Singapore, 7 April 2004 - Further to the Company's announcement dated 29 February 2004 on the above matter, the Directors of the Company wish to announce that the Company has since made an application to the Singapore Exchange Securities Trading Limited (the "SGX-ST") for the listing of and quotation for the Bonus Shares on the Main Board of the SGX-ST.

The Directors of the Company are pleased to announce that the SGX-ST has, on 7 April 2004, given its in-principle approval for the listing of and quotation for the Bonus Shares on the Main Board of the SGX-ST.

The Bonus Issue is subject to the approval of the shareholders of the Company at the forthcoming Annual General Meeting. An appendix setting out the terms of the proposed Bonus Issue will be despatched to the Shareholders together with the Annual Report 2003 in due course.

The in-principle approval granted by the SGX-ST is not to be taken as an indication of the merits of the Company, its subsidiaries, its securities or the Bonus Issue.

Notice of Books Closure

Notice is hereby given that the Register of Members and Transfer Books of the Company will be closed on 10 May 2004 (the "Books Closure Date"), for the purpose of preparing the dividend warrant and determining Shareholders' entitlements to the Bonus Shares. Shareholders should note that the issue of any Bonus Shares is subject to, and contingent upon, Shareholders' approval being received for the Bonus Issue at the AGM.

Holders of Shares (who are Depositors) whose Securities Accounts are credited with Shares as at 5.00 p.m. on the Books Closure Date will be allocated the relevant number of Bonus Shares (rounded down to the nearest whole Bonus Share) based on the number of Shares standing to the credit of their Securities Accounts as at 5.00 p.m. on the Books Closure Date.

Persons who are registered in the Register of Members of the Company as at 5.00 p.m. on the Books Closure Date will be allocated the relevant number of Bonus Shares (rounded down to the nearest whole Bonus Share) based on the number of Shares registered in their names as at 5.00 p.m. on the Books Closure Date.


By order of the Board



Adrian Chang,
Company Secretary