From Sun Business Network website..May 12th
listedcompany.com
Press Release
SUNBIZ’S S$89.8M BOOK VALUE OF ASSOCIATE
ONLY TAKES IN TANGIBLE ASSETS
· Book value of S$89.8m in the 2004 accounts represents its 20.5% share of
S$438.4m in the associate’s tangible assets
· Its associate’s auditor, a leading international accounting firm, accepted the
valuation
Singapore, 12 May – Sun Business Network (“SunBiz”) today clarified that in
consolidating the 2004 accounts of Asia Network Technologies (“ANT”), it had
only taken in the tangible asset value of its 20.5 per cent-owned associate.
ANT owns a 34,480 km multimedia fibre optic network in China. At 31 December
2004, ANT’s net asset value (“NAV”) was S$1.046 billion (about US$640 million),
comprising about S$438.4 million of tangible assets and S$607.5 million of
intangible assets.
The book value of S$89.8 million represents its 20.5 per cent stake in the
network’s tangible asset value of S$438.4 million. The tangible assets, which
comprise mainly the fibre optic network, were valued by Beijing Zhongjinhua
Certified Public Accountants Firm Limited, a leading valuation and public
accounting firm in China.
Mr Ricky Ang, the Executive Vice-Chairman and Managing Director of SunBiz
said: “We did not recognize ANT’s intangible assets of S$607.5 million, but chose
instead to conservatively only took in the tangible assets. We are in the process
of valuing ANT’s intangible assets.”
“Grant Thornton International, a leading international public accounting firm, also
accepted the valuation of the tangible assets in its Independent Auditors’ Report
on ANT’s 2004 accounts.”
“As an added measure to reassure our shareholders and business partners, we
had engaged Hongkong-based FB Gemini, an investment banking firm, to
assess the value of the tangible assets. Like Grant Thornton, it has opined that
the initial valuation of the tangible assets was fair,” he added.
The deal to inject ANT’s assets into NASDAQ-listed SE Global Equities is in
progress. SunBiz expects the deal to be completed by the second half.
_________________________
For more information, please contact
Mr Ricky Ang of Sun Business Network Ltd at 9755 4094
or e-mail ricky@sunbusinessnetwork.com
Ms Nora Cheng of Oaktree Advisers Pte Ltd at 9634 7450
or e-mail noracheng@oaktreeadvisers.com
Ms Joyce Quek of Oaktree Advisers Pte Ltd at 9816 6040
or e-mail joycequek@oaktreeadvisers.com
About Sun Business Network (SunBiz)
Home-grown and Sesdaq-listed SunBiz is a well-known publisher of niche
magazines in Asia, with over 30 titles in three languages in fast-growing sectors
such as finance, ICT, and tourism.
The Group was known as Panpac Media until 7 February 2005. After a repositioning
exercise in 2004, it is set to grow earnings from New Media forms
such as specialised electronic publishing, and data back-up & disaster recovery
to take the Group beyond Singapore, Malaysia and Hong Kong.
SunBiz’s vision is to become Asia’s first fully integrated multimedia business
information services group with a strong focus on the China market. It hopes to
achieve this with the support of major shareholder/executive chairman, Dr Bruno
Wu, and his Sun Media Investment Holdings (SMIH).
Dr Wu was formerly co-Chairman of SINA Corp, the world's largest Chinese
Internet media company, and Chief Operating Officer of ATV of Hong Kong.
Educated in France, the US, and China, he sits on the International Council of
the Museum of Television & Radio in New York and Los Angeles. He is also
Chairman of the Finance & Development Committee of the International
Academy of Television Arts & Sciences, the world’s largest broadcasting
organization that presents the annual International Emmy Awards.
SMIH is one of the three industry giants among the 13 private media firms
rated by Media magazine of China. It ranked first in net assets (Rmb2.64b), and
net profit (Rmb0.72b), and second in revenue (Rmb1.37b). This debt-free group
is the most diversified among peers, with stakes in magazine publishing, TV
production, multimedia, satellite cable TV, films, advertising and distribution. It
has shares in over 20 media operations, and controls 60 brands and products in
12 countries. |
