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property and construction industry. We are
confdent that the strong relationships forged
with suppliers and customers will put us in
good stead in the years ahead.
Corporate Developments
In a bid to further increase retail sales under our
Aircon Division, we set up several “Buy and Fix”
retail outlets across Singapore in FY2011. At
Buy and Fix, we aim to provide customers with
a pleasurable shopping experience and be the
one stop destination for their building controls
management needs. Our privileged position
as the leading authorised dealer for renowned
brands like Daikin, LG, Mitsubishi Electric,
Panasonic, Sanyo, Samsung and Toshiba,
allows us to provide competitive pricing and
the best deals to the retail consumer.
We are also glad to report that as at 31
December 2011, approximately S$942,000
of proceeds raised from our Warrant Issue
exercise in 2009 that was earmarked for the
expansion of our Aircon and Switchgear
businesses in Singapore, the People’s
Republic of China, India, Cambodia and/or
Malaysia, were utilised. There is also a balance
of approximately S$562,000 from the proceeds
which has been utilised as working capital
while pending deployment of this amount.
As a leading name in the switchgear sector,
with mutual trust established with clients
and business partners around Asia, we
continually explore expansion opportunities
into overseas markets such as Vietnam and
the emerging economies of Asia. Last year,
we laid the ground work for a proposed listing
of our wholly-owned subsidiary, Gathergates
Holdings Limited, on the Growth Enterprise
Market (“GEM”) of the Stock Exchange of Hong
Kong Limited (“SEHK”). However, we regret
that under prevailing volatile market conditions
and revised SGX requirements on proposals
for Restructuring or Spin-offs, the Company
has decided to discontinue preparations to
seek a listing on the GEM.
Paving The Way Forward
In line with our strategy to streamline our
portfolio for growth, the Switchgear Division
has been further restructured to take advantage
of our enhanced “Gathergates” brand name,
which has gained considerable recognition in
the switchgear market.
The year under review saw S-Team Switchgear
Private Limited (“S-Team”) undergoing a
transformation process to become Gathergates
Switchgear Pte Ltd. At the same time, both
the business processes of S-Team and its
sister company, Titans Power System Pte Ltd
(“Titans”), were fully integrated.
NATURAL COOL HOLDINGS LIMITED
Annual Report 2011 3