EAC acquires two Indian businesses within moving & relocation

EAC Moving & Relocation Services (Santa Fe Holdings Ltd.) has entered into an
agreement to acquire 70 per cent of the shares in two Indian companies, IR
Moving Concepts Pvt. Ltd. and IKAN Relocation Services Pvt. Ltd. with a total
of 137 employees located in six cities. The remaining share holdings will be
held by key management in the two companies. Santa Fe Holdings Ltd. has an
option to purchase the remaining shares after three years. The parties have
agreed not to disclose the purchase price. 

The two businesses are experiencing strong growth and in the latest audited
financial year (ending 31.03.2008) they are expected to increase revenue by
approx. 20 per cent to USD 5.3m. Santa Fe expects that the businesses can
sustain strong double-digit growth going for-ward based on a growing Indian GDP
and continued investments into the country from inter-national corporations
that are relocating still more employees. 

The two businesses are co-operating closely and are associated through partly
common own-ership. From the six important cities, New Delhi, Mumbai, Bangalore,
Hyderabad, Chennai and Pune, the businesses offer international and domestic
moving and value-added services to relocated employees in international
corporations and institutions. The two companies are al-ready integrated into
Santa Fe's Pan-Asian network, offering among others value-added relo-cation
services. These high-margin services include immigration, visa, work permits,
home and school search, language and cross culture training, maid services and
a number of other services to help the relocated employees and their families
settling in. 

The businesses' EBIT margin of 25 per cent reflects their reputation for high
quality and effi-ciency in an Indian relocation market still relatively
immature. 

The transaction is scheduled to complete in January 2008, and as such will have
no impact on the results for 2007. 
The acquisition is the latest initiative in EAC Moving & Relocation Services'
expansion within relocation services. In the first quarter of 2007, the
business entered into Korea with a fully licensed office in Seoul. In Vietnam,
EAC Moving & Relocation Services acquired its partner, the country's leading
supplier HR2B with 32 relocation specialists and fully estab-lished moving
operations in Ho Chi Minh City and Hanoi. Most recently, EAC Moving &
Re-location Services set up operations in Taiwan in June 2007. In India, the
business has its first own employees stationed with multinational clients and
these activities will now be integrated into the acquired businesses. Following
the expansion, EAC Moving & Relocation Services offer relocation services from
own offices in 36 cities across 13 countries and territories :Hong Kong, Macau,
Singapore, Thailand, China, Japan, Indonesia, Malaysia, the Philippines, Korea,
Vietnam, India and Taiwan. Other Asian markets are covered by partners. The
Pan-Asian coverage is crucial to meet the growing demand from international
corporations expect-ing total solutions for their relocated employees across
Asia. 

The geographical expansion of Santa Fe's other core service, records
management, offering management of physical and on-line records for
corporations and organisations, will also con-tinue. During H1 2007, the
activity was expanded to Singapore and Malaysia, supplementing the operations
in Hong Kong, Beijing, Shanghai, Guangzhou, Macau, Jakarta and Manila. Further
geographical expansion is under preparation. 


Yours faithfully,

The East Asiatic Company Ltd. A/S
(A/S Det Østasiatiske Kompagni)






For additional information, please contact:
 
President & CEO Niels Henrik Jensen +65 6213 9002, +65 9758 2294 (mobil) ,
nhj@eac.com.sg 
Group CFO Michael Østerlund Madsen, +65 6213 9015, +65 9785 5334 (mobile),
michael.om@eac.com.sg 
www.eac.dk

This English version is provided for convenience only and in case of
discrepancy the Danish version shall pre-vail.