales 2020 0,32x
Nbr of Employees 1 800
Free-Float 48,7%
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Managers and Directors
Chor Kiang Heng Group Chief Executive Officer & Executive Director
Chin Chong Lam Chief Financial Officer
Wen Hwa Yen Executive Chairman
Tai Foong Wan Lead Independent Non-Executive Director
Tin How Phua Independent Non-Executive Director
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