PRIVATE EQUITY INVESTMENTS FASTECH SYNERGY LTD The company Fastech's products and services include a range of packages using the ‘pin-through-hole’ (PTH) and ‘surface-mounted’ (SMT) technologies, printed board assemblies using a mixed PTH and SMT technology and testing services. Fastech also manufactures Surface Acoustic Wave filter devices used in wireless telecommunications. Fastech leads in the fast growing Philippine electronics industry.  All of Fastech’s products are exported to Europe, Asia and the US, and thus Fastech was unaffected by the Asian crisis and actually benefited from the Peso’s depreciation.  Fastech has experienced impressive growth in recent years with  EBITDA and Net Income rising at an average annual rate of 78% and 136% respectively between 1995 and 1998.  www.fastechsynergy.com

On November 3, 1997, NCP invested on behalf of PDICL PhP 180 million (US$ 5.2 million), to acquire a 13.34% equity stake in First Asia Systems Technology Inc. (“Fastech”). The investment translates to a 1999 Price/Earnings multiple of 10.4 times and 1999 Enterprise Value/EBITDA multiple of 4 times (ex-IPO). 

Fastech Synergy Ltd (Bloomberg: FAST SP), a newly incorporated Bermuda holding company, was successfully listed on the Stock Exchange of Singapore on 29 September 1999. The offering was priced at 15.7 times prospective 1999 earnings. FSL closed at US$0.60 last June 30, 2000, rising 82% from its IPO price of US$0.33 – translating to 25 times 1999 earnings or 16.5 times Price to prospective 2000 earnings.

The future

To further its growth and competitiveness, Fastech aims to establish itself as an assembly house for discrete products which are not prone to the volatility of other computer-related products, to be a cost leader in contract assembly and, in the long term, to be a more integrated company in the electronics industry. 

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