Baring Private Equity Partners Asia Announces Stake in Norelco Centreline Holdings Limited.Business Editors SINGAPORE--(BUSINESS WIRE)--Dec. 2, 2002 The Asia division of Baring Private Equity Partners, a leading international private equity asset manager, today announced that, its Baring Asia Private Equity Fund II, (Baring), will acquire a 10.9 percent stake in Norelco Centreline Holdings Limited (Norelco). Singapore-based Norelco, listed on the Singapore Stock Exchange's SESDAQ, manufactures precision machine components, works in the assembly and integration of equipment and produces automated assembly lines for hard disk drive manufacturers and semiconductor equipment manufacturers. As part of its agreement with Norelco, Baring will subscribe S$5 million for 9.9 million new, ordinary shares in the company. At the same time, the major shareholders of Norelco entered into separate agreements to sell an aggregate of 29 million existing shares to Baring, for S$13.8 million, and to individual investors Mr. Koh Boon Hwee Koh Boon Hwee holds a first classs honours degree in mechanical engineering from the Imperial College of Science and Technology, University of London, and an MBA (Distinction) from the Harvard Business School. and Mr. Lee Kim Bock Noun 1. bock - a very strong lager traditionally brewed in the fall and aged through the winter for consumption in the spring bock beer lager beer, lager - a general term for beer made with bottom fermenting yeast (usually by decoction mashing); originally . Norelco will also grant call options to Baring and the individual investors to purchase 24.6 million shares in the company. The options can be exercised during the period from 1 June 2003 to 30 April 2005. Upon completion of the transactions, including the exercise of the options, Baring's total investment in Norelco will be approximately US$10.5 million. Mr. Jean Eric Salata, Managing Partner of Baring Private Equity Partners Asia, said: "Baring is delighted to be associated with Norelco, one of the top contract equipment manufacturers in Asia. We are particularly excited with its growth prospects in the semi-conductor capital equipment sector where it is able to deliver a strong value and cost proposition to its customers. Norelco is an excellent example of the move by multinationals toward increased outsourced manufacturing to Asia. The current downturn and cost pressures in the semi-conductor capital equipment market are encouraging companies to shift their reliance from U.S.-based suppliers to Asian-based suppliers such as Norelco." Mr. Koh and Mr. Salata are expected to be appointed as new directors to the Board of Norelco following the completion of the transactions. Current Executive Chairman Mr. Koh Pang Kin and Non-executive Director A non-executive director (NED, also NXD) or outside director is a member of the board of directors of a company who does not form part of the executive management team. He or she is not an employee of the company or affiliated with it in any other way. Mdm Ng Guay Heok will step down from the Board. Mr. Peter Koh Pang An, present Chief Executive Officer of Norelco will act as both Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Mr. Koh Pang An remarked on today's announcement, "The entry of our new shareholders marks a new era in the development of our company. We believe that they will be able to provide strategic value to the company, particularly in areas of management skills, best practices and growth strategy." An Executive Committee comprised of Mr. Koh, Mr. Salata and other senior executives will be created to direct the strategic direction of Norelco as well as further enhance the strength of the senior management team. Mr. Koh will be appointed as the Chairman of the Executive Committee. About Norelco Centreline Holdings Limited Norelco was established in July 1999 through the merger of two companies -- Norelco Precision Engineering and Centreline Engineering. The merged entity was listed on the SGX SGX Singapore Exchange SGX Supergreenx (trance/electronic musician) SESDAQ in May 2001. A specialized contract equipment manufacturer, the company's core businesses are in the design of custom-built automated machines, manufacture of precision machining parts, and the assembly and integration of equipment and automated assembly lines. Its customers are mainly multinational companies in the semiconductor and hard disk drive sectors. Norelco has manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. in Singapore, Malaysia and China as well as a sales and marketing subsidiary in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . About Baring Asia Private Equity Fund II The Baring Asia Private Equity Fund II and the Baring Asia Private Equity Fund are funds managed by the Asia division of Baring Private Equity Partners, a member of the ING Group ING Groep N.V. (NYSE: ING, Euronext: INGA) (known as ING Group) is a financial institution of Dutch origin offering banking, insurance and asset management services. ING once stood for Internationale Nederlanden Groep. . Baring Private Equity Partners Asia has over US$560 million in capital committed to investment in Asia. Notes to Editors Founded in 1984, Baring Private Equity Partners is a leading international private equity asset manager. The firm invests in every major market outside of the USA via six regional fund groups with dedicated local investment teams in Western and Central Europe Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. In addition, Northern, Southern and Southeastern Europe may variously delimit or overlap into Central Europe. , Asia, India, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and Russia. With a balanced team of 65 investment professionals operating out of 21 offices in 17 different countries worldwide, Baring Private Equity Partners has one of the most extensive on-the-ground networks of any international private equity provider. Its superior global reach provides the resources and investment expertise to help entrepreneurs around the world build world-class businesses. At 30 September 2002, Baring Private Equity Partners had in excess of $2 billion in funds under management. Baring Private Equity Partners is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of ING Group, the 7th largest European financial institution* by market capitalisation Noun 1. market capitalisation - an estimation of the value of a business that is obtained by multiplying the number of shares outstanding by the current price of a share market capitalization , with total assets of $710 billion** and assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. of $449 billion**. * 17 November 2002 ** 30 September 2002 |
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