Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Tembusu Investments Limited (NOVA)

  Print      Mail a friend

Monday 30 June, 2008

Tembusu Investments Limited

Final Results


                                 Tembusu Investments Limited
                                 (`Tembusu' or the `Company')

                    Final Results for the period ending 31 December 2007

30 June 2008

Chairman's Statement

Introduction
Tembusu Investments Limited was incorporated as a limited company in Bermuda on 21 March 2007. The Company was admitted
to the AIM market of the London Stock Exchange on 11 May 2007 and successfully raised £3m (gross of expenses).

The Board presents the preliminary financial statements of the Company for the period ended 31 December 2007.

Results
The Company had a turnover of £nil for the period under review.  The operating loss on ordinary activities for the
period amounted to £136,094 and the loss after tax for the period was £19,118.

The loss per share for the period was 0.036p.

At 31 December 2007, the Company had cash and cash equivalents of £3,188,326.

Current trading
The Company is currently not trading.

Employees
The Company does not currently have any employees.

Prospects
The Company continues to evaluate potential transactions located in South East Asia. The investment strategy will remain
principally to identify and invest in quoted and unquoted financial services businesses based in Asia to address the
growing Far Eastern markets for financial services, however the Board intends to seek shareholder approval at the Annual
General Meeting to refine this strategy in the light of the Board's current views on future potential investments.

I am pleased to announce that in May 2008, the Company acquired 19,809,861 ordinary shares in European Islamic
Investment Bank PLC ("EIIB") for a total consideration of £1.6m, which represents approximately 1.1% of the total issued
share capital. EIIB shares are traded on the AIM market of the London Stock Exchange. The investment was made from the
existing cash balances of the Company.



Rafat A. Rizvi
Chairman and Chief Executive Officer



For further information, contact:

Tembusu Investments Limited
Rafat Rizvi, Chairman and Chief Executive Officer                              Tel: + (65)6533 2233
Jonathan Rowland, Non-Executive Director                                   Tel: +44 (0)20 7087 7971
Mirza Yahya, Non-Executive Director                                          Tel:   + 1 416 9640728

Blomfield Corporate Finance Limited                                        Tel: +44 (0)20 7489 4500
Alan MacKenzie
Ben Jeynes


Income Statement
for the Period 21 March 2007 to 31 December 2007

                                      Notes          Period
                                                21.03.07 to
                                                   31.12.07
                                                          £

CONTINUING OPERATIONS
Administrative expenses                             136,094
                                                    _______
OPERATING LOSS                                     (136,094)

Finance income - bank interest          6           116,976

LOSS BEFORE TAX                         7           (19,118)
                                                     ======
Tax                                     8                 -
                                                     ______
LOSS FOR THE PERIOD                                 (19,118)
                                                     ======

Attributable to
Equity holders of the Company                       (19,118)
                                                     ======

Loss per share:                         9
Basic                                                 0.036p
                                                     ======
Diluted                                               0.036p
                                                     ======



Statement of Changes in Equity
for the Period 21 March 2007 to 31 December 2007


                                 Share        Share    Retained
                               Capital      Premium    Earnings      Total
                                     £               £              £             £

At 21 March 2007*                2,500        2,500           -      5,000
Bonus issue of share capital*    2,500       (2,500)          -          -
Issue of share capital         595,000    2,700,000           -  3,295,000
Share issue expenses                 -     (195,939)          -   (195,939)
Loss after tax for the period        -            -     (19,118)   (19,118)
                              ________    _________   _________  _________
At 31 December 2007            600,000    2,504,061     (19,118) 3,084,943
                              ========    =========   =========  =========

* The shares have been adjusted to the consolidation of shares from 0.5p each to 1p each on 10 April 2007.

Share capital is the amount subscribed for shares at nominal value.

Share premium represents the excess of the amount subscribed for share capital over the nominal value of the respective
shares net of share issue expenses. Share issue expenses in the period ended 31 December 2007 comprise mainly the costs
incurred in respect of the initial public offering on the AlM market of the London Stock Exchange.

Retained loss represents the cumulative loss of the Company attributable to equity shareholders.



