ACQUISITION OF A LOGISTICS SERVICES COMPANY BY ADVANCE SCT LIMITED
- Drew & Napier LLC acted as counsel to the purchaser -

20 March 2008 – Drew & Napier LLC (“Drew & Napier”) acted as counsel to Advance SCT Limited (“ASCT”), a SGX-ST listed company, in the acquisition of a 100% interest in Ever Glory Logistics Pte Ltd ("Glory"), a logistics services company incorporated in Singapore ("Acquisition").

The Sale and Purchase Agreement was signed by ASCT and the shareholders of Glory (the "Vendors") on 7 January 2008. The total size of the acquisition is S$1,500,000, of which S$600,000 is satisfied in cash and S$900,000 is satisfied by the allotment and issue of 927,835 new ordinary shares in ASCT at S$0.97 each ("New Shares") to the Vendors. The acquisition was completed 11 March 2008 and the new shares were listed and quoted on the Main Board of SGX-ST on 12 March 2008.

ASCT is one of the leading recyclers of copper in Asia, with the capacity to recycle, manage and re-process more than 80,000 tonnes of ferrous, non-ferrous metal and other materials annually. It serves more than 21 trading houses and 10 smelting factories in 12 countries i.e. Japan, Korea, Malaysia, Thailand, Hong Kong, Taiwan, India, China etc. Its subsidiary was awarded International Enterprise Singapore's Singapore International 100 award for being one of the largest Singapore companies that are internationalised.

The Drew & Napier team was led by Mr Petrus Huang, Director of the Banking & Corporate Department, and was assisted by Mr Dax Lim and Ms Lin Jie.

ABOUT DREW & NAPIER LLC
Established in 1889, Drew & Napier LLC is one of Singapore's leading and largest law firms, with over 220 lawyers and fee-earners. Consistently rated top tier in dispute resolution over the years by international ranking organisations such as Asia Pacific Legal 500, Chambers Global, Practical Law Company and Asia Law Profiles, to name but a few, the firm has seven senior counsel, the largest number of any law firm in Singapore. The firm is headed by chief executive officer, Davinder Singh, Senior Counsel. Drew & Napier LLC is also highly rated in Corporate Insolvency & Restructuring, Intellectual Property and Tax, with market leading practices in Banking & Corporate, Competition & Antitrust, Telecommunications, Media & Technology, and Admiralty & Shipping.

For more information please contact:
Verona Huang
Corporate Affairs Manager
Drew & Napier LLC
Tel: +65 6531 2482
Email: verona.huang@drewnapier.com

Lisa Lim
Corporate Affairs Executive
Drew & Napier LLC
Tel: +65 6531 2218
Email: lisa.lim@drewnapier.com