The business, the people and the ownership behind A-Smart.
Business overview
A-Smart Holdings Ltd. operates in print and media, smart technologies, property development and investment. Xpress Print provides integrated printing services, while A-Smart Media organises events and performances. The group develops property projects in Timor-Leste, including Timor Marina Square in Dili, and supplies food waste digester systems through A-Smart Life. It also holds a minority investment in a supermarket business in China.
Listed security
Board & management
Six Board directors, four named key managers, two company secretaries and two governance disclosures. Board independence deviation is retained explicitly; past and external executive roles do not replace current issuer roles.
Non-Executive Chairman and Non-Independent Director
Appointed Executive Chairman 9 July 2015; redesignated Non-Executive Chairman 30 November 2016. These historical titles do not establish a current executive role. As reported at 2025-11-28Executive Director and Chief Executive Officer
Joined 26 October 2015. Chaired the 28 November 2025 AGM; chairing the meeting does not change the Board chair. As reported at 2025-11-28Non-Executive and Non-Independent Director
First appointed 5 December 2001. Redesignated from Lead Independent Director on 28 October 2024; remains Nominating and Remuneration member and ceased Audit membership. CEO and chairman roles in the biography are historical. As reported at 2025-11-28Non-Executive and Non-Independent Director
First appointed 1 March 2008; Non-Executive since 4 July 2014. Audit member; re-elected at the 28 November 2025 AGM. As reported at 2025-11-28Non-Executive and Lead Independent Director
Appointed 2 August 2017; Independent since 20 December 2023 and Lead Independent since 28 October 2024. Remuneration chair and Audit/Nominating member. COO/Executive Director at Straits Construction Group is an external role. As reported at 2025-11-28Non-Executive and Independent Director
Appointed 28 October 2024. Audit and Nominating chair; Remuneration member. Capital World directorship was a past appointment, resigned 11 October 2024, as clarified on 4 November 2024. As reported at 2025-11-28Group Financial Controller
Joined April 2015, after an earlier period with the Group during 2008–2010. The source does not call this role CFO. As reported at 2025-11-11Operations Director
Xpress Print Pte Ltd; joined April 1995. As reported at 2025-11-11General Manager (Financial Research)
Xpress Print Pte Ltd; joined 15 September 1997. As reported at 2025-11-11Senior Manager (IT Infrastructure & Human Resource)
Xpress Print Pte Ltd; joined July 2000, Human Resource added in 2016. As reported at 2025-11-11Company Secretary
Lee Wei Hsiung replaced Sharon Lim Siew Choo with effect from 1 October 2024; Chin Yee Seng remains joint secretary. As reported at 2025-11-11Company Secretary
Lee Wei Hsiung replaced Sharon Lim Siew Choo with effect from 1 October 2024; Chin Yee Seng remains joint secretary. As reported at 2025-11-11Two Independent Directors among six Board members
One Executive Director, three Non-Independent Non-Executive Directors and two Independent Directors. The issuer discloses a deviation from Provision 2.2 because the chairman is non-independent and Independent Directors are one-third, rather than a majority; it explains its collective decision process and Board experience. As reported at 2025-11-11Ma Weidong and Darlington Tseng Te-Lin re-elected; CLA Global TS reappointed
All seven resolutions carried. Ma remains Non-Executive Chairman and Darlington remains Non-Independent Non-Executive Director and Audit member. The meeting chair was CEO Lim Huan Chiang. As reported at 2025-11-28Roles listed in Annual Report 2025; current appointments are not independently verified.
Holdings
Twenty registered/depository accounts, two substantial holders and eight capital/ownership facts. Annual shareholder snapshot is 28 October 2025; later unaudited capital and proposed rights disclosures carry separate dates and status.
