Approval In-Principle For The Listing And Quotation Of New Ordinary Shares

We refer to our announcement dated 16 March 2004 relating to the proposed acquisition (the "Acquisition") of (a) the entire issued and fully paid-up shares in the capital of PT GP Technology Bintan and (b) certain assets of German Plastic Technology Pte Ltd used in the plastic injection moulding business for a consideration of S$900,000. Part of this consideration is to be satisfied by the Company issuing and allotting 1,440,000 new ordinary shares of S$0.15 each (the"New Shares") in the capital of the Company. The New Shares represent approximately 0.45% of the existing issued and paid-up share capital of the Company as at the date hereof.

The Board of Directors of the Company is pleased to announce that the Singapore Exchange Securities Trading Limited ("SGX-ST") has given its in-principle approval to the Company for the listing and quotation of the New Shares to be issued pursuant to the Acquisition.

The in-principle approval granted by SGX-ST for the listing and quotation of the New Shares is not an indication of the merits of the Acquisition.