Announcements & News Releases

Bonus Issue Of Up To 65, 472, 573 New Ordinary Share Of S$0.05 Each In The Capital Of The Company On The Basis Of One (1) Bonus Share For Every Four (4) Existing Ordinary Shares Held

Oct 07, 2003

On 28 August 2003, the Company announced that its Board of Directors had proposed a bonus issue (the "Bonus Issue") of up to 65,472,573 new ordinary shares of S$0.05 each (the "Bonus Shares") on the basis of one (1) new ordinary share of S$0.05 each (the "Shares") credited as fully paid for every four (4) existing Shares held in the capital of the Company. Fractional entitlements will not be allotted but will be disposed of in such manner as the Directors in their absolute discretion deem fit for the benefit of the Company.

The Bonus Issue is subject to:

1) the approval of the Singapore Exchange Securities Trading Limited (the "SGX-ST") for the listing and quotation of the Bonus Shares on the official list of the Singapore Exchange Securities Trading Limited Dealing and Automated Quotation System; and

2) shareholders' approval by way of an ordinary resolution at an extraordinary general meeting to be convened.

The Board of Directors of the Company is pleased to announce that the SGX-ST has today granted its in-principle approval for the Bonus Issue and the listing and quotation of the Bonus Shares. The in-principle approval from the SGX-ST is not an indication of the merits of the Bonus Issue.

A Circular to shareholders to obtain approval for, inter alia, the Bonus Issue, will be despatched to shareholders in due course.

By Order of the Board

Lim Kim Seng
Company Secretary

Submitted by Lim Kim Seng, Company Secretary on 07/10/2003 to the SGX