Sponsors              Singapore’s NewSat backer gets seat at the board High-profile Singapore businessman and property developer Ching Chiat Kwong has been rewarded for his investment in NewSat's Jabiru-1 project with a seat on the company's board. Ching is the executive chairman and CEO of Oxley Holding, a company with a market capitalisation in excess of $1 billion and known for its so-called “shoebox apartments” in Singapore. Singapore investors were believed to be a key funding source in NewSat’s raising of US$30 million in mezzanine debt that helped get its overall funding package approved. As well as Ching, fellow Singaporean businessman and friend Bryan Yap, who heads up Daun Consulting, invested in the project. The US$30 million mezzanine debt combined with a share placement that raised a further $105 million and was a condition in NewSat getting around US$380 million from US Ex-Im Bank and France's COFACE financing facility. Ching was announced as a non-executive director, effective immediately. NewSat acknowledged that he had played “an integral role” in the company's recent growth, both as a significant investor and advisor. “Recognised as one of Singapore’s leading businessmen, Mr Ching has extensive executive experience across sales, marketing, finance and operations throughout Asia. With considerable expertise in leading and managing private and listed companies, Mr Ching will be a welcome addition to NewSat’s board of directors,” said NewSat chairman Richard Green. Geoff Long, CommsDay