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GasHubUnited Utility Officially Opens LNG Cylinder Bottling Plant In Jurong Island. Partnered with Spiral Energy To Achieve Carbon-Neutrality

GEARING TOWARDS CARBON-NEUTRAL ENERGY! 

6th May 2022, SINGAPORE – Leading Singapore LNG distribution company, GasHubUnited Utility, is pleased to announce the official opening of its liquefied natural gas (LNG) cylinder bottling plant and distribution centre in Jurong Island, and an exciting partnership with Spiral Energy, Singapore’s cultivator of superfood spirulina. 

First row left to right: Mr Bentinck Ng (GasHubUnited Utility CEO), Guest of Honour: Mr. Kho Choon Keng (President, SCCCI), Mr. Mr. Chandra Das (GasHub, Chairman), Mr. Lau Ping Sum Pearce (P5 Captial Holding Limited, Chairman), Mr.Avier Lim (Group CEO of GasHub)

LNG, the energy known to provide the best thermodynamic yields and therefore delivers the best energy efficiency, is also significantly more competitive in price than other energy sources. It releases 45-50% less CO2 than coal, 30% less CO2 than fuel oil, dramatically reduces nitrogen oxide emissions, does not emit soot, dust, or fumes, and produces insignificant amounts of sulfur dioxide, mercury, and other particulates compared to other fuels. Additionally, it is safe, non-toxic, leaves no ground or water residue, and does not harm aquatic life. 

The first in Singapore to bring LNG cylinder distribution to industrial and commercial users, GasHub is now on a quest to make LNG even more environmentally friendly. 

GasHub, together with Spiral Energy, have developed an innovative solution to achieve carbon- neutrality while providing cleaner energy, by directing the CO2 from the combustion of LNG into the cultivation of spirulina, which is considered a first in the world. 

While rising carbon dioxide concentrations in the air can be beneficial for plants, as high concentrations of carbon dioxide spur plant growth, CO2, unfortunately, remains the main culprit of global climate change. 

Guests tasting Spiral Energy Spirulina

“We are concerned that LNG, albeit its significantly lower emission of CO2, still impacts our environment,” explained Mr Edward Loh, CEO of Spiral Energy, “which got us thinking on how we can further lower the carbon output, or even put it to better use.” 

“Hence, we came out with an innovative solution of turning this threat into a form of nutrients for plants,” Mr Loh added, “and we will be cultivating spirulina through the harnessing and usage of carbon emitted from the combustion of LNG.” 

Spirulina, an algae, is believed to be one of the oldest life forms on Earth and is considered a superfood, an all-in-one source of nutrients including protein levels comparable to eggs. Research shows that spirulina also boosts the production of white blood cells and antibodies that fight viruses and bacteria in your body, especially vital in a post-pandemic world. In addition, as Singapore heads towards its “30 by 30” food-resilience goal, spirulina is slated to play an undeniably important role in Singapore’s food supply. 

Since its establishment in 2017, GasHub has been actively developing cleaner and more efficient energy solutions using LNG. As the global demand for LNG grows due to the pressure to curb CO2 emission from other higher emission fossil fuel such as coal, fuel oil and diesel, GasHub continues to develop and provide cleaner, more environmentally friendly energy alternative to Singapore’s burgeoning and robust manufacturing and commercial sectors. 

As a matter of fact, GasHub’s newly unveiled Jurong Island plant is capable of supplying over 20 million Kw of energy to the various industries every month, at a fraction of existing energy costs. To give an idea, customers stand to save over 20% in monthly energy costs when they switch to LNG. In addition, GasHub provides an opportunity for industrial and commercial customers to achieve lower emissions, while retaining existing equipment and processes. LNG is typically used for thermal processes and off-grid power generation at manufacturing plants or commercial facilities that are traditionally reliant on delivered fossil fuel, such as food manufacturers, industrial laundry, central kitchens and manufacturing plants. 

“With our partnership with Spiral Energy, we have found an innovative solution of providing cleaner energy and potentially carbon-neutral solution,” stated Mr Bentinck Ng, CEO of GasHub. 

“GasHub and Spiral Energy are investing in new technologies, collaborations, partnerships and research to progress the development of viable and green energy for the future across the region,” added Mr Ng. “We look forward to working closely with the Singapore government, the industries and customers, to speed up the adoption of carbon neutral energy solutions, to focus on the key subjects outlined in the Singapore Green Plan 2030 and address other global environmental issues.” 

For more information on GasHub and Spiral Energy, please visit Gashub and Spiral Energy

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Reaching Zero Emissions in Singapore with Hydrogen

As front-runners around the globe like China, India, Japan, Korea, the EU, and the US continue to scale up clean hydrogen as a viable resource, it is no surprise that Singapore has turned towards green hydrogen for a cleaner future.

In fact, GasHub is also looking into blue hydrogen as an energy source that will help boost Singapore’s efforts to reach zero emissions by 2050. Though not entirely carbon-neutral, producing blue hydrogen emits less carbon than existing grey hydrogen, which makes a big difference in the long run. Before we dive into the ways blue hydrogen can help on our road to zero emissions, here’s an overview look at the country’s current trajectory.

Singapore’s Long-Term Zero-Emissions Strategy

According to the Energy 2050 Committee report by the Energy Market Authority (EMA)of Singapore, our power sector is set to reach zero emissions by 2050. This plan involves adopting green hydrogen — hydrogen generated by renewable energy or from low-carbon power. Currently, the power sector produces about 40 percent of the country’s emissions, and EMA believes achieving zero emissions by 2050 can be done in ways that will neither compromise energy security nor affordability in Singapore. Singapore’s Green Plan 2030, launched in February 2021, aims to ensure that the country moves towards an economic growth model that is increasingly focused on low-carbon energy, including hydrogen.

Blue Hydrogen As a Tool for Decarbonisation

Blue hydrogen refers to hydrogen produced from natural gas using a process of steam methane reforming, in which natural gas is mixed with very hot steam, as well as a catalyst. The chemical reaction that occurs creates hydrogen and carbon dioxide.

