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:

Name	Country of Incorporation	Singer 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	Listing	Value 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 Chittagong	171.2	67.9	51.7
Singer India Limited	Delhi and Mumbai	7.2	6.0	0.9
Singer Pakistan Limited	Karachi and Lahore	5.6	7.8	8.8
Singer (Sri Lanka) PLC	Colombo	96.3	38.1	15.5
Other Sri Lanka Public Subsidiaries	Colombo	7.1	3.8	2.1
Singer Thailand Public Company Limited	Bangkok	15.6	5.0	4.5
		303.0	128.6	83.5

  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: