Chairman’s Statement
TIH Limited
2
TIH Limited
Dear Shareholders,
On behalf of the Board of TIH Limited (“TIH” or the “Company”), I am pleased to present to you our annual
report for the financial year ended 31 December 2014 (“FY2014”).
TIH completed the internalisation of the investment management function in 2014, which has equipped the
Company with the in-house infrastructure and capability to manage its investments. This was a significant
milestone which allows for expansion of the Company’s business scope.
So far, we are excited about the achievements that the Company and its management have made. During the
year, the Company strengthened its competitiveness by enhancing its co-investment resources and deal sourcing
capabilities through forging closer relationships with strategic players. These partners include Argyle Street
Management (ASM), Pacific Century Group, Sun Hung Kai Financial and Temasek Holdings. It is anticipated
that more strategic initiatives will be launched in the future that will enhance shareholders’ value in the long
term.
To raise funds for its on-going investment activities, TIH had issued S$6.3 million worth of convertible bonds,
with an option for a subscription of convertible bonds with an additional S$12.6 million. Proceeds totalling S$7.1
million were also raised from Bonus Warrants exercised by shareholders.
The Company had recorded a profit of S$591,000 for the financial year ended 31 December 2014 and dividend
of S$11.7 million was paid to shareholders during the year. The net asset value (NAV) of the group as at 31
December 2014 was about S$99.1 million, a 14.7% decrease from the NAV as at 31 December 2013 of
S$116.2 million. The change in NAV was mainly due to the change in fair value of one of its available-for-sale
investments.
Within the financial year 2014, five new investments have been made and one exit has been realised. The
investment momentum is expected to continue to ramp up in the next few years. We will continue to build
long term value strategic investments, expand investment coverage to include special situation investment
opportunities with listed and private companies and leverage our corporate finance expertise to acquire, manage
and monetise non-core secondary assets.
We are pleased to welcome on board Mr. Allen Wang, CEO of TIH Investment Management Pte. Ltd., the
Investment Manager of the Company, as Executive Director of the Board. Mr. Wang brings with him extensive
experience in the origination, investment execution and research for investments in Asia. He will also ensure
timely communication and update from the management to the Board on the business affairs of TIH.
On behalf of the Company, we would like to thank Mr. Cheong Kok Yew (Stanley), who stepped down as the
deemed Executive Director of the Board at the end of February 2015 to pursue other career opportunities. The
Board would like to extend its appreciation to Mr. Cheong for his invaluable contributions to the Board of
Directors and the Company over the past years.
The Board and Investment Manager wish to thank the shareholders for their invaluable support during this
transformational phase of the Company.
Kin Chan
Chairman
20 March 2015
