GRAND BANKS YACHTS LIMITED

GRAND BANKS YACHTS LIMITED

Previous company name
GB HOLDINGS LIMITED
Name change date
7/14/2004
Company Overview
Grand Banks Yachts Limited is a Singapore-based investment holding company for subsidiaries engaged in the manufacture and marketing of luxury yachts worldwide. The company was founded as American Marine, Ltd. by Robert J. Newton and his sons, John and Whit in 1956. Its corporate headquarters is based in Singapore City, Singapore.
As investment holding enterprise, Grand Banks Yachts, holds the securities and other equity interests of its subsidiaries for the purpose of owning a controlling interest and influencing management decisions. In addition, it administers, oversees, and manages its enterprise and undertakes the strategic or organizational planning and decision making of its affiliates.
The company’s operating subsidiaries include GrandBanks Yachts Sdn. Bhd., based in Singapore, designs and manufactures sailboats and water crafts; Grand Banks Yachts Australia Pty Ltd., builds and trades diesel-powered cruisers; and Marina Yacht Services Pte Ltd, a privately held enterprise focusing in the provision of yacht repair and maintenance services.
Business Summary
GB Holdings Ltd is an investment holding company, with its subsidiary companies engaged in the: manufacture and sale of diesel-powered cruisers principally for export; manufacture of sailboats and watercrafts; provision of yacht repair and maintenance services; provision of promotional and technocal servoces; and purchase and sale of new and used yachts and boats.
Description and history
The Company was incorporated in Singapore in 1976 as an investment holding company specifically to acquire the whole of the issued share capital of American Marine from a Hong Kong company, which was liquidated in November 1977.

Both American Marine itself and the Hong Kong company were part of a group, which comprised various companies held by a Nevada corporation listed on Nasdaq, and were called American Marine Ltd (Nevada, USA).

The Company’s principal activities are that of investment holding. The business of the Group comprises building and marketing a range of high quality cruising motor yachts of traditional styling under the name of Grand Banks, the registered trademark of American Marine.

In 1993, it introduced the Eastbay range of express cruisers. The Eastbay merges the tradition of the Grand Banks craftsmanship with the world famous Raymond Hunt modified deep V-hull.

Among the marques that the Group represent are Princess from the United Kingdom, Riviera from Australia, and Viking from the USA.

Originally located in Jurong for 31 years, GB relocated its operations to its new factory in Loyang in 1999. Today, GB has a factory located in Loyang Crescent and a factory located in the state of Johor, Malaysia.

Supported by a total work force of 1090 employees in Singapore and Malaysia, the Group has an average annual production capacity of about 100 boats including the Grand Banks, the Eastbay, and Aleutian Class.

Founded as American Marine, Ltd. by Robert J. Newton and his sons, John and Whit

Business Line
Investment holding company for subsidiaries engaged in the manufacture and marketing of luxury yachts worldwide
Subsidiary
AMMARINE YACHT SALES PTE LTD
Advisor
KPMG LLP
IPO date
9/7/1987
US SIC Code
3732
Company Address
Liat Towers, Suite 18-01
541, Orchard Road
City province or state postal code
238881, SINGAPORE
Phone: +65 6545 2929
Fax: +65 6733 1527
Country address: SINGAPORE
Website url: www.grandbanks.com