Blue hydrogen provides the opportunity to improve Environmental, Social, and Governance (ESG) scores, especially since it can be produced at a significant cost advantage over green hydrogen. Since blue hydrogen also has a substantially lower carbon intensity score (CI score) than grey hydrogen, and is cheaper than green hydrogen, it is an ideal transitional tool for the decarbonisation of Singapore’s economy as it can affect change in a shorter period of time — until we are able to move towards the use of more green hydrogen. Widely discussed globally as a viable resource for clean energy, blue hydrogen offers a sort of compromise between detrimental brown and grey hydrogen, and the expensive green hydrogen. The role of blue hydrogen is to help us transition toward green zero emissions in the meantime until green hydrogen becomes more affordable and feasible. Like grey hydrogen, blue hydrogen is produced from natural gas using steam reforming, heating, and then, splitting the gas into hydrogen and carbon dioxide. The key difference, however, is that the CO2 is not released into the atmosphere. Instead, it is captured and stored permanently underground in order to reduce the greenhouse gas effect. This process is known as carbon capture and storage (CCS), and it improves the environmental balance. One thing’s for sure — while we wait on the high costs of production of green hydrogen to be reduced, blue hydrogen produced from fossil fuels with CCS is still a viable option for decarbonising emissions.

GasHub is a leading gas player specialising in gas engineering and LNG-centric gas distribution in Singapore. At GasHub, sustainable energy is our highest priority. We are a major investor in innovative energy technology solutions that will enable a cleaner and greener environment. This enables us to achieve cost savings, greater efficiency, and value for our customers. To learn more about blue hydrogen or how GasHub can help your business reduce energy costs and lower carbon emissions while increasing profit, talk to us today!

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Soaring energy prices are putting a strain on businesses in Singapore


In a recent article by CNA, we read about Mr Bernard Tay, who received a staggering electricity bill of S$10,654 for one of his Korean fast-food chain outlets. The bill was more than double what he paid in the previous month and a whopping five times more than the month before.

The sharp increase reportedly started after the outlet’s electricity account was transferred back to SP Group following the exit of its former electricity retailer, Best Electricity, in October last year.

With electricity usage exceeding 4 megawatt-hours (MWh) a month, Mr Tay’s outlet is not eligible for a regulated tariff plan. According to SP, businesses with more extensive power consumption can only buy electricity from the wholesale market. It is noteworthy that prices fluctuate every half-hour based on demand and supply in this scenario.

With wholesale electricity prices remaining elevated amid a global energy crunch, Mr Tay has had to contend with monthly bill shocks. As a result, he had lost a significant amount of profit. This then raises the question of what businesses could do differently to mitigate such risks.

Well, not all industries are equal when it comes to energy needs. Case in point, Mr Tay’s fast food restaurant may need significantly more energy as compared to his neighbour that sells only beverages. Likewise, in the light and heavy industries sector, factories situated next to each other or even factories producing similar products may have vastly different energy requirements.

This volatile energy landscape poses tremendous challenges for businesses today. Not only in areas of productivity and efficiency, but also in areas of finance. Today, managing cash flow and costs is critical to business survival. Unfortunately, soaring energy prices have recently emerged as the curveball in an otherwise reliable game plan.

What exactly is causing this situation? Well, it seems to point to a combination of events. Recently there have been disruptions in supply, such as the piped natural gas disruptions from Indonesia, the Russia-Ukraine war, and unanticipated global demand, to name a few.

At home, we see energy retailers throwing in the towel.

Already, the turn in market conditions saw six electricity retailers calling it quits between October and December last year, while two others terminated some customers’ contracts prematurely, said Second Minister for Trade and Industry, Tan See Leng, in a parliamentary reply earlier this month. He added that approximately 11,000 business consumers have to buy electricity directly from the wholesale market, therefore being more exposed to volatile prices.

Needless to say, businesses need a stable energy source with stable costs.

GasHub provides solutions for 99.9% of industries in the region. If you are looking for efficient and cost-effective clean energy, Gashub can help reduce your energy costs and lower your carbon emissions while increasing profit. GasHub is the first in Southeast Asia to have a bottling facility located on Jurong Island, and is strategically positioned to provide reliable and uninterrupted energy supply to businesses in Singapore.

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Proposed Acquisition of Shares of GASHUBUNITED UTILITY PRIVATE LIMITED

The Board of Directors (the “Board”) of P5 Capital Holdings Ltd. (the “Company”, and together
with its subsidiaries, the “Group”) refers to the Company’s announcements dated 10 November
2021, 2 December 2021 and 16 December 2021 (the “Announcements”), in relation to the
Company’s entry into a binding memorandum of understanding (“MOU”) dated 10 November
2021 with Gashubunited Holding Private Limited (“GHPL”, and together with the Company, the
“Parties”) to set out the key understandings relating to the Parties’ intention to explore the
Company’s proposed acquisition of such number of shares held by GHPL in Gashubunited Utility
Private Limited (“GUPL”) as at the date of the completion of the Proposed Acquisition (the
“Completion”), representing approximately 51.0% of the total issued ordinary shares in the
capital of GUPL (“Shares”) as at the date of Completion.
Unless otherwise defined, all capitalised terms used herein shall bear the same meanings as
ascribed to them in the Announcements.
The Board wishes to announce that the Parties have on 31 December 2021 entered into a sale
and purchase agreement (the “SPA”) in relation to the Proposed Acquisition by the Company of
such number of the Shares representing approximately (but not less than) 51% of the total
enlarged number of the Shares at Completion, rounded up to the nearest whole Share (assuming
Conversion (as defined below) prior to Completion) (“Sale Shares”) from GHPL.
Upon Completion, GUPL will become a 51%-owned subsidiary of the Group.

2. INFORMATION ON GUPL AND GHPL
GUPL is a private company incorporated in Singapore on 1 April 2017. GUPL is principally
engaged in the distribution of liquefied natural gas (“LNG”) through a virtual pipeline approach,
being the transportation of LNG via ISO tanks and cylinders. GUPL intends to focus on an initial
roll-out of LNG distribution system in Singapore, while poising itself to capture other LNG
distribution opportunities across Asia in the long term.
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As at the date of the SPA, GUPL is a wholly-owned subsidiary of GHPL. GHPL is principally
engaged in the business of providing a full range of smart energy efficient solutions and utility
with natural gas at its core for sustainable future energy. GHPL’s focus is in providing energy
accessibility, energy security and efficiency, and cleaner energy and gas related services
solutions which include gas piping installation and cleaner energy and co-generation solutions.
GUPL’s focus is complemented by the technical expertise and existing customer relationships of
GHPL and its group of subsidiaries.
Mr Lim Shao-Lin (“Mr Lim”) is a director and shareholder of GHPL holding 60.25% of the total
shares in the capital of GHPL. He is also the Executive Director and Chief Executive Officer, and
a controlling shareholder of the Company, with a direct interest of 163,699,808 P5 Shares
(representing 23.74% of the total shares in the capital of the Company (“P5 Shares”)). Of the
remaining shares in GHPL, 0.79% of the total shares in the capital of GHPL is held by Mr Lim’s
associate, and 38.96% of the total shares in the capital of GHPL are held by unrelated parties.
Ms Leow Sau Wan (“Ms Leow”), an Executive Director of the Company, is the spouse of Mr Lim.
Ms Leow does not hold any shares in the capital of GHPL.
Save as disclosed herein, the Company and its Directors and controlling shareholders are not
related to GHPL.
CLA between GUPL and the Investor
As set out in the Company’s announcement dated 16 December 2021, further to the Parties’
entry into the MOU, GUPL has entered into a convertible loan agreement (“CLA”) with the
Investor, Direct Union Limited, under which the Investor agreed to grant GUPL the Loan of a
principal amount of S$2 million.
The Company is informed that GUPL has drawn down on the Loan on 20 December 2021. Under
the CLA, the entire principal amount of the Loan will be converted into Shares in GUPL
simultaneously with the Completion of the Proposed Acquisition (“Conversion”), at such
conversion price based on the Final Valuation (as defined below) to be applied to the Proposed
Acquisition.
The Company is further informed that an associate of the Investor is a 6.3%-shareholder of GHPL.
This associate is not related to the Company and any of the interested persons of the Company.
Further details in relation to the CLA are set out in Appendix “A” to this announcement and the
Company’s announcement dated 16 December 2021.
Following the Completion (assuming Conversion prior to Completion), GHPL will hold
approximately 40.84%, the Investor will hold approximately 8.16% and the Company will hold
approximately (but not less than) 51% of the total enlarged number of the Shares at Completion.