Direct 112,500,000 (41.93%); deemed 529,500 (0.20%)
Ma’s deemed interest comprises his spouse Mdm Jin Li Yan’s 529,500 shares. Direct/deemed and registered-account schedules overlap and must not be summed. As reported at 2025-10-28Direct 64,889,944 (24.18%); deemed - (-%)
Ma’s deemed interest comprises his spouse Mdm Jin Li Yan’s 529,500 shares. Direct/deemed and registered-account schedules overlap and must not be summed. As reported at 2025-10-28268,312,252 shares; 12,426 shareholders
Five distribution bands reconcile to the issued total. Treasury shares and subsidiary holdings are nil; one vote per ordinary share. As reported at 2025-10-28229,866,710 shares (85.64%)
Registered/depository accounts overlap separately disclosed substantial interests. The printed aggregate 85.64% equals the sum of rounded row percentages; 229,866,710 divided by 268,312,252 is approximately 85.67%. The original 85.64% is retained with this discrepancy disclosed. As reported at 2025-10-2828.63%
Issuer statement as at 28 October 2025, rather than an inferred residual from the two substantial-holder rows. As reported at 2025-10-28Ma Weidong direct 112,500,000 and deemed 529,500; Lim Huan Chiang 1,345,500; Darlington Tseng Te-Lin 418,237
As at 31 July 2025, unchanged at 21 August 2025. These are issuer shares; directors’ options in the separate table had expired/lapsed to nil. As reported at 2025-08-2129,812,473 new shares; issued shares 149,062,362 to 178,874,835
Allotment completed 28 March 2023; expected listing 31 March 2023. Historical capital increase, separate from the 2025 ownership snapshot. As reported at 2023-03-2889,437,417 new shares; issued shares 178,874,835 to 268,312,252
Allotted 28 February 2024; listing expected 1 March 2024. Rights subscriptions plus Oei Hong Leong’s unsubscribed-share subscription covered the full issue. As reported at 2024-02-29268,312,252 issued shares; 468,750 unexercised options
31 July 2026 unaudited results: no FY 2026 share-capital movements. This is a later capital disclosure, not a new substantial-shareholder register or audited annual report. As reported at 2026-07-31One-for-one; up to 268,781,002 rights shares at S$0.10 each
Proposed maximum includes outstanding options; it is not actual issued capital or a completed doubling of shares. Shareholder loan set-off is conditional on allotment, not an assertion of completed cash repayment or conversion. As reported at 2026-06-18Total interests include direct and deemed holdings and may overlap across holders. These percentages should not be added together.
Registered holdings, including nominees and depositories; these do not establish ultimate beneficial ownership. As reported at 2025-10-28 · PDF p. 154
| Registered holder | Interest | Shares / units | Source |
|---|---|---|---|
| MA WEIDONG | 112,500,000 shares (41.93%) | PDF p. 1542025-10-28 | |
| OEI HONG LEONG | 64,889,944 shares (24.18%) | PDF p. 1542025-10-28 | |
| CITIBANK NOMINEES SINGAPORE PTE LTD | 14,320,515 shares (5.34%) | PDF p. 1542025-10-28 | |
| WONG SWEE CHUN | 7,400,000 shares (2.76%) | PDF p. 1542025-10-28 | |
| LIAO SHENG-TUNG | 5,164,485 shares (1.92%) | PDF p. 1542025-10-28 | |
| MAYBANK SECURITIES PTE. LTD. | 3,702,852 shares (1.38%) | PDF p. 1542025-10-28 | |
| SNG LIAN HUA | 3,080,000 shares (1.15%) | PDF p. 1542025-10-28 | |
| CHUA GEOK LIN | 2,683,787 shares (1.00%) | PDF p. 1542025-10-28 | |
| NG CHOON MENG | 2,581,900 shares (0.96%) | PDF p. 1542025-10-28 | |
| TAN ENG CHUA EDWIN | 1,944,700 shares (0.72%) | PDF p. 1542025-10-28 | |
| LIM YUXIANG (LIN YUXIANG) | 1,854,600 shares (0.69%) | PDF p. 1542025-10-28 | |
| GOH CHUNG HEE | 1,824,875 shares (0.68%) | PDF p. 1542025-10-28 | |
| PHILLIP SECURITIES PTE LTD | 1,344,912 shares (0.50%) | PDF p. 1542025-10-28 | |
| WONG SIEW CHING | 1,193,547 shares (0.44%) | PDF p. 1542025-10-28 | |
| MORGAN STANLEY ASIA (SINGAPORE) SECURITIES PTE LTD | 1,085,225 shares (0.40%) | PDF p. 1542025-10-28 | |
| NG SOH KIOW | 1,003,875 shares (0.37%) | PDF p. 1542025-10-28 | |
| KOH NGUAN KENG | 862,000 shares (0.32%) | PDF p. 1542025-10-28 | |
| LEE BON LEONG | 825,000 shares (0.31%) | PDF p. 1542025-10-28 | |
| RAFFLES NOMINEES (PTE.) LIMITED | 816,762 shares (0.30%) | PDF p. 1542025-10-28 | |
| DBS NOMINEES (PRIVATE) LIMITED | 787,731 shares (0.29%) | PDF p. 1542025-10-28 | |
Group structure
Ten subsidiaries at 31 July 2025, including Australia under voluntary liquidation; one separately labelled associate and one historical ownership-change disclosure. Group interest is 79% in both Timor development subsidiaries, with 21% non-controlling interests.
