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16 September 2014
Versalink Holdings Limited
Incorporated in the Republic of Singapore
Company Registration No: 201411394N

Press Release
(For Immediate Release)

VERSALINK HOLDINGS LIMITED LAUNCHES
INITIAL PUBLIC OFFERING ON THE CATALIST

Offers 37 million Invitation Shares at S$0.30 each
Intends to recommend and distribute dividends of not less than 30% of
the Group's net profit after tax attributable to shareholders in each of
FY2015 and FY2016
Ranked by Converging Knowledge Pte Ltd as one of the most profitable
companies among the top comparable companies in Malaysia

Singapore, 16 September 2014 Versalink Holdings Limited (Versalink or the
Company, and together with its subsidiaries, the Group) today launched its initial public
offering (the IPO or the Invitation) of 37 million shares (the Invitation Shares)
comprising 1.5 million offer shares available to the public for subscription and 35.5 million
placement shares, at S$0.30 per share, in conjunction with its listing on the Catalist, the
sponsor-supervised platform of the Singapore Exchange Securities Trading Limited (SGX-
ST).

The Invitation
The Invitation of 37 million Invitation Shares comprises 25 million new shares (New Shares)
and 12 million vendor shares. The Invitation Shares represent 27.4% of Versalink's post-
invitation share capital of 135 million shares. At S$0.30 per share, the Invitation is priced at
a price earnings ratio of 5.8 times based on the Group's historical earnings per share of 5.2
cents for the financial year ended 28 February 2014 and pre-Invitation share capital of 110
million shares.

Based on the Invitation price of S$0.30 per share, the post-Invitation market capitalisation of
Versalink will be S$40.5 million.


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The Invitation will close at 12.00 noon on 22 September 2014. Trading of the Versalink's
shares is expected to commence on a "ready" basis at 9.00 a.m. on 24 September 2014.

CIMB Bank Berhad, Singapore Branch (CIMB) is the Sponsor and Issue Manager, while
CIMB Securities (Singapore) Pte. Ltd. is the Underwriter and Placement Agent for this IPO

Commenting on the launch of Versalinks IPO, Matthew Law, Executive Director and Chief
Executive Officer of Versalink Holdings Limited, remarked We are very delighted to have
reached this important milestone in our Groups history. This IPO is a significant
launch pad to propel the Group towards a larger capital base and an even stronger
international brand presence. Our vision as a public company is to develop a
meaningful and fruitful relationship with the Singapore investment community.

Versalink is a well-known name within the office furniture space, especially in
Malaysia. Besides Singapore-based companies, we are seeing increasing interest
from small and medium enterprises (SMEs) from Malaysia to list on SGX Catalist. This
is evidence that Singapore has become a fund raising platform for the fast growing
and emerging companies not only in Singapore but in the region as well. Enabling
Versalink to go public through Catalist listing will help them raise funds for further
business expansion and also pave way to enhance their competitive positioning, both
locally and internationally, said Mr Yee Chia Hsing, Head of Catalist, CIMB.

Proposed Dividend
The directors of Versalink intend to recommend and distribute dividends of not less than 30%
of the Group's net profit after tax attributable to shareholders in each of FY2015 and FY2016.

Use of Proceeds

Versalink intends to use the net proceeds from the issuance of the New Shares of
approximately S$5.9 million for the following purposes:
(a) S$3.4 million for acquisition of new machinery and setting up or acquisition of new
production facilities for Jemaramas Jaya Sdn. Bhd. (a subsidiary of the Company);
(b) S$0.4 million for acquisition of new machinery and setting up of new facility for
Steeltema (M) Sdn. Bhd. (Steeltema) (a subsidiary of the Company);
(c) S$0.8 million for marketing, advertising and promotional activities; and
(d) the balance for working capital and general corporate purposes.


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About Versalink Holdings Limited
Versalink Holdings Limited is an established Malaysia-based manufacturer of mid to high-
end system furniture that provides products and services to more than 90 overseas dealers
located in more than 40 countries in Africa, Asia, Australasia, Middle East and North America.
Established in 1991, Versalink is engaged in the design, manufacture and supply of a wide
range of system furniture and the provision of workspace planning and consulting services.
Its customers comprise contractors, corporate customers, dealers and original equipment
manufacturer customers, both in Malaysia and overseas.
Apart from its Versalink brand products, the Group represents various international brands
such as ZCO Brositzmbel AG of Switzerland, Dauphin Human Design of Germany and
Sinetica Industries Srl of Italy. Additionally, the Group supplies ancillary products such as
seating models and work tools that are sourced from third party manufacturers.
Financial Highlights
Based on the Groups latest audited financial statement for the 12 months ended 28 February
2014 (FY2014), the Group achieved revenue of RM78.8 million, gross profit of RM32.4
million and profit after tax of RM14.5 million. The Groups gross profit margin and net profit
margin reached 41.1% and 18.4% respectively.


