Approval in Principle for the Listing of and Quotation for New Ordinary Shares to be issued pursuant to the proposed acquisition of the entire issued and paid up share capital of Pacific Plastics Pte Ltd ("the Acquisition")

Pursuant to our announcement on 8 November 2002 regarding the Acquisition, the Company is pleased to announce that it had on 3 December 2002 obtained the approval in-principle of the Singapore Exchange Securities Trading Limited for the listing and quotation of 28,708,133 new ordinary shares of S$0.10 each in the capital of the Company, which forms part of the consideration for the Acquisition.

Submitted by Tay Peng Huat, Company Secretary on 03/12/2002 to the SGX.