News

Annual Report For The Financial Year Ended 31 December 2000 (The "Annual Report")

With reference to the Annual Report, the Company is pleased to make the following clarifications:

1. Foreign Subsidiaries and Associate (Pages 40 & 41)

Our foreign subsidiaries and associate which were audited by other auditors are not considered significant as defined under Clause 902B(5) of the Listing Manual.

2. Information on Substantial Shareholders

Substantial Shareholders as at 19 April 2001
(as shown in the Register of Substantial Shareholders)

	Direct Interest	Deemed Interest
Qian Hu Holdings Pte Ltd	27