Tuesday, August 2, 2011

Singer

Overview


Singer Asia is a holding company with operating subsidiaries in the South Asian countries of Sri Lanka, Bangladesh, Pakistan and India. The subsidiaries in Sri Lanka, Bangladesh and Pakistan are retail businesses engaged in the distribution of a wide variety of consumer durable products, with consumer credit and other financial services available to qualified customers. In each of these markets, Singer Asia is the leading retailer of durable products for the home.

The subsidiary in India is primarily a wholesale distributor of sewing products, although that company also has a right to retail nationwide.

Singer Asia also has an affiliate company in Thailand and a licensee in Malaysia that are the largest direct (door-to-door) sellers of consumer durable products in those markets.

Singer Asia has been operating in South Asia since the late 1800's. It is recognized by consumers as a trusted source of reliable, quality, consumer products, as well as being identified with the availability of consumer credit. The business has the potential for long-term growth along with the emerging economies of Asia and the expansion of their middle- and lower-income class consumers.
  Singer Asia's investment portfolio of principal operating companies is as follows:
 NameCountry of IncorporationSinger Asia's Economic Interest (%)
 Singer Bangladesh Limited Bangladesh 75.0
 Singer India Limited  India 80.1
 Singer Pakistan Limited Pakistan 70.3
 Singer (Sri Lanka) PLC Sri Lanka 87.5
 Singer Thailand Public Company Limited Thailand 48.5
  Market Value of Singer Asia's Listed Companies is as follows:
 Company ListingValue of Singer Asia's Holding at December 31, 2010
US$ millions
Value of Singer Asia's Holding at December 31, 2009
US$ millions
Value of Singer Asia's Holding at December 31, 2008
US$ millions
 Singer Bangladesh Limited Dhaka and Chittagong171.267.951.7
 Singer India Limited  Delhi and Mumbai7.26.00.9
 Singer Pakistan Limited Karachi and Lahore5.67.88.8
 Singer (Sri Lanka) PLC Colombo96.338.115.5
Other Sri Lanka Public SubsidiariesColombo7.13.82.1
 Singer Thailand Public Company Limited Bangkok15.65.04.5
303.0128.683.5
  Singer Asia Limited Shareholder StructureRetail Holdings N.V. currently owns approximately 56.2% of the equity of Singer Asia, UCL Asia Partners, L.P owns approximately 42.8% and Mr. Gavin Walker, Singer Asia President and CEO, owns 1.0% of the equity, reflecting the exercise of a portion of his options. Should Mr. Walker exercise all of his options, his equity stake in Singer Asia would increase to approximately 4.8%, the Retail Holdings N.V. shareholding would decline to approximately 54.1% and the Fund's stake would decline to approximately 41.1% as follows:    

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