Wearnes continually reviews and updates its investment portfolio as it strives to optimize returns for shareholders. It has significant investments in property and its other investments including those in agro-technology and trading.
Property
The company maintains a substantial investment in China and Malaysia, and over the years, it has garnered many awards for setting high standards in design, construction, technological innovation, brand recognition, environmental protection and property management.
These property investments include residential and commercial projects all over China. Through its subsidiary, Huaxin International and other joint ventures, it has some 950 000 sq metres of land bank in China.
It has plans to redevelop a strategically located site in Chengdu, China that is about 364,000 sq m into a high-end residential project. Wearnes is also working with GIC Real Estate on a prime commercial-residential project on the former Summer Palace site in Shenyang, China. That site is about 33,473 sq m.
The company also has a portfolio of about 100,000 sq m of properties in Malaysia. It will continue to develop or divest its portfolio to extract the best value for its shareholders.
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Agrotechnology
The Group’s investments in agrotechnology, are in Speedling Inc, which is headquartered in Sun City, Florida, USA. The company is an industry leading in the production of transplants and horticultural products. It produces vegetable transplants, ornamental products and horticultural products and supplies.
Besides the nurseries in six locations in the US, in 1998, Speedling established greenhouse production facilities in China, where there are currently 10 nurseries producing both vegetables and ornamentals.
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Trading
The Group has streamlined some of its investments, which are involved in trading, distribution and engineering into a category known as Trading. They cover the mining operations of the Group, Applied Engineering which specializes in design and fabrication of process equipment for the oil and gas industry, and the distribution of equipment, construction materials and bottled gas.
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Mining
The Group’s mining operations are held in a company called Pacific Silica Pty Ltd, incorporated in Australia in 1997. It produces high quality processed silica sands of some 600 000 tonnes per year for commercial and industrial use and supplies the high grade silica to golf courses and to the construction industry. It is situated on 2,437 acres of freehold land in Ninggi in South East Queensland, Australia.
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Engineering
Founded in 1969, Applied Engineering is currently located in Tuas in Singapore and occupies over 34 200 sq m of land with a 100m waterfront for products to be delivered by sea. It specializes in the design and fabrication of process equipment such as pressure vessels, shell & tube heat exchangers and other equipment. It supports the petrochemical, oil and gas industries both in Singapore and the region.
With over 120 skilled employees, it has been accredited by the American Society of Mechanical Engineers (ASME) for the design and fabrication pressure vessels with “S”, “U” & “U2” Stamps since 1983. It is also accredited by the National Board (NB) with “R” Stamp since 1999 for the repair and alteration of power boilers and pressure vessels.
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Equipment Distribution
The Group distributes specialised equipment for several industries. Far East Motors distributes parts for the automotive industry, while Polytek Engineering specialises in equipment for laundry, boiler and washroom equipment and accessories. The construction, marine, hospitality and transport industries are serviced by Wealco Equipment which represents established brands such as JCB construction and HamiltonJet and Welmate is a supplier of architectural ceiling and partition systems, fire protection and wall paneling and cladding systems for the construction industry.
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Gas Distribution
SPC Wearnes Pte Ltd is a 50-50 partnership between Wearnes Gas (Private) Ltd and Singapore Petroleum Venture Pte Ltd (SPC). Established in April 2001, it distributes mainly bottled and some bulk Liquefied Petroleum Gas (LPG) to commercial ventures, households and for industrial use in Singapore. It is a strong player in the Singapore LPG market and remains committed to consolidate its core competencies in this sector and will focus on upgrading its distribution network and customer relationship management.
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