The Company was incorporated on 9 October 1965 as a private company. It acquired public status on 5 June 1968. For 24 years, the Company had been making refrigerators and air-conditioners. With rising costs and the removal of duty protection, the Company phased out manufacturing of refrigerators and air-conditioners in 1990. In 1990, the Lityan group did a reverse takeover of the loss-making Group. The Company's name was changed from Acma Electrical Industries Ltd to Acma Ltd on 1 August 1990.Since 1987, it has also been developing business in Russia. It owns the Moscow franchises for Delifrance, KFC, Pizza Hut and Haagen Dazs. It made forays into the USA market with the acquisition of 62 percent of chipmarker Paradigm Inc in 1994 and the purchase of 28 percent share in Hayes Microcomputer Products Inc in 1996. However, Hayes plunged into bankruptcy in 1998 In 1998, its 70 percent-owned Enersave Hldgs was listed on the SGX-ST. Since 1994, the Group has been building up its plastics tooling and injection molding operations. It has 8 plastics factories around world under the Acot division.The principal activities of the Company are those of investment holding and contract works. Chairman's Statement