News

Qian Hu To Raise $4.2 Million Through Placement Of 10M New Shares

SINGAPORE – 29 April 2002 -- Qian Hu Corporation Limited, an integrated ornamental fish service provider, is expected to raise approximately $4.2 million through the placement of 10 million new shares to Development Bank of Singapore (DBS) today.

The proceeds from this placement will be used for working capital purposes.

At 45 cents a share, the placement represents a 9.4% discount on the weighted average price for trades done on Qian Hu’s SESDAQ-listed shares on 26 April 2002 and 29 April 2002 (from 9am to 12.30pm).

Mr Kenny Yap, Qian Hu’s Executive Chairman and Managing Director said: “Since our listing in November 2000, the market kept lamenting that there was insufficient shares in the free float, and that we should release more shares.”

“We have heard the market’s request, and have responded accordingly. We hope that this share placement will provide the much-needed liquidity in our stock and boost shareholders’ value,” he added.

Qian Hu’s existing issued and paid up share capital will increase to $10.15 million divided into 101,504,700 shares.

When allotted and issued, the new shares will rank pari passu in all respects with the existing ordinary shares of the Company. The completion of the placement is conditional, among others, upon the approval in-principle from the Singapore Exchange Securities Trading Limited (SGX-ST) for the listing and quotation of the new shares on the Official List of the SGX SESDAQ.

About Qian Hu

Incorporated in 1998 to take over the partnership businesses of Qian Hu Fish Farm Trading, Wan Hu Fish Farm Trading and Yi Hu Fish Farm Trading, Qian Hu is primarily engaged in the import and export, farming and distribution of ornamental fish as well as the distribution of aquarium and pet accessories. In addition, it started the breeding and sale of Dragon Fish for commercial sale in the second half of 2000.

With Kenny Yap, winner of the 1998 Singapore Youth Award for excellence in agrotechnological farming and recipient of the inaugural International Management Action Award in November 2000, at the helm at Qian Hu (which means “Thousand Lakes” in Chinese), the Group has achieved a number of “firsts” in the ornamental fish industry:

· the first integrated ornamental fish service provider in Singapore to be awarded the ISO 9002 certification for its quality management system;

· the first in the ornamental fish industry to obtain ISO 14001 certification for its environmental management system;

· one of the first ornmental fish operations in Singapore to have successfully bred the Dragon Fish for commercial sale; and

· the first company in the ornamental fish industry in Singapore to seek a public listing in Singapore.

· The first integrated ornamental fish service provider to achieve Singapore Quality Circle status.