| Company | Market | Ownership interest |
|---|---|---|
| Xpress Print (Pte) LtdHeld by Company. Disclosed ordinary-share percentages are Group interest and non-controlling interest, not an invented immediate ownership calculation.PDF p. 1192025-07-31 | Singapore; Group 2025 100%, 2024 100%; non-controlling 2025 -, 2024 -; Provision of general printing, multimedia and pre-press work | |
| A-Smart Property Holdings Pte. Ltd.Held by Company. Disclosed ordinary-share percentages are Group interest and non-controlling interest, not an invented immediate ownership calculation.PDF p. 1192025-07-31 | Singapore; Group 2025 100%, 2024 100%; non-controlling 2025 -, 2024 -; Real estate developers and property investment activities | |
| A-Smart Commerce Pte. Ltd.Held by Company. Disclosed ordinary-share percentages are Group interest and non-controlling interest, not an invented immediate ownership calculation.PDF p. 1192025-07-31 | Singapore; Group 2025 100%, 2024 100%; non-controlling 2025 -, 2024 -; Investment holding | |
| A-Smart Investments Pte. Ltd.Held by Company. Disclosed ordinary-share percentages are Group interest and non-controlling interest, not an invented immediate ownership calculation.PDF p. 1192025-07-31 | Singapore; Group 2025 100%, 2024 100%; non-controlling 2025 -, 2024 -; Investment holding | |
| A-Smart Media Pte. Ltd.Held by Company. Disclosed ordinary-share percentages are Group interest and non-controlling interest, not an invented immediate ownership calculation.PDF p. 1192025-07-31 | Singapore; Group 2025 100%, 2024 100%; non-controlling 2025 -, 2024 -; Publishing and event management | |
| Xpress Print (Australia) Pty LtdHeld by Xpress Print (Pte) Ltd. Disclosed ordinary-share percentages are Group interest and non-controlling interest, not an invented immediate ownership calculation. Undergoing voluntary liquidation; applied for deregistration. The source does not establish completed dissolution.PDF p. 1202025-07-31 | Australia; Group 2025 76%, 2024 76%; non-controlling 2025 24%, 2024 24%; Applied for deregistration | |
| A-Smart Life Pte. Ltd.Held by A-Smart Commerce Pte. Ltd.. Disclosed ordinary-share percentages are Group interest and non-controlling interest, not an invented immediate ownership calculation.PDF p. 1202025-07-31 | Singapore; Group 2025 100%, 2024 100%; non-controlling 2025 -, 2024 -; Development, resale and distribution of smart IT solutions and applications | |
| A-Smart Pair (SEA) Pte. Ltd.Held by A-Smart Commerce Pte. Ltd.. Disclosed ordinary-share percentages are Group interest and non-controlling interest, not an invented immediate ownership calculation. The corporate-structure diagram on physical page 5 labels this subsidiary 79%, whereas audited Note 6 shows 100% in both years with no NCI. This schedule follows Note 6 and retains the diagram discrepancy explicitly.PDF p. 1202025-07-31 | Singapore; Group 2025 100%, 2024 100%; non-controlling 2025 -, 2024 -; Selling, leasing, servicing and maintaining green technology systems as part of smart city solutions | |
| Timor Marina Square S.A.Held by A-Smart Property Holdings Pte. Ltd.. Disclosed ordinary-share percentages are Group interest and non-controlling interest, not an invented immediate ownership calculation. At the report date, piling/foundation completed and construction reached the fifth floor.PDF p. 1202025-07-31 | Timor-Leste; Group 2025 79%, 2024 79%; non-controlling 2025 21%, 2024 21%; Property development in Timor-Leste | |
| Timor City Square S.A.Held by A-Smart Property Holdings Pte. Ltd.. Disclosed ordinary-share percentages are Group interest and non-controlling interest, not an invented immediate ownership calculation. Yet to commence operations at the report date.PDF p. 1202025-07-31 | Timor-Leste; Group 2025 79%, 2024 79%; non-controlling 2025 21%, 2024 21%; Property development in Timor-Leste | |
