• A 51% owned subsidiary, International Factors (Marine) Singapore Pte. Ltd. (“IFM”) was incorporated to specialize in the financing of the marine industry in Singapore.

• IFS hosted the International Factors Group Chairmen’s Meeting held for the first time in Singapore. 

• Assets and staff were transferred to IFS from Export Credit Insurance Corporation of Singapore Ltd.  IFS acquired the Inno-Pacific Building in the CBD area and renamed it International Factors Building.  Business activities were broadened to include venture capital financing and investment.  IFM undertook its first step into ship leasing of a new bunkering tanker.

• The Group achieved a record high factoring volume of $752 million and was the leading factoring house in Singapore in 1990.

• IFS converted its status to a public company and made its first offer of stock options to all eligible employees under a Stock Option Scheme.  Regional joint ventures were established for factoring and financing business in Indonesia, Malaysia, Philippines and Thailand.

• Corporate restructuring activities undertaken included IFM becoming a wholly-owned subsidiary of IFS.  A scheme of arrangement was undertaken to transfer the International Factors Building to ECICS Property Ltd and certain entities in which IFS had shareholdings were distributed in-specie to its existing shareholders.  The restructuring was carried out to transform IFS into a leaner, more focused financial services company in preparation for a listing.

• On 22 July, IFS was listed on the Mainboard of the Singapore Exchange.

• IFM was renamed as International Factors Leasing Pte Ltd (“IFL”).

• IFS hosted the International Factors Group Annual General Meeting in 1994.

• IFS divested its shareholding in the Philippines joint venture due to corporate restructuring of its joint venture partner in 1995.  IFS established a joint venture in Vietnam to penetrate into the leasing and financing markets.

• IFS celebrated its 10th anniversary in 1997.

• 1997 saw the regional economic crisis resulting in the Group’s first full year loss in 1998.  The speedy recovery of Singapore and some of the Asean economies from the regional financial crisis saw the Group turning in improved results for 1999.

• As part of the continuing efforts to improve services to factoring clients in Singapore, IFS implemented the Client Enquiry Module which enabled clients to access their accounts and request for funds online.

• IFS sold its stake in the Vietnam joint venture in July 2000.

• Phillip Assets Pte.  Ltd.  became the largest shareholder of IFS after acquiring 28.94% shares from the substantial shareholder, ECICS Holdings Ltd (formerly known as Export Credit Insurance Corporation of Singapore Ltd).

• On 28 April, IFS acquired the credit insurance and guarantee business of ECICS Credit Insurance Ltd and ECICS Credit and Guarantee Company (Singapore) Ltd.  This acquisition was completed on 1 Dec 2003 and undertaken by its wholly-owned subsidiary, ECICS Limited.

• In November, Phillip Assets Pte. Ltd. increased its shareholdings from 28.94% to 39.81% after acquiring 10.87% shares from a substantial shareholder, Neptune Orient Lines Limited.

• The Business Development department and the Account Relationship department were combined to enhance business efficiency and client relationship management.  A new Credit Risk Management department and a Structured Finance unit were set up to focus on mezzanine financing as well as direct equity investments.

• IFS sold to its Malaysian partner its interest in PB International Factors Sdn.  Bhd. due to regulatory constraints.

• IFS reported a historical high profit after tax of S$8.1 million on significantly higher business volumes and a full year’s contribution from ECICS for the year.

• IFS acquired a 10% stake in Advance Finance Public Company Limited, a registered finance company in Thailand in June 2005 as part of its expansion plan in Thailand.

• In October, IFS increased its shareholding to 85% in its Indonesian associated company, PT. Niaga International Factors.  The company was renamed PT. International Factors Indonesia. 

• In November, IFL acquired IFS Ventures Private Limited and IFS Ventures 2 Limited resulting in them becoming wholly-owned subsidiaries.

• In December, IFL changed its name to IFS Capital Assets Private Limited reflecting its focus on mezzanine and direct private equity investment.

• A new corporate identity, “IFS Capital” was adopted to reflect the Group’s growing business diversity.  The company’s name was changed to IFS Capital Limited.

• In June, the Group re-started its operations in Malaysia by incorporating a subsidiary, IFS Capital (Malaysia) Sdn. Bhd. to provide financial services such as factoring, leasing and hire purchase.

• In July, IFS Capital Holdings (Thailand) Limited was incorporated as an associated company with 49% shareholding held by IFS.

• Phillip Assets Pte. Ltd. increased its shareholding in IFS to about 40%.

• IFS celebrated its 20th anniversary.

• In April, our Thai associate was converted into a public limited company and renamed as IFS Capital (Thailand) Public Company Limited.

• In May, IFS incorporated a subsidiary in Hong Kong to explore financing business there.

• In June, IFS’ Indonesian subsidiary changed its name to PT. IFS Capital Indonesia.

• In June, 20,714,586 Rights Issue Shares were issued by IFS and listed on the Singapore Exchange Securities Trading Limited.

• IFS launched a new business unit, Alternative Finance, to look into non-mainstream financing products and services.

• IFS reported a historical high profit after tax of S$12.9 million.

2009     Changes

• In April, our Thai associate IFS Capital Holdings (Thailand) Limited (“IFSCH”) became a wholly-owned subsidiary of the IFS Group. As such, the IFS Group’s effective interest in IFS Capital Thailand Public Company Limited (“IFST”) increased by 27.06% through IFSCH's shareholding of 49.2% in IFST. Together with IFS’ existing direct 49% shareholding in IFST, IFST became a 98.2% subsidiary of the IFS Group.