Singapore, 30 August 2010 – ECS Holdings Limited (“ECS” or “the Group”) signed a US$89 million syndicated financing package comprising a Term Loan Facility (“TLF”) and a Revolving Credit Facility (“RCF”) (collectively, the “Facilities”) today with a syndicate of eight major local and regional financial institutions. 

The Facilities are intended to bolster ECS’ financial resources to meet the strong growth in business activities. 

The US$89 million financing for Singapore Exchange Mainboard-listed ECS, a leading regional Info-Comm Technology (“ICT”) solutions provider representing best-of-class global brand names, was oversubscribed from the original US$80 million target. 

The Facilities were arranged by the Mandated Lead Arrangers and Bookrunners – Oversea-Chinese Banking Corporation, Sumitomo Mitsui Banking Corporation and United Overseas Bank Limited. The Syndication also received strong support from Bank of East Asia Limited, Singapore Branch, who participated as a Lead Arranger, as well as from KBC Bank N.V. Singapore Branch, Krung Thai Bank Public Company Limited, Singapore Branch, Mega International Commercial Bank Co., Ltd, Singapore Branch and Hua Nan Commercial Bank, Ltd., Singapore Branch, who all participated as Arrangers. 

 Mr. Narong Intanate, Group CEO of ECS, said, “We would like to thank our key relationship banks for their strong support and confidence in ECS. We are encouraged by the overwhelming response from the bank loan syndication market. In line with our recently announced three-year strategy, this new facility provides us with enhanced financial flexibility to execute our plans in accelerating our territorial growth in our existing markets in South East Asia and China, as well as to support the expansion of our product portfolio.” 

Mr. Eddie Foo, Group CFO of ECS, added, “Given the volatile international credit markets, our success in working with our core relationship banks and developing new banking partnerships for the new syndicated loan facility is a true testament to the strong fundamentals of our business and our asset quality. The successful conclusion of this new facility underscores ECS’ access to a diversified capital base and positions us with the necessary financial support to continue our growth strategy and deliver better returns to our shareholders.” 

Specifically, the Facilities will be used to refinance the existing US$55 million syndicated loan facility as well as to provide funding support for territorial expansion and new product agencies. In 2Q 2010, ECS stepped up its expansion especially into Indonesia and China. 

Accordingly, the Group expects Indonesia to emerge as its fastest-growing market in South East Asia over the next few quarters while ECS will continue to selectively expand its presence in Singapore, Malaysia, Thailand and the Philippines. 

Likewise ECS is continuing to consolidate its penetration into China which is its single largest market to leverage on the anticipated moderate growth consistent with the country’s macroeconomic situation forecast. 

For the six months ended 30 June 2010 (“1H 2010”), the Group announced net profit of S$24.6 million on revenue of S$1.5 billion. 

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