Tuan Sing

Tuan Sing: clarifies that the offer made by Greenwich to acquire the shares of Gul Tech is not extended to the shares held by Tuan Sing. Says it has been and remains the intention of Tuan Sing to maintain its stake in Gul Tech. While the news is less positive (vs an outright sale and monetization of its stake in Gul Tech), the proposed exit offer price values Gul Tech at 1.88x P/B, more than twice what the shares were traded a month ago. At $0.162/sh, Tuan Sing’s 43.3% stake in Gul Tech is worth $65.3m, vs its carrying value of $27.4m in its books. Such a sale would help validate Tuan Sing’s book value, considering that Tuan Sing trades at just 0.61x P/B currently.