3. PURCHASE CONSIDERATION
The purchase consideration for the Sale Shares will be calculated by the percentage of the total
enlarged number of shares of GUPL at Completion (assuming Conversion prior to Completion)
represented by the Sale Shares multiplied by the sum of the Final Valuation and S$2,000,000
(the “Purchase Consideration”). The Purchase Consideration has assumed the Conversion of
the entire Loan into Shares.
The Purchase Consideration was arrived at on a willing buyer and willing seller basis, and makes
reference to S$22,500,000 as the indicative valuation price of the base value for 100% of GUPL’s
Shares as at the date of the SPA. Assuming the Final Valuation of S$22,500,000, the Purchase
Consideration would be S$12,495,000.
Under the SPA, the Parties agree that, within 3 months from the date of SPA, Chay Corporate
Advisory Pte. Ltd. (the “Valuer”) will determine the final valuation price for 100% of GUPL’s
Shares based on the base value set out in its formal valuation report (“Final Valuation”), and:
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(i) Where the Final Valuation falls within the range of S$20,000,000 to S$26,249,999 (both
values inclusive), the Purchase Consideration shall be adjusted and determined based on
the Final Valuation, according to the following formula:
P = A% X (NV + S$2,000,000),
Where:
“P” = final Purchase Consideration;
“A%” = the shareholding interest of the Sale Shares, based on the total number of issued
Shares as at Completion; and
“NV” = the Final Valuation;
(ii) Where the Final Valuation is equal to or higher than S$26,250,000, there shall be no
adjustment to the Purchase Consideration; and
(iii) Where the Final Valuation is lower than S$20,000,000, the SPA will cease and determine
and no Party will have any claim against the other Parties for costs, damages,
compensation or otherwise.
Under the SPA, the Purchase Consideration will be satisfied by the Company by way of the
allotment and issue of such number of new P5 Shares (the “Consideration Shares”) to GHPL,
at the issue price of S$0.0305 per Consideration Share, being the volume weighted average of
the prices of the P5 Shares traded on the SGX-ST during the three-month period preceding (but
excluding) the date of the MOU (“Issue Price”) (fractional entitlements to be disregarded),
against the fulfilment of GHPL’s obligations under the SPA at the date of Completion (the
“Completion Date”).
The Issue Price represents a premium of 8.9% to the volume weighted average price of the P5
Shares (“VWAP”) of S$0.028 on 30 December 2021, which is the last full market day on which
the P5 Shares were traded prior to the date of the SPA. The Issue Price, being the daily volume
weighted average price of the P5 Shares for trades done on the SGX-ST for the period of three
months ending on the full market day immediately prior to the execution of the MOU, was arrived
at after arm’s length negotiations between the Parties after taking into consideration, inter alia,
the prevailing share price of the Company at the date of entry into the MOU in relation to the
Proposed Acquisition. The allotment and issue of Consideration Shares would help in conserving
cash for the Group for working capital purposes and for future acquisition opportunities and
further align the interests of GHPL and the Company moving forward.
The Consideration Shares shall be free from all claims and encumbrances and with all rights,
dividends, benefits and entitlements now or hereafter attaching to the Consideration Shares with
effect from such date of issue.
Based on the Purchase Consideration as at the date of this Announcement, the Company will
issue 409,672,131 Consideration Shares to GHPL, representing approximately 59.41% of the
existing issued and paid-up shares in the capital of the Company of 689,524,443 shares
(excluding treasury shares and subsidiary holdings) and approximately 37.27% of the enlarged
issued and paid-up shares in the capital of the Company of 1,099,196,574 shares (excluding
treasury shares and subsidiary holdings) following Completion (assuming no adjustment to the
Purchase Consideration under the SPA).
The Company will make the necessary announcement should there be adjustment to the
Purchase Consideration and the Consideration Shares.
Specific approval from shareholders of the Company (“Shareholders”) will be obtained for the
issuance of the Consideration Shares to GHPL. The Company will, through its Sponsor, RHT
Capital Pte. Ltd., make an application to the Singapore Exchange Securities Trading Limited
(“SGX-ST”) for the listing of and quotation for the Consideration Shares on the Catalist board of
the SGX-ST (the “Catalist”). The Company will make the necessary announcement upon receipt
of the approval from the SGX-ST for the listing of and quotation for the Consideration Shares.
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4. SALIENT TERMS OF THE SPA
4.1 Sale Shares
The Sale Shares will represent approximately (but not less than) 51% of the total enlarged
number of Shares of GUPL as at Completion (assuming Conversion prior to Completion),
rounded up to the nearest whole Share.
The Company is not obliged (but is entitled) to complete the Proposed Acquisition unless the
purchase of all Sale Shares is completed simultaneously.
4.2 Conditions Precedent
Completion is conditional upon certain conditions precedent including, inter alia:
(i) the issue of the formal valuation report by the Valuer within 3 months from the date of SPA;
(ii) the issue of the opinion of the Audit Committee of the Company and the opinion of the
independent financial adviser, Provenance Capital Pte. Ltd. (the “IFA”) appointed by the
Company that the Proposed Acquisition (including the SHA), being deemed as an
interested person transaction under Chapter 9 of the Catalist Rules, is on normal
commercial terms and is not prejudicial to the interests of the Company and its minority
shareholders;
(iii) the Company being satisfied with the results of the due diligence investigations (whether
legal, financial, contractual, tax or otherwise) carried out by the Company in respect of
GUPL, including but not limited to the affairs, business, assets, liabilities, operations,
records, financial position, financial performance, tax liabilities, accounts, results and
prospects of GUPL;
(iv) all consents, approvals and authorisations of the bankers, financial institutions, landlords
of leases, any other relevant third parties, government or regulatory authorities which are
necessary in connection with the transfer of the Sale Shares from GHPL to the Company
and the Company obtaining legal and beneficial title to the Sale Shares and other
transactions contemplated under the SPA, including listing requirements and compliances
required by the SGX-ST and if subject to conditions, on such conditions acceptable to the
Company, and such consents, approvals and authorisation remaining in full force and
effect and not being revoked prior to the Completion Date;
(v) the Whitewash Waiver (as defined below) being granted by the Securities Industry Council
(“SIC”) to GHPL, Mr Lim and its concert parties from the requirement to make a mandatory
offer for the P5 Shares under Rule 14 of the Singapore Code on Take-overs and Mergers
if GHPL’s and Mr Lim’s, taken together with its concert parties’, voting rights in the
Company will increase to 30% or more based on the enlarged share capital of the
Company as a result of the allotment and issue of Consideration Shares, subject to any
conditions that the SIC may impose which are reasonably acceptable to GHPL, including
the approval by Shareholders at EGM (as defined below) on the Whitewash Resolution
(as defined below) and the opinion of the IFA that the terms of the SPA are fair and
reasonable and the Whitewash Resolution, when considered in the context of the
transaction, is not prejudicial to the interest of the independent Shareholders;
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(vi) the approval of the Shareholders in an extraordinary general meeting (“EGM”) being
obtained for the Proposed Acquisition (being an interested person transaction)
contemplated in the SPA upon the terms and conditions set out in the SPA, including, inter
alia, the Proposed Acquisition, the allotment and issue of the Consideration Shares and
the waiver by the Shareholders of their rights to receive a mandatory offer for the P5
Shares (“Whitewash Resolution”) (if the Whitewash Waiver is obtained), and the
approval and such other compliance requirements of the relevant authorities in Singapore
(including the listing and quotation notice from the SGX-ST for the admission to and listing
and quotation of the Consideration Shares on the Catalist);
(vii) the execution of the shareholders’ agreement in respect of GUPL (“SHA”) by the Parties,
GUPL and the Investor (who will become a shareholder of GUPL following the
Conversion), on terms to be mutually agreed between such parties, which will include
(i) the Company’s entitlement to appoint majority of the directors on GUPL’s board,
(ii) board reserved matters, (iii) the management of day-to-day operations of GUPL,
(iv) the shareholders’ rights to access of information of GUPL, such as operating reports
and financial statements, and (v) the Company’s right of first refusal to participate in future
issue of Shares by GUPL; and
(viii) there being no material adverse change (as reasonably determined by the Company in its
absolute discretion) in the corporate structure, management team, principal activities,
prospects, operations, assets, business, profits, financial condition of GUPL occurring on
or before the Completion Date.
If any of the conditions precedent set out in the SPA is not fulfilled by the respective party, or
otherwise waived by the Company, within nine months from the date of the SPA or such later
date as agreed in writing by the Parties, the SPA shall ipso facto cease and determine at the sole
option of the Company, and no Party shall have any claim against the other Parties for costs,
damages, compensation or otherwise, save for antecedent breaches of the SPA terms and the
Company’s rights under the SPA.
4.3 Moratorium over Consideration Shares
GHPL agrees and undertakes not to directly or indirectly sell, contract to sell, offer, realise, transfer,
assign, pledge, grant any option to purchase, grant any security over, encumber or otherwise
dispose or sell or agree to sell any or all of the Consideration Shares issued to it for a period of six
months from the date of allotment and issue of the Consideration Shares, unless agreed otherwise
by the Company in writing.
4.4 Completion
Subject to the satisfaction or waiver of the conditions precedent, the Completion shall take place
on the Completion Date, to be scheduled by the Parties within 14 days after the fulfilment (or
waiver by the Company at its discretion) of the conditions precedent under the SPA.
4.5 Transfer and Assignment of Intellectual Property Rights
GHPL agrees and undertakes to the Company that it will, prior to Completion, transfer and assign
(and procure the same) the ownership of all existing and future intellectual property rights which
are registered (or to be registered) in its name (or the name of any third party) at the date of the
SPA, which are required in the business of GUPL, to GUPL (“IP Assignment”), provided that
such obligation to transfer and assign intellectual property rights will cease upon GHPL (or any
of its subsidiaries or related companies) ceasing to be a shareholder of GUPL. GUPL and GHPL
will enter into a separate agreement to provide for the IP Assignment and the assignment of any
future intellectual property rights which are registered in GHPL’s name to GUPL, with no further
consideration payable by GUPL.
As at the date of the SPA, the existing intellectual property rights and ongoing applications for
patents required in the business of GUPL have been transferred to GUPL.