| Sheng Siong (China) Supermarket Co., LtdSignificant influence through Board representation despite 10% ownership; classified as an associate, not a consolidated subsidiary. Group carrying amount is 795 thousand; the associate’s full net assets are separately disclosed.PDF p. 1222025-07-31 | People’s Republic of China; 10% in 2025 and 2024; supermarket operations | |
| Timor subsidiary interest increasesAcquired 8 February 2023. Announcement heading refers to an additional 10%, while its body separately states 19% for City Square; the two changes are retained as stated in the body.PDF p. 12023-02-08 | Timor Marina Square S.A. additional 10%; Timor City Square S.A. additional 19%; both reach 79% | |
Ownership interests and geographic information follow the annual report. Comparative years and footnote markers retain the report’s notation.
Senior executives
| Item | Value | Period / scope | Source |
|---|---|---|---|
| RONNIE YO | Group Financial Controller, A-Smart Holdings Ltd | PDF p. 18 | |
| FOONG SOW PENG | Operations Director, Xpress Print Pte Ltd | PDF p. 18 | |
| RIDUWAN ZHANG | General Manager, Financial Research, Xpress Print Pte Ltd | PDF p. 18 | |
| BRANDON NG | Senior Manager, IT Infrastructure & Human Resource, Xpress Print Pte Ltd | PDF p. 18 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Related parties, people & properties
| Item | Value | Period / scope | Source |
|---|---|---|---|
| INTERESTED PERSON TRANSACTIONS | There were no IPT between the Company and any of its interested persons | Group, FY2025 | PDF p. 68 |
| Interest receivable – Related party(b) | 324 S$'000 | Group, 2025 (2024: 276) | PDF p. 126 |
| Amount held in trust by a director(c) | 688 S$'000 | Group and Company, 2025 (2024: 688) | PDF p. 126 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Contingent liability relating to associated company | There are no contingent liability relating to the Group’s interest in the associated company. | Group | PDF p. 122 |
| - Capital contribution to an associated company (Note 11(c)) | 688 S$'000 | Group, 2025 (2024: 688) | PDF p. 141 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Lim Huan Chiang | 405,000 S$'000 as printed in header (values appear to be in S$) | FY2025, received from Company and subsidiaries | PDF p. 59 |
| Sam Chong Keen | 19,008 S$'000 as printed in header (values appear to be in S$) | FY2025, directors' fee | PDF p. 59 |
| Darlington Tseng Te-Lin | 19,008 S$'000 as printed in header (values appear to be in S$) | FY2025, directors' fee | PDF p. 59 |
| Loo Kenneth | 22,464 S$'000 as printed in header (values appear to be in S$) | FY2025, directors' fee | PDF p. 59 |
| Lam Kwong Fai(2) | 22,294 S$'000 as printed in header (values appear to be in S$) | FY2025, directors' fee | PDF p. 59 |
| Chu Hongtao(1) | 4,943 S$'000 as printed in header (values appear to be in S$) | FY2025, directors' fee | PDF p. 59 |
| Directors’ fees: Directors of the Company - Current financial year | 88 S$'000 | Group, 2025 (2024: 88) | PDF p. 136 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| TIMOR MARINA SQUARE | occupies a 3,204 square meter freehold site along the coastal stretch of Lecidere in Dili | Group, 79% held | PDF p. 23 |
| TIMOR CITY SQUARE | holds a 99-year leasehold Surface Rights over the site | Group, 79% held | PDF p. 23 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Amount held in trust by a director(c) | the Group has repatriated the full amount from China subsequent to the financial year end on 5 August 2025. | Group · As at 2025-08-05 | PDF p. 126 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Corporate information