Balance Sheet
31 December 2007

                                               As at
                                            31.12.07
                                 Notes             £

ASSETS
Non-current assets
Investments                        10              -
                                             _______
                                                   -
                                             _______
Current assets
Trade and other receivables        11          9,115
Cash and cash equivalents          12      3,188,326
                                           _________
                                           3,197,441
                                           _________
LIABILITIES
Current liabilities
Trade and other payables           13        112,498
                                           _________
                                             112,498
                                           _________
NET CURRENT ASSETS                         3,084,943
                                           =========
NET ASSETS                                 3,084,943
                                           =========

SHAREHOLDERS' EQUITY
Called up share capital            14        600,000
Share premium                      15      2,504,061
Retained earnings                  15        (19,118)
                                           _________
TOTAL EQUITY                               3,084,943



Cash Flow Statement
for the Period 21 March 2007 to 31 December 2007

                                                           Period
                                                      21.03.07 to
                                                         31.12.07
                                            Note                £

Cash flows from operating activities
Cash generated from operations               16           (27,711)
                                                          _______
Net cash from operating activities                        (27,711)
                                                          _______
Cash flows from investing activities
Interest received                                         116,976
                                                          _______
Net cash from investing activities                        116,976
                                                          _______
Cash flows from financing activities
Loan to subsidiary                                         (5,000)
Shares issued                                           3,300,000
Shares issue costs                                       (195,939)
                                                          _______
Net cash from financing activities                      3,099,061
                                                          _______

Increase in cash and cash equivalents                   3,188,326
Cash and cash equivalents at beginning of period                -
                                                          _______
Cash and cash equivalents at end of period              3,188,326
                                                          =======


Notes to the Financial Statements
for the Period 21 March 2007 to 31 December 2007


1.       GENERAL INFORMATION

Tembusu Investments Limited is a company incorporated in Bermuda under the Bermuda Companies Act 1981. The Company has a
primary listing on the AIM market of the London Stock Exchange. The address of the registered office is disclosed on
page 1 of the financial statements. The principal activities of the Company are described in the directors' report.


2.       ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs and
IFRIC interpretations) issued by the International Accounting Standards Board (IASB), as adopted by the European Union,
and with those parts of the Bermuda Companies Act 1981 applicable to companies preparing their accounts under IFRS.  The
financial statements have been prepared under the historical cost convention.

(a)      Standards, amendments and interpretations to existing standards that are not yet effective and have not been
adopted early by the Company

The following interpretations to existing standards have been published that are mandatory for the Company's accounting
periods beginning on or after 1 January 2008 or later periods but that the Company has not adopted early:

·       IAS 1 Revised - Presentation of Financial Statements (effective from 1 January 2009). Key changes include, the
requirement to aggregate information in the financial statements on the basis of shared characteristics, the
introduction of a Statement of Comprehensive Income & changes in titles of some of the financial statements. Preparers
of financial statements will have the option of presenting income and expense and components of other comprehensive
income either in a single statement or in two separate statements (a separate income statement followed by a statement
of comprehensive income). The new titles for the financial statements (for example 'statement of financial position'
instead of balance sheet) will be used in the accounting standards but are not mandatory for use in financial
statements. The expected impact is still being assessed in detail by management as the IASB is involved in discussions
to examine more fundamental questions about the presentation of information in financial statements.

·       IFRS 8 - Operating Segments (effective from 1 January 2009). IFRS 8 replaces IAS 14 and aligns segment reporting
with the requirements of the US standard SFAS 131, "Disclosures about segments of an enterprise and related
information". The new standard requires a "management approach", under which segment information is presented on the
same basis as that used for internal reporting purposes. The expected impact is still being assessed in detail by
management, but it appears likely that the number of reportable segments, as well as the manner in which segments are
reported, will change in a manner that is consistent with the internal reporting provided to the chief operating
decision-maker.

(b)     Interpretations to existing standards that are not yet effective and not relevant for the Company's operations

The following interpretations to existing standards have been published and are mandatory for the Company's accounting
periods beginning on or after 1 January 2008 or later periods but are not relevant to the Company's operations:

IAS 23 (Amendment) - Borrowing costs (effective from 1 January 2009).
IFRIC 11 - IFRS 2 - Company and Treasury Share Transactions (effective from 1 March 2007)
IFRIC 12 - Service Concession Arrangements(effective from 1 January 2008)
IFRIC 13 - Customer Loyalty Programmes(effective from 1 July 2008)
IFRIC 14 - IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and  their Interaction.
(effective from 1 January 2008)


Functional currency translation
a)     Functional and presentation currency
The financial statements are presented in Pounds Sterling (£), which is the Company's functional and presentation
currency.

b)     Transactions and balances
Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates
of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the income statement.

Taxation
The Company is an exempted company under the laws of Bermuda and is granted exemption from all forms of taxation in
Bermuda until 2016.

Investments
Investments are stated at cost less provision for any impairment in value.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid
investments with original maturities of three months or less and bank overdrafts.

Trade payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method.

Share capital
Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of
tax, from the proceeds.

Financial Instruments
Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables,
cash and cash equivalents, loans and borrowings, and trade and other payables.

Non-derivative financial instruments are recognised initially at fair value plus, for instruments not at fair value
through profit or loss, any directly attributable transactions costs, except as described below. Subsequent to initial
recognition non-derivative financial instruments are measured as described below.

A financial instrument is recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial assets are derecognised if the Company's contractual rights to the cash flows from the financial assets expire
or if the Company transfers the financial assets to another party without retaining control or substantially all risks
and rewards of the asset. Regular way purchases and sales of financial assets are accounted for at trade date, i.e. the
date that the Company commits itself to purchase or sell the asset. Financial liabilities are derecognised if the
Company's obligations specified in the contract expire or are discharged or cancelled.

Fair values
The carrying amounts of the financial assets and liabilities such as cash and cash equivalents, receivables and payables
of the Company at the balance sheet date approximated their fair values, due to relatively short term nature of these
financial instruments.

The Company provides financial guarantees to licensed banks for credit facilities extended to a subsidiary company. The
fair value of such financial guarantees is not expected to be significantly different as the probability of the
subsidiary company defaulting on the credit lines is remote.

3       RISKS AND SENSITIVITY ANALYSIS

The Company's activities expose it to a variety of financial risks: interest rate risk, foreign currency risk, liquidity
risk and capital risk. The Company's overall risk management programme focuses on unpredictability and seeks to minimise
the potential adverse effects on the Company's financial performance.   The Board reviews key risks on a regular basis
and, where appropriate, actions are taken to mitigate the key risks identified.

3.1     Interest rate risk and foreign currency risk

The Company does not have formal policies on interest rate risk or foreign currency risk. However, the Company's
exposure in these areas as at the balance sheet date was minimal.

3.2     Liquidity risk

The Company prepares periodic working capital forecasts for the foreseeable future, allowing an assessment of the cash
requirements of the Company, to manage liquidity risk.  The directors have considered the risk posed by liquidity and
are satisfied that there is sufficient growth and equity in the Company.

3.3     Capital risk

The Company's objectives when managing capital are to safeguard the ability to continue as a going concern in order to
provide returns for shareholders and benefits to other stakeholders and to maintain an optimal capital structure to
reduce the cost of capital.

4      EMPLOYEES AND DIRECTORS

The Company has no employees.

During the period the Company paid directors' emoluments of £33,750.

The average number of directors during the period was three.

5       SEGMENTAL ANALYSIS

There is no segmental area of operations as the Company is not trading.


6       FINANCE INCOME
                                             Period
                                        21.03.07 to
                                           31.12.07
                                                  £

     Bank interest received                 116,976
                                            =======

7      LOSS BEFORE TAX
                                                        Period
                                                   21.03.07 to
                                                      31.12.07
                                                             £
       The loss before tax is stated after charging:

       Auditors remuneration                             4,000
                                                         =====

8      TAX

The Company is an exempted company under the laws of Bermuda and is granted exemption from all forms of taxation in
Bermuda until 2016.

9      LOSS PER SHARE

The basic loss per share is calculated by dividing the loss of £19,118 attributable to ordinary shareholders by the
weighted average number of ordinary shares outstanding during the period, which was 52,877,193.

The diluted loss per share is calculated using the weighted average number of shares adjusted to assume the conversion
of all dilutive potential ordinary shares.  For the period ended 31 December 2007 the diluted loss per share is
equivalent to the basic loss per share.

10     INVESTMENTS
                                          Shares in
                                            Company
                                       Undertakings
                                                  £
COST
At 21 March 2007                                  -
Additions                                         -
At 31 December 2007                               -
                                             ______
CARRYING VALUE
At 31 December 2007                               -
                                             ======

On 28 August 2007, the Company acquired 1 ordinary share capital of Primefold Pte Ltd ("Primefold"), a company
registered in Singapore for SGD1 (£0.30). The acquisition comprises the total issued share capital of Primefold.
Primefold subsequently changed its name to Tembusu Invest Pte Ltd ("TIPL"). TIPL has not started trading during the
period. The Company has not prepared consolidated financial statement as TIPL is dormant and not material to be
consolidated.

In the opinion of the directors, the aggregate value of the Company's investment in subsidiary  undertakings is not less
than the amount included in balance sheet.

The details of the subsidiary is as follows:

Name of Company             County of Incorporation     Shareholdings       Principal Activity

Tembusu Invest Pte Ltd            Singapore                 100%                   Dormant


11     TRADE AND OTHER RECEIVABLES
                                                    31.12.07
                                                           £

Amounts due from subsidiary                            5,000
Prepayments                                            4,115
                                                       _____
                                                       9,115
                                                       =====

12     CASH AND CASH EQUIVALENTS
                                                    31.12.07
                                                           £

Bank fixed deposits                                3,160,984
Bank current accounts                                 27,342
                                                   _________
                                                   3,188,326
                                                   =========

13     TRADE AND OTHER PAYABLES
                                                    31.12.07
                                                           £
Current:
Trade payables                                        89,319
Accrued expenses                                      23,179
                                                     _______
                                                     112,498
                                                     =======

14     CALLED UP SHARE CAPITAL

Authorised          Class          Nominal              31.12.07
Number                             Value                       £

100,000,000      Ordinary            1p                1,000,000
                                                       =========
Allotted, issued and fully paid

60,000,000       Ordinary            1p                  600,000
                                                       =========

Authorised share capital
The Company was incorporated with an authorised share capital of £5,000 divided into 1,000,000 ordinary shares of 0.5p
each, which were issued at 1p on incorporation.

On 10 April 2007 the authorised share capital was increased to £10,000 by the creation of 1,000,000 ordinary shares of
0.5p each.

On 10 April 2007 the authorised share capital was increased to £1,000,000 by the creation of 99,000,000 ordinary shares
of 1p each.

Ordinary share capital
On 10 April 2007 the balance on the share premium account was applied for the issue of 1,000,000 ordinary shares of 0.5p
each as fully paid bonus shares.

On 10 April 2007 the 2,000,000 ordinary shares of 0.5p each were consolidated into 1,000,000 ordinary shares of 1p each.

On 10 April 2007 the Company issued 29,000,000 ordinary shares fully paid at 1p per share.

On 11 May 2007, the Company issued 30,000,000 ordinary shares fully paid at 1p per share upon admission to the AIM
market of the London Stock Exchange.


15      RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS AND RESERVES

                                  Share        Share     Retained
                                Capital      Premium     Earnings      Total
                                      £            £            £          £

At 21 March 2007*                 2,500        2,500            -      5,000
Bonus issue of share capital*     2,500       (2,500)           -          -
Issue of share capital          595,000    2,700,000            -  3,295,000
Share issue expenses                  -     (195,939)           -   (195,939)
Loss after tax for the period         -            -      (19,118)   (19,118)

At 31 December 2007             600,000    2,504,061      (19,118) 3,084,943
                                =======    =========      =======  =========

* The shares have been adjusted to the consolidation of shares from 0.5p each to 1p each on 10 April 2007.

16     RECONCILIATION OF LOSS BEFORE TAX TO CASH GENERATED FROM OPERATIONS

                                                                   Period ended
                                                                       31.12.07
                                                                              £

Loss before tax                                                         (19,118)
Finance income                                                         (116,976)
                                                                        _______
                                                                       (136,094)

Increase in trade and other receivables                                  (4,115)
Increase in trade and other payables                                    112,498
                                                                        _______
Cash generated from operations                                          (27,711)
                                                                        =======

17      FINANCIAL COMMITMENTS

Capital commitments
There was no capital expenditure that had been contracted for at the balance sheet date but not yet incurred.

18      RELATED PARTY TRANSACTIONS

During the period, the Company paid Vantage Corporation Limited £3,196 in respect of corporate and administrative
services. At the period end, there was no balance outstanding due to Vantage Corporation Limited.

During the period, the Company advanced a loan of £5,000 to its subsidiary Tembusu Invest Pte Ltd, a company
incorporated in Singapore. The balance outstanding at the year end was £5,000. The loan is interest free.

19      CONTINGENT LIABILITIES

The Company has no contingent liabilities arising in respect of legal claims arising from the ordinary course of
business and it is not anticipated that any material liabilities will arise from the contingent liabilities other than
those provided for.

20      POST BALANCE SHEET EVENTS

In May 2008, the Company acquired 19,809,861 ordinary shares in European Islamic Investment Bank PLC ("EIIB") for a
total consideration of £1.6m, which represents approximately 1.1% of the total issued share capital of EIIB. EIIB shares
are traded on the AIM market of the London Stock Exchange. The investment was made from the existing cash balances of
the Company.

21.     ULTIMATE CONTROLLING PARTY

The immediate parent company is Vantage Corporation Limited ("Vantage"), a company incorporated in Singapore and
previously listed on the Singapore Exchange (SGX). Vantage was delisted from Singapore Exchange on 10 March 2008. The
ultimate parent company is Clarence Limited, a company incorporated in Brunei Darussalam. The ultimate controlling party
is R A Rizvi by virtue of having a controlling interest in Clarence Limited.

The Annual Report and Accounts for the period ended 31 December 2007 will be posted to shareholders on 30 June 2008.


                                                                                  

a d v e r t i s e m e n t