SHAREHOLDERS’ AGREEMENT
Pursuant to the SPA, the Parties, GUPL and the Investor (being a shareholder following
Conversion) will execute (or procure the execution of) the SHA to regulate the affairs of GUPL
and the relevant parties’ respective rights and obligations as shareholders of GUPL with effect
from Completion.
The SHA will be on terms to be mutually agreed between the abovementioned parties, which will
include, inter alia:
(i) the Company’s entitlement to appoint majority of the directors on GUPL’s board
(ii) board reserved matters,
(iii) the management of day-to-day operations of GUPL,
(iv) the shareholders’ rights to access of information of GUPL, such as operating reports
and financial statements,
(v) the Company’s right of first refusal to participate in future issue of Shares by GUPL; and
(vi) other customary provisions governing shareholders’ rights and obligations.

6. RATIONALE OF THE PROPOSED ACQUISITION
The rationale for and benefits of the Proposed Acquisition are, inter alia, as follows:
(i) In line with the Group’s business diversification strategy to enhance the Group’s business
performance and Shareholders’ value by unlocking additional streams of income, the
Proposed Acquisition will provide the Group with the opportunity to further grow the
Group’s energy business and provide recurring revenue streams;
(ii) The Proposed Acquisition presents an opportunity for the Group to further grow and
venture into the energy and natural gas related business, a growing sector with
increasing demand in the region, on a domestic and international scale, by tapping on
the resources of GUPL; and
(iii) The Proposed Acquisition creates various future business opportunities by capitalising
on the synergy from both the businesses of GUPL and the energy division of the Group.
As such, the Company is of the view that the Proposed Acquisition will enhance shareholders’
value for the Company.