Source: Offer Document dated 16 September 2014

Competitive Strengths

The directors of Versalink believe that Versalinks competitive strengths are as follows:
49,279
59,694
78,839
15,906
22,704
32,400
4,376
8,718
14,544
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
FY2012 FY2013 FY2014
(
R
M

0
0
0
)

Revenue Gross Profit PAT
FY2012
(RM000)
FY2013
(RM000)
FY2014
(RM000)
Revenue 49,279 59,694 78,839
Gross Profit 15,906 22,704 32,400
Gross Profit Margin 32.3% 38.0% 41.1%
Profit after tax (PAT) 4,376 8,718 14,544
Profit Margin 8.9% 14.6% 18.4%

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1. A comprehensive offering of products and services and the ability to turn around
products quickly, and the provision of an efficient one-stop service with a broad range
of products and services. The Group possesses a well-stocked warehouse that allows
them to take on projects with short deadlines.
2. A senior management team who has over 20 years in the office furniture industry and
a strong commercial identity built through the Versalink brand name.
3. Strong design capabilities through continued collaboration with overseas designers
and a strong research and development team.
4. Strong relationships with the Groups large and diversified pool of customers in more
than 40 countries in Africa, Asia, Australasia, Middle East, and North America and
more than 90 overseas dealers globally. The Group has serviced some customers for
more than ten (10) years.
Prospects
1

The directors of Versalink have observed that the prospects of the office furniture industry
are as follows:
1. Demand from emerging countries will continue to grow as multinational corporations
are expanding their operations into other emerging countries by setting up offices in
these regions due to foreign direct investments.
2. Recovery of major economies has resulted in a rise in commercial activities, which
contributed to the demand for furniture to be used to furnish new offices.
3. Growth of commercial property developments in Malaysia, where an additional 0.7
million m
2
of new office space is being scheduled to be released in Malaysia in 2014.
4. Push towards high-value products and services, where the gradual shift to high-value
products and services may alleviate pressure from higher production costs and
increased competition from other exporting countries.
5. Use of research and technology in furniture manufacturing is expected to push growth
in the industry, by way of driving productivity and mitigating future increases in cost
of labour and/or material.

1
Information has been extracted from the industry report titled The Office Furniture Industry In Malaysia provided by Converging Knowledge
Pte Ltd.



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Business Strategies and Future Plans
In terms of business strategies and future plans, Versalink intends to:
1. Continue to reinforce and strengthen its market position in Malaysia, as the
directors of Versalink believe there are significant prospects in the Malaysian market.
The Group intends to increase participation in the tendering of office and commercial
fit-out projects, increase sales through their online portal http://store.versalink.com,
and explore setting up new showrooms.
2. Focus on increasing the exports of its Versalink brand of system furniture to
existing markets and to explore opportunities to export to new markets in Europe.It
also intends to participate in more overseas tradeshows, exhibitions and advertising
in overseas magazines and publications.
3. Increase production capabilities by investing in new machinery, upgrading to
better machinery and relocating Steeltemas production facilities and/or setting
up new production facilities.
4. Establish a regional presence and explore investments, acquisitions and/or
joint ventures, so as to replicate its success in the project tendering business in
countries such as Singapore, Thailand, Philippines, Vietnam and Indonesia. The
Group will consider investing in or acquiring other companies with businesses similar
or complementary to its business, and/or joint ventures with suitable parties.
#End of Release#


Note to Editors: This press release is to be read in conjunction with Versalink Holdings Limiteds final offer
document dated 16 September 2014, which is registered with SGX-ST and available on its Catalodge section -
http://sgx.com/wps/portal/sgxweb/home/company_disclosure/catalodge/

ISSUED ON BEHALF OF VERSALINK HOLDINGS LIMITED
BY CAPITAL ACCESS COMMUNICATIONS PTE LTD:

Edwin Lee Neo Aik Kee
Email: edwinlee@capitalaccess.com.sg Email: aikkee@capitalaccess.com.sg
Mobile: +65 9660 7361 Mobile: +65 9793 0504




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IMPORTANT NOTICE
This press release and any accompanying materials (if any) (the Press Release) are made for
informational purposes, without regard to the objectives, financial situation nor needs of any specific
persons.

This Press Release does not constitute, or form any part of any offer for sale or subscription of, or
solicitation of any offer to buy or subscribe for, any securities nor shall it or any part of it form the basis
of, or be relied on in connection with, any contract or commitment whatsoever.

The summary information in this Press Release does not purport to be complete and is qualified in its
entirety, and should be read in conjunction with the full text of the offer document, registered by the
SGX-ST (acting as agent on behalf of the Monetary Authority of Singapore) on 16 September 2014
(the Offer Document), including but not limited to the sections entitled Risk Factors and Cautionary
Note on Forward-Looking Statements. Words and expressions not defined in this Press Release have
the same meaning as defined in the Offer Document unless the context requires otherwise.

A potential investor should read the Offer Document before deciding to subscribe for the Shares.
Anyone who wishes to subscribe for the Shares shall make an application in the manner set out in the
Offer Document.

A copy of the Offer Document can be obtained on the SGX-ST website http://www.sgx.com.

Versalink does not make any representation or warranty, express or implied, as to the accuracy of the
information contained herein, and expressly disclaim any and all liability based, in whole or in part, on
such information, errors therein or omissions therefrom.

This Press Release includes forward-looking statements provided with respect to the anticipated future
performance of Versalink. Such forward-looking statements reflect various assumptions of the
management concerning the future performance of Versalink. Accordingly, there can be no assurance
that such projections and forward-looking statements will be realised. The actual results may vary from
the anticipated results and such variation may be material. No representations or warranties are made
as to the accuracy or reasonableness of such assumptions or the forward-looking statements based
thereon.