The Board of Directors of HLN Technologies Limited ("the Company") wishes to announce that its 55% owned subsidiary, HLN Metal Centre Pte. Ltd., has incorporated a wholly-owned subsidiary, HLN Metal (Suzhou) Co Ltd ("HLN Metal (Suzhou)") in Suzhou, China.
The registered capital of HLN Metal (Suzhou) is USD 1,000,000 and the principal activity of HLN Metal (Suzhou) is manufacturing and selling of aluminium products with value-added processing through customized slitting to customers specifications. The purpose of incorporating HLN Metal (Suzhou) is to utilize it as a production and distribution base for the supply of aluminium and metallic-related products for the domestic PRC market.
The investment by the Company will be financed from internal sources and bank borrowings, and is not expected to have any material effect on the earnings per share or net tangible assets per share of the Group for the year ending 31 December 2007.
No director or substantial shareholder of the Company has an interest, direct or indirect, in the investment.
By order of the Board
Wa Kok Liang
Executive Director
THE INITIAL PUBLIC OFFERING OF THE SHARES OF HLN TECHNOLOGIES LIMITED WAS SPONSORED BY WESTCOMB CAPITAL PTE LTD ("THE MANAGER"). THE MANAGER ASSUMES NO RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT.