Yantai Raffles Shipyard Appoints Ang Kong Hua as Director

Singapore-based Yantai Raffles Shipyard Ltd, China's top yard for building oil service equipment and whose shares are traded on the Oslo OTC market, has appointed veteran Singapore corporate figure Mr. Ang Kong Hua to its Board of Directors with effect from September 1, 2006.

Yantai Raffles Chairman Mr. Brian Chang said, "We are extremely delighted to have a well-known corporate executive like Mr. Ang Kong Hua share his wealth of experience with our Board."

Mr. Ang Kong Hua, 62, is the Executive Director of NATSTEEL Ltd (NATSTEEL), a leading industrial group in Asia Pacific, in which he had served as Chief Executive Officer for 28 years. The group is engaged in industrial businesses including construction products, chemicals and engineering products and services.

Mr. Ang started his career in August 1966 at the Economic Development Board before joining DBS Bank at the Bank's inception in 1968. During his six-year stint at DBS, he was responsible for establishing the Corporate Finance Division, which was the Bank's initiative in investment banking.

During his term at NATSTEEL, Mr. Ang was instrumental in transforming the NATSTEEL Group from a single business, single country mini steel mill to one of Singapore's largest industrial conglomerates, with operations in 14 countries and a staff strength of over 25,000 at its peak. These operations included NatSteel Electronics Limited, a globally ranked Original Equipment Manufacturer of electronic components.

Mr. Ang also serves on the Boards of The Government of Singapore Investment Corporation Pte Ltd, GIC Special Investments Pte Ltd, DBS Bank Limited, Neptune Orient Lines Limited and K1 Ventures Limited. He was formerly Chairman of Singapore Telecommunications Ltd and Singapore Post Pte Ltd.

Mr. Ang graduated from the University of Hull, UK, with a Bachelor of Science (Economics) Second Upper Honours degree in 1966.