On October 5, 2007, TRF had acquired 51 percent shares (12,870,941 shares) in York Transport Equipment (Asia), Singapore (York Singapore) from Baker Technology through its wholly-owned subsidiary, TRF Singapore. TRF had also entered into call and put options agreement dated October 5, 2007 (options agreement) with Baker Technology to buy out balance 49 percent shares of York Singapore at a price to be determined based on the formulae set out in the options agreement.
Pursuant to exercising the call option notice dated March 23, 2012, TRF has acquired 12,366,198 ordinary shares, representing 49 percent of the issued and paid up capital of York Singapore, through its wholly-owned subsidiary TRF Holdings, Singapore, on March 27, 2012, S$22,178,255.York Singapore and its subsidiaries (York Group), US$ 70 million conglomerate, manufacture trailer axles, assemble trailer suspension kits and distribute a full range of truck / trailer components. York Group products are sold directly to original equipment manufacturers of trailer builders, repair shops and major transport fleet, and supported through a network of authorised marketing partners. The group serves the needs of over 300 customers worldwide. York Group has also inaugurated its biggest manufacturing plant in Pune, India, during May 2011. York Group currently manufactures in Singapore, India and China, and maintains sales and service offices in Bangkok, Johannesburg, Qingdao (China), Leicestershire (the UK), along with Singapore and Melbourne. These facilities provide full trailer parts / components distribution and comprehensive after-sales service to the customers. In addition, York also maintains a distribution network to capitalise on new business opportunities. York is recognized as the market leader in its field throughout Asia Pacific and Australia / New Zealand region.