7. FINANCING
The Purchase Consideration will be fully funded by the allotment and issue of the Consideration
Shares by the Company to GHPL. Please refer to section 3 of this Announcement for further
details.

8. VALUE OF SALE SHARES AND GUPL
The unaudited pro forma net tangible liabilities (“NTL”) of GUPL for the 9 months ended 30
September 2021 was S$2,825,493, and the net liabilities of GUPL for the 9 months ended 30
September 2021 was S$2,825,493. The unaudited pro forma loss before tax of GUPL for the
latest 9 months period ended 30 September 2021 was S$1,296,196. The unaudited pro forma
net tangible liabilities (“NTL”) of the Sale Shares for the 9 months ended 30 September 2021
was S$1,441,001, and the net liabilities of the Sale Shares for the 9 months ended 30 September
2021 was S$1,441,001.
For completeness, after 30 September 2021, GUPL has capitalised loans (from Mr Lim, GHPL
and its related companies) amounting to approximately S$5 million. Accordingly, GUPL is in a
net tangible assets position as at the date of this Announcement.
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The Company has engaged the Valuer as an independent professional valuer to carry out a
valuation on GUPL as at 30 September 2021 in accordance with the International Valuation
Standards (2017 edition) as published by the International Valuation Standard Committee. Based
on a preliminary valuation conducted by the Valuer, the indicative market value of the 100%
equity interest in GUPL is approximately S$22,500,000 as at 30 September 2021. The valuation
is based on discounted cash flow approach. Details of the independent valuation report, including
the Final Valuation set out in such report, will be set out in the circular (“Circular”) to be
despatched to Shareholders in connection with the EGM to seek Shareholders’ approval on, inter
alia, the Proposed Acquisition.
Assuming the Conversion prior to Completion, the Loan amounting to S$2,000,000 will be
capitalised and the abovementioned indicative market value of the 100% equity interest in GUPL
would increase by S$2,000,000 to S$24,500,000. Please refer to section 3 of this announcement
for further details on the determination of the Purchase Consideration.

9. FINANCIAL EFFECTS OF THE PROPOSED ACQUISITION
The tables illustrating the financial effects of the Proposed Acquisition (assuming the Final
Valuation of S$22,500,000 and the Purchase Consideration of S$12,495,000) on (i) the NTA per
share of the Group (assuming the Proposed Acquisition had been completed at the end of that
financial year); and (ii) the loss per share (“LPS”) of the Group (assuming that the Proposed
Acquisition had been completed at the beginning of that financial year), based on the latest
audited consolidated financial statements of the Group for the financial year ended 31 March
2021 (“FY2021”) are set out below.
For the avoidance of doubt, the financial effects of the Proposed Acquisition on the Group are for
illustrative purposes only and are, therefore, not indicative of the actual financial performance or
position of the Group after the Completion. These financial effects do not take into account (i)
any other corporate actions announced and undertaken by the Group; and (ii) any issuance of
new P5 Shares, on or after 1 April 2021. The financial effects also do not take into account any
fees and expenses to be incurred in relation to the Proposed Acquisition.
9.1 NTA per Share of the Group
Assuming the Proposed Acquisition had been completed on 31 March 2021, the financial effects
on the NTA per share of the Group as at 31 March 2021 are as follows:
Before the Proposed Acquisition
After the Proposed Acquisition NTA attributable to equity holders of the Company (S$’000) 12,973 11,532
Number of P5 Shares 689,524,443 1,099,196,574NTA per share (S$ cents) (1)
Note:
1.88 1.05 (1) NTA refers to net assets value of the Group less intangible assets and goodwill.
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9.2 Loss per Share of the Group
Assuming the Proposed Acquisition had been completed on 1 April 2020, the financial effect on
the LPS of the Group for FY2021 are as follows:
Before the Proposed Acquisition
After the Proposed Acquisition Net loss attributable to equity holders of the Company (S$’000)
3,175 3,832 Weighted average number of P5 Shares 577,414,854 987,086,985 LPS (S$ cents) 0.55 0.39
9.3 Gearing
The effects of the Proposed Acquisition on the gearing of the Group for FY2021, assuming that
the Proposed Acquisition had been effected at the end of FY2021 are as follows:
FY2021 Before the Proposed Acquisition
After the Proposed Acquisition Borrowings (S$’000) 3,757 4,431 Shareholders’ funds (S$’000) 13,639 12,197
Gearing ratio (times) 0.28 0.36
Page | 9

10. RELATIVE FIGURES COMPUTED BASED ON RULE 1006 OF THE CATALIST RULES
Based on the latest announced unaudited consolidated financial statements of the Group for the
half year ended 30 September 2021 (“HY2022”), the relative figures of the Proposed Acquisition
(assuming the Final Valuation of S$22,500,000 and the Purchase Consideration of S$12,495,000)
as computed on the relevant bases set out in Rule 1006 of the Listing Manual Section B: Rules
of Catalist of the SGX-ST (the “Catalist Rules”) are as follows:
Rule Relative Figures (%) 1006 (a) Net asset value of the assets to be disposed of, compared with the group’s
net asset value Not applicable 1006 (b) Net loss attributable to the assets acquired or disposed of, compared with
the group’s net loss 31.98 (1) 1006 (c) Aggregate value of the consideration given or received, compared with the
issuer’s market capitalisation based on the total number of issued shares excluding treasury shares 64.72 (2)(3)

1006 (d) The number of equity securities issued by the issuer as consideration for an acquisition, compared with the number
of equity securities previously in issue 59.41 (4) 1006 (e) The aggregate volume or amount of proved and probable reserves to be
disposed of, compared with the aggregate of the group’s proved and probable reserves. This basis is applicable to a disposal of mineral, oil or gas assets by a mineral, oil and gas company, but not to an acquisition of such assets. Not applicable

