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JES International Holdings Limited

 

(Company Registration No.: 200604831K)

 

Update on Financial Position

 

In response to various queries received recently, the Board of Directors of JES

 

International Holdings Limited (“JES” or the “Group”) wishes to reiterate the

 

Group’s financial position.

 

The Group’s financial position remains healthy. As disclosed in the Group’s

 

second quarter and half year results on 14 August 2008, JES had a net current

 

assets of approximately RMB 1.7 billion, which included approximately RMB1.1

 

billion in cash and cash equivalents as at 30 June 2008. The Group’s total short term

 

unsecured loans stood at RMB 5.0 million and had no long-term loans as at

 

30 June 2008.

 

The Group’s cash position and Net Asset Value are presented below:

 

Items As at 30 June 2008

 

Net cash (Cash and cash equivalents) RMB 1,108,666,000

 

Net cash per share*  95.1 RMB cents or 18.9 SGD cents^

 

Net assets RMB 1,758,614,000

 

Net asset value per share* 150.8 RMB cents or 29.9 SGD cents^

 

Outstanding bank loan RMB 5,000,000

 

*Based on 1,166,028,000 shares issued as at 30 June 2008.

 

^Based on approximate exchange rate of 5.04 as at 30 June 2008.

 

JES International Holdings Limited

 

(Company Registration No.: 200604831K)

 

Since June 2008, JES Overseas Investment Limited (“JES Overseas”) – the

 

holding company of JES, has increased its stake in the Group, from 52.62%

 

(613,606,000 shares) to 54.15% (631,352,000 shares), as disclosed in statutory

 

filings to the Singapore Exchange (“SGX”). Mr Jin Xin, the chairman and CEO of

 

JES, holds 68.6% of the shares in JES Overseas.

 

The Group would also like to reiterate that as at 16 October 2008, JES has not

 

received any cancellations of shipbuilding orders from its customers. As

 

announced earlier, the Group’s order book as at 30 June 2008 stood

 

approximately at US$1.49 billion.

 

The Directors of the Company (including any who may have delegated detailed

 

supervision of this announcement) have taken all reasonable care to ensure that

 

the facts stated in this announcement are fair and accurate and that no materials

 

facts have been omitted from this announcement, and they jointly and severally

 

accept responsibility accordingly.

 

On behalf of the Board

 

Jin Xin

 

Director

 

16 Oct 2008

 

ABN AMRO Rothschild (being the unincorporated equity capital markets joint

 

venture between ABN AMRO Bank N.V., Singapore Branch, and N M Rothschild

 

& Sons (Singapore) Limited, each trading as ABN AMRO Rothschild) acted as

 

the Global Co-ordinator, Bookrunner, Issue Manager and Underwriter in respect

 

of the initial public offering of ordinary shares in the capital of the Company. This

 

announcement has been prepared and released by the Company. ABN AMRO

 

Rothschild is not required to and has not been involved in the preparation or

 

release of this announcement and has not verified the accuracy, completeness or

 

adequacy of the information contained herein. Accordingly, no representation,

 

warranty, covenant or recommendation, express or implied, is made by ABN

 

AMRO Rothschild or any of its affiliates (including any subsidiaries and/or holding

 

companies thereof), branches, joint venture partners or any of its or their

 

directors, officers, employees, agents or representatives as to the accuracy,

 

completeness or adequacy of the information contained in this announcement,

 

and nothing contained in this announcement is, or shall be relied upon as, a

 

promise, representation, covenant or recommendation by ABN AMRO Rothschild

 

or any of its affiliates (including any subsidiaries and/or holding companies

 

thereof), branches, joint venture partners or any of its or their directors, officers,

 

employees, agents or representatives. ABN AMRO Rothschild does not accept

 

any responsibility for, and disclaims any liability with respect to, the accuracy,

 

completeness or adequacy of the information contained in this announcement or

 

incorporated by reference herein.