COMPLETION OF SUBSCRIPTION

Unless otherwise defined, all capitalised terms and references used herein shall bear the

same meanings as ascribed to them in the Company's announcements dated 28 October

2013 and 24 December 2013.

Further to the Company?s announcements dated 24 December 2013, the Board of Directors

of the Company wishes to announce that the Company has on 3 January 2014 allotted and

issued an aggregate of 584,375,930 new ordinary shares in relation to the engagement of

Lim & Tan Securities Pte Ltd to subscribe for and/or procure the subscription of these new

ordinary shares in the capital of the Company.

The new ordinary shares are expected to be listed on the Main Board of the SGX-ST at 9.00

a.m. on 7 January 2014.

1. INTRODUCTION



 

The Board of Directors (the ?Board?) of Advance SCT Limited (the ?Company?) refers to its previous

 

 

announcement dated 28 October 2013 in relation to the engagement of Lim & Tan Securities Pte Ltd to

subscribe for and/or procure the subscription of 584,375,930 new ordinary shares in the capital of the

Company at the issue price of S$0.0065 per share (the ?Previous Announcement?).

 

 

Unless otherwise defined, all capitalised terms used in this announcement shall bear the same meaning

as ascribed to them in the Previous Announcement.



 

2. RECEIPT OF APPROVAL IN-PRINCIPLE



 

Further to the Previous Announcement, the Board wishes to announce that the Company has on 24



 

December 2013 received the approval in-principle (the ?AIP?) from the SGX-ST for the listing and

 

 

quotation of the 584,375,930 Placement Shares on the Mainboard of the SGX-ST.

The AIP received from the SGX-ST is subject to the following:

(a) compliance with the listing requirements of the SGX-ST and

(b) a written undertaking from the Company that it will comply with Rule 704(30) and Rule

1207(20) of the Listing Manual in relation to the use of the proceeds from the proposed

placement of shares and where proceeds are to be used for working capital purposes, the

Company will disclose a breakdown with specific details on the use of proceeds for working

capital in the Company?s announcements on use of proceeds and in the annual report

(c) a written undertaking from the Company that it will comply with Rule 803 of the Listing Manual

(d) a written confirmation from the Company that it will not issue the Placement Shares to persons

prohibited under Rule 812(1) of the Listing Manual and

(e) a written confirmation from the Placement Agent that the Placement Shares will not be placed

out to persons under Rule 812(1) of the Listing Manual.

Please note that the AIP received from the SGX-ST is not to be taken as an indication of the merits of the

Placement, the Placement Shares, the Company and/or its subsidiaries.

The Board of Directors of Advance SCT Limited (the ?Company?, and together with its

subsidiaries, the ?Group?) is pleased to announce that the Company has subscribed for

 

 

100,000 new shares at $1 a share in the capital of Everglory Cooling Systems Pte Ltd



 

(" ECS" ) in cash (the ?Subscription?). On completion, the paid-up capital of ECS will be

 

 

increased to S$200,000 and the Group will own 50% of ECS.

ECS is a recently-incorporated company in Singapore that is dedicated to the advance

development and commercialisation of a high-technology copper-based heat exchanger,

and has a net liability of S$115,174 due to initial start-up costs and earlier investment in

research and development. ECS works closely with a world leading integrated copper

company in Germany that produces ca. a million tonnes of copper cathodes a year and

a variety of copper products, as well as Luvata, a Swedish company well known for its

metal processing technologies especially in copper-based products such as copper balls

and copper heat exchangers.

The Group targets to start manufacturing the new copper-based heat exchangers in

China within the second half of 2014, alongside its copper ball manufacturing facilities

currently in operation. It will involve the transfer of technology and know-how from

Luvata. The target customers of this new product are power generator manufacturers in

China, especially foreign-owned enterprises such Caterpillar and Cummins of the USA



and Mitsubishi from Japan.

 

 

 

The investment in a new copper product is part of the Group's ongoing shift from being a

metal recycler to becoming a leading copper products manufacturer. The intended move

up the technology level is an important step towards improving the profit margin and



securing a more superior position in the market place.