Notes:
(1) Based on the unaudited loss before income tax and non-controlling interests of S$520,638
attributable to the Sale Shares for HY2022, and the Group’s unaudited loss before income tax and
non-controlling interests of S$1,627,814 for HY2022.
(2) Pursuant to Rule 1003(3) of the Catalist Rules, where the consideration is in the form of shares, the
value of the consideration shall be determined by reference either to the market value of such shares
or the net asset value (“NAV”) represented by such shares, whichever is higher. In this instance, (a)
the Purchase Consideration under the SPA is S$12,495,000; (b) the market value of the 409,672,131
Consideration Shares is S$11,470,820 based on VWAP of S$0.028 on 30 December 2021, which is
the last full market day on which the P5 Shares were traded prior to the date of the SPA; and (c) the
NAV represented by such shares of the Group of S$7,201,672 as at 30 September 2021. Based on
the above, the relative figure has been computed based on S$12,495,000, being the highest of (a) to
(c).Page | 10
(3) The Company’s market capitalisation of S$19,306,684 is based on the Company’s issued ordinary
share capital (excluding treasury shares and subsidiary holdings) of 689,524,443 shares and VWAP
of S$0.028 on 30 December 2021, which is the last full market day on which the P5 Shares were
traded prior to the date of the SPA.
(4) Based on 409,672,131 Consideration Shares (assuming no adjustment to the Purchase
Consideration under the SPA) and the Company’s issued ordinary shares (excluding treasury shares
and subsidiary holdings) of 689,524,443 shares.
As the relative figure(s) calculated under Rule 1006(b), (c) and (d) of the Catalist Rules exceeds 5%
but does not exceed 75%, the Proposed Acquisition constitutes a “discloseable transaction” within
the meaning of Chapter 10 of the Catalist Rules, and is not subject to the approval of the Company’s
shareholders at a general meeting.
However, as the components of the relative figure computed on the bases set out in Rule 1006(b)
of the Catalist Rules is negative, the Proposed Acquisition does not fall within the relevant
scenarios provided for in paragraphs 4.3 and 4.4 of Practice Note 10A of the Catalist Rules.
Accordingly, pursuant to paragraph 4.6 of Practice Note 10A of the Catalist Rules, the Company
will be seeking the approval of Shareholders for the Proposed Acquisition as a “major transaction”
under Chapter 10 of the Catalist Rules.

11. SHAREHOLDERS’ APPROVAL
11.1 Proposed Acquisition as an Interested Person Transaction
Mr Lim, who is the Executive Director and Chief Executive Officer and a controlling shareholder
of the Company, is also a director of and shareholder of GHPL holding 60.25% shareholding
interest in GHPL. Of the remaining shares in GHPL, 0.79% of the total shares in the capital of
GHPL is held by Mr Lim’s associate. Ms Leow, an Executive Director of the Company, is the
spouse of Mr Lim. Ms Leow does not hold any shares in the capital of GHPL.
Accordingly, GHPL is an “interested person” within the meaning defined in Chapter 9 of the
Catalist Rules and the Proposed Acquisition (including the SHA) is an interested person
transaction.
Based on the audited consolidated financial statements of the Group for the financial year ended
31 March 2021, the Group’s audited NTA as at 31 March 2021 was approximately S$12,973,367.
Pursuant to Catalist Rule 905(2), the aggregate value of all interested person transactions with
Mr Lim and GHPL for the current financial year ending 31 March 2022 is S$12,784,347,
representing approximately 98.57% of the Group’s latest audited net tangible assets as at 31
March 2021.
For completeness, the aggregate value of all interested person transactions of S$12,784,347
consists of (a) S$12,495,000, being the Purchase Consideration for the Proposed Acquisition
(assuming the Final Valuation of S$22,500,000), and (b) S$289,347, being the total value of all
interested person transactions (including transactions less than S$100,000) with Mr Lim, GHPL
and its associates for the current financial year ending 31 March 2022 up to the date of this
announcement. Please refer to section 12 of this announcement for further details on the
interested person transactions entered into by the Group for the current financial year ending 31
March 2022.
Accordingly, the Company will be seeking the approval of Shareholders for the Proposed
Acquisition as an interested person transaction. The value-at-risk of the Proposed Acquisition
(including the SHA) would amount to S$12,495,000 (assuming the Final Valuation of
S$22,500,000 and the Purchase Consideration of S$12,495,000), representing approximately
96.32% of the Group’s latest audited net tangible assets as at 31 March 2021.
Pursuant to Rule 919 of the Catalist Rules, Mr Lim, GHPL and its associates, and Ms Leow (being
the spouse of Mr Lim) shall abstain from exercising their voting rights in respect of all existing P5
Shares held by them, and shall not accept appointments as proxies unless specific instructions
as to voting are given, in respect of the resolutions to approve the Proposed Acquisition.
Page | 11
11.2 Allotment and Issue of Consideration Shares
The allotment and issue of the Consideration Shares, pursuant to the SPA, requires the approval
of Shareholders under Section 161 of the Companies Act, Chapter 50 of Singapore (the
“Companies Act”) and Rule 805(1) of the Catalist Rules, as the Consideration Shares will not
be issued pursuant to the general share issuance mandate granted by Shareholders during the
annual general meeting of the Company held on 28 July 2021 (“2021 AGM”).
In addition, Rule 812(1) and Rule 812(2) of the Catalist Rules provide that an issue of shares
must not be placed to corporations in whose shares an issuer’s directors and substantial
shareholders have an aggregate interest of at least 10%, unless specific shareholders’ approval
has been obtained for such placement. As Consideration Shares will be allotted and issued to
GHPL (in which 60.25% shareholding interest is held by Mr Lim, the Executive Director and Chief
Executive Officer, and a controlling shareholder of the Company), Shareholders’ approval is
required to be obtained in connection thereto pursuant to Rule 812(2) of the Catalist Rules.
Pursuant to Rule 812 of the Catalist Rules, Mr Lim, GHPL and its associates, and Ms Leow (being
the spouse of Mr Lim) shall abstain from exercising their voting rights in respect of all existing P5
Shares held by them, and shall not accept appointments as proxies unless specific instructions
as to voting are given, in respect of the resolution to approve the allotment and issue of
Consideration Shares to GHPL.
11.3 Whitewash Waiver
Pursuant to the allotment and issue of the Consideration Shares at Completion (assuming no
adjustment to the Purchase Consideration under the SPA), GHPL will hold an aggregate of
409,672,131 P5 Shares, representing approximately 37.27% of the enlarged issued and paid-up
shares in the capital of the Company of 1,099,196,574 shares (excluding treasury shares and
subsidiary holdings) following Completion.
An application will be submitted to the Securities Industry Council (“SIC”) to seek a whitewash
waiver from the requirement for GHPL, Mr Lim and its concert parties to make a mandatory offer
for the P5 Shares under Rule 14 of the Singapore Code on Take-overs and Mergers if GHPL’s
and Mr Lim’s, taken together with its concert parties’, voting rights in the Company will increase
to 30% or more based on the enlarged share capital of the Company as a result of the allotment
and issue of Consideration Shares pursuant to the Proposed Acquisition (the “Whitewash
Waiver”). If the Whitewash Waiver is granted by the SIC, the Company will also seek its
Shareholders’ approval for the Whitewash Resolution at the EGM to be convened.
In the event that the Whitewash Waiver is granted by the SIC, the IFA will advise the Directors
who are independent for the purposes of the Whitewash Resolution on whether the terms of the
Proposed Acquisition are fair and reasonable and the Whitewash Resolution, when considered
in the context of the Proposed Acquisition, is not prejudicial to the interest of the independent
shareholders of the Company. The IFA’s opinion will be included in the Circular.
Please refer to section 13 of this announcement for the statement from the Audit Committee of
the Company.
Page | 12

12. TOTAL AMOUNT OF INTERESTED PERSON TRANSACTIONS
For the current financial year ending 31 March 2022, the value of interested person transactions
(excluding transactions less than S$100,000) involving Mr Lim is S$173,460 as at the date of this
Announcement. As disclosed in the Company’s announcement dated 15 December 2020, the
Company had entered into a project investment agreement with GUPL and GHPL in relation to
the proposed investment of S$500,000 by the Company in a project undertaken by GUPL. Mr
Lim, who is the Executive Director and Chief Executive Officer and a controlling shareholder of
the Company, is also a director of and shareholder of GHPL holding 60.25% shareholding interest
in GHPL. The interested person transaction value of S$173,460 pertains to management fees
which have been charged to GUPL for project management during the current financial year
ending 31 March 2022.
Save for the Proposed Acquisition and as disclosed herein, there were no other interested person
transactions (excluding transactions less than S$100,000) entered into by the Group with Mr Lim,
GHPL and its associates for the current financial year ending 31 March 2022 up to the date of
this announcement.
For completeness, the total value of all interested person transactions (including transactions
less than S$100,000) with Mr Lim, GHPL and its associates for the current financial year ending
31 March 2022 up to the date of this announcement is S$289,347. As the Company will be
seeking the approval of Shareholders for the Proposed Acquisition (including the SHA) as an
interested person transaction, the aforesaid total value of interested person transactions does
not include the Proposed Acquisition.
Save as disclosed herein, as at the date of this announcement, there were no other interested
person transactions entered into by the Group for the current financial year ending 31 March
2022.

13. STATEMENT OF THE AUDIT COMMITTEE
Pursuant to Rules 917(4)(a) of the Catalist Rules, a statement (i) whether or not the audit
committee of the issuer is of the view that the transaction is on normal commercial terms, and is
not prejudicial to the interests of the issuer and its minority shareholders; or (ii) that the audit
committee is obtaining an opinion from an IFA before forming its view, which will be announced
subsequently, is required to be disclosed in this announcement.
The Audit Committee has appointed Provenance Capital Pte. Ltd. as the IFA, and the Audit
Committee will form and announce its view as to whether the Proposed Acquisition (including the
SHA), being deemed as an interested person transaction under Chapter 9 of the Catalist Listing
Rules, is on normal commercial terms and is not prejudicial to the interests of the Company and
its minority shareholders after considering the IFA’s opinion to be obtained in due course.
In the event that the Whitewash Waiver is granted by the SIC, the IFA will advise the Directors
who are independent for the purposes of the Whitewash Resolution on whether the terms of the
Proposed Acquisition are fair and reasonable and the Whitewash Resolution, when considered
in the context of the Proposed Acquisition, is not prejudicial to the interest of the independent
shareholders of the Company. The Audit Committee will form its views on the Proposed
Acquisition after taking into account the opinion of the IFA.
The Audit Committee’s view on the Proposed Acquisition will be set out in the Circular to be
despatched in due course.

14. EXTRAORDINARY GENERAL MEETING
The Company will be convening an EGM to seek the approval of the Shareholders for, inter alia,
the Proposed Acquisition, the allotment and issue of the Consideration Shares to GHPL
pursuant to the Proposed Acquisition and the Whitewash Resolution.
Page | 13
The Circular containing, inter alia, the notice of the EGM and details of the abovementioned
resolutions will be made available to the Shareholders in due course.

15. SERVICE CONTRACT
No person is proposed to be appointed as a director of the Company in connection with the
Proposed Acquisition. Accordingly, no service contract is proposed to be entered into in
connection with the Proposed Acquisition.

16. INTERESTS OF DIRECTORS AND CONTROLLING SHAREHOLDERS
Mr Lim, who is the Executive Director and Chief Executive Officer and a controlling shareholder
of the Company, is also a director of and shareholder of GHPL holding 60.25% shareholding
interest in GHPL. Of the remaining shares in GHPL, 0.79% of the total shares in the capital of
GHPL is held by Mr Lim’s associate. Ms Leow, an Executive Director of the Company, is the
spouse of Mr Lim.
Save as disclosed herein, the Company and its Directors and controlling shareholders are not
related to GHPL.
Save as disclosed herein, none of the Directors or controlling shareholders of the Company and
their respective associates has any interest, direct or indirect, in the Proposed Acquisition, other
than through their respective shareholdings (if any), employment and/or directorship (as
applicable) in the Company.
Mr Lim and Ms Leow have abstained from the deliberation, decision and voting on any resolution
in respect of the Proposed Acquisition.

17. DOCUMENT FOR INSPECTION
A copy of the SPA is available for inspection during normal office hours at the registered office
of the Company at 39 Kaki Bukit Place Eunos Techpark Singapore 416217 for a period of three
(3) months from the date of this announcement.
By Order of the Board
Koh Beng Leong
Executive Director – Finance
31 December 2021
Page | 14
Appendix A
The salient terms of the CLA are as follows:
(i) GUPL may draw down on the Loan in one lump sum from the date of the CLA up to 30 December
2021;
(ii) The Loan will mature on the earlier of (1) the second anniversary of the abovementioned
drawdown date or (2) the occurrence of any specified event, including the insolvency or
bankruptcy of GUPL, any unremedied breach of the CLA by GUPL, or where (a) GHPL (or
following the Completion of the Proposed Acquisition, the Company) holds less than 51%
shareholding in GUPL, (b) Mr Lim’s direct or indirect shareholding in GUPL falls below 30%, or
(c) Mr Lim ceases to be on GUPL’s management team;
(iii) Unless Conversion takes place, the Loan (together with interest accrued thereon) will be
repayable to the Investor on the maturity date;
(iv) The Loan will bear interest at 5% per annum, which will be payable on the maturity date or the
conversion date of the Loan (as the case may be. Any interest accrued is repayable: (a) where
Conversion occurs simultaneously with the Completion of the Proposed Acquisition, by way of
cash; or (b) where the Proposed Acquisition is terminated or the Company acquires less than 51%
shareholding interest in GUPL at Completion (“Termination or Partial Completion”), by way of
cash or convertible into Shares at the Conversion Price, at the Investor’s option;
(v) The Investor will convert the entire outstanding principal amount of the Loan into new Shares in
GUPL (“Conversion Shares”) simultaneously with the Completion of the Proposed Acquisition
where the Company acquires at least 51% shareholding in GUPL at Completion, at a conversion
price (“Conversion Price”) based on the indicative valuation of 100% of GUPL’s shares at
S$26,250,000. If the indicative valuation is higher than the Final Valuation for the Proposed
Acquisition, the number of Conversion Shares to be issued to the Investor shall be adjusted as
follows:
A = L / (NV / S)
Where:
“A” = the number of Conversion Shares to be issued to the Lender, rounded down to the
nearest whole number;
“L” = the principal amount of the Loan to be converted;
“NV” = the Final Valuation; and
“S” = the total number of Shares in GUPL immediately prior to the issue of Conversion Shares;
(vi) In the event of the Termination or Partial Completion, the Investor may opt to convert all or part
of the outstanding principal amount of the Loan and accrued interest thereon into Conversion
Shares any time from the Termination or Partial Completion up to 7 business days prior to the
maturity of the Loan;
(vii) In the event of the Termination or Partial Completion, the Investor is entitled to receive 6.5% of
the net profit after tax from such date of Termination or Partial Completion to the maturity date or
the conversion date of the Loan (as the case may be). If any part of the Loan is converted into
Conversion Shares, the rate of 6.5% shall be reduced proportionally from such conversion date
based on the reduction of amount of Loan;
(viii) If (a) the Termination or Partial Completion occurs, and (b) GUPL issues, allots and/or sells its
equity at a price lower than the Conversion Price within 12 months after such conversion, GUPL
will issue such number of additional shares to the Investor as if the relevant amount of Loan (and
any accrued but unpaid interest) had been converted into Conversion Shares at such lower share
price, for a nominal consideration of S$1; and
Page | 15
(ix) Under the CLA, GUPL undertakes to the Investor that, so long as any amounts remain unpaid,
GUPL shall, inter alia, not, without the prior consent of the Investor (a) effect any diversification
or material change to GUPL’s business, (b) incur any borrowings, guarantee, indemnity or other
forms of indebtedness in excess of S$2 million, and (c) split, consolidate, issue any new Shares,
options, warrants or other forms of convertible securities.

Proposed Acquisition of Gashub Shares.

Read More

GashubUnited Utility helps companies reduce their CO2 emissions with LNG

SINGAPORE – IT might interest some to know that when 600 cubic metres of natural gas is cooled down to minus 162 deg C, the size is reduced to just 1 cubic metre.

Liquefied natural gas (LNG) is thus a form of energy that is efficient for transportation and is much less carbon intensive than traditional fuel sources, said GashubUnited Utility’s chief executive officer Bentinck Ng. GashubUnited Utility, an arm of the Gashub group, was launched in April 2017. It specialises in the distribution of LNG, and helps companies replace existing fuel sources such as diesel, fuel oil, liquefied petroleum gas (LPG) and even town gas. Apart from ease of transportation, LPG and diesel are commonly used forms of fuel which are heavy hydrocarbon fuels, Ng said in a recent interview with The Business Times.

“LPG generates about 12.5 per cent more carbon dioxide (CO2) as compared to LNG. For the case of diesel, you actually generate about 32 per cent more CO2,” said the 52-year-old. On its website, the company highlights that it goes beyond the traditional method of transporting LNG using large 20-footer ISO containers. They instead break the gas down into smaller 210-litre cylinders over at their Jurong Island re-bottling site to reach out to their clients more efficiently. These cylinders are largely similar to industrial LPG cylinders.

Although the team has just 10 staff on the payroll, the company’s clients include small and medium-sized enterprises (SMEs) and large multinational firms too. They are mainly industrial and commercial customers, including central kitchens and companies in the manufacturing sector.

Ng said the demand for alternative green energy sources are on the rise because of cost savings and the push from the national level to reduce carbon emissions. “It’s not us alone, but even the Singapore government is moving a lot into this area of LNG,” he said. Currently, GashubUnited Utility taps the existing LNG terminal at Jurong Island. Although this terminal is not fully utilised yet, there are already talks to build another terminal in the eastern region of Singapore, said Ng, who noted that this is a testament to the growing demand for LNG at the government and industrial levels.

GashubUnited Utility utilises proprietary equipment that it has termed “combined heat and power technology”. The technology uses LNG to produce usable energy and electricity, he said. “We are not just involved in distribution, but our idea and plan is always to provide a total solution for clients to make sure they are using fuels that have low carbon emissions,” he said.

The company currently owns 5 licensed and approved intellectual property patents. They work with institutes of higher learning such as Nanyang Technological University and the Agency for Science, Technology and Research to come up with more advanced technologies for their business. GashubUnited Utility is now developing what it calls “carbon capture technology”, which will further reduce carbon emissions for its clients to help them achieve the “zero emissions target”, said Ng.

On Nov 10, GashubUnited Holdings signed a memorandum of understanding with P5 Capital Holdings, a Catalist-listed company on the Singapore Exchange. This would see the investment holding company acquire 51 per cent of GashubUnited Utility for a purchase consideration of some S$13.4 million. The acquisition is conditional on the entry of both parties into a definitive sale and purchase agreement within 3 months from the date of the MOU. The acquisition will hopefully happen within the next few months, said GashubUnited Holdings CEO Aviers Lim. “This is to accelerate the whole process of commercialisation and bring in more business expansion,” added the 52-year-old Lim.

Lim added that GasHub would retain 49 per cent ownership so that when the company grows in size and has “bigger numbers”, they can then with the help of P5 Capital, spin off to become a separately listed entity.

Challenges and discovery

GashubUnited Utility only managed to start operating their rebottling plant in Jurong Island around the end of September this year, due to delays in setting up the plant. “When we were starting out, after about 3 months, everything had to stop. Because of Covid-19, we had to shut down for at least 9 months,” Ng said. Even though building works were allowed to go ahead late last year, many of the migrant workers that the company depended on to construct the plant were unable to come out of their dormitories to work during that period, recalled Ng.

On the bright side, because of the pandemic, many businesses had the time to take a breather and consider alternative solutions for lowering their costs, which led to more clients coming on board, said Ng. “SMEs and MNCs (multinational corporations) alike are now more and more looking into the direction of CO2 emission reduction. Our solutions provide both benefits – cost-savings as well as CO2 emissions reduction,” said Ng.

Venga Subramaniam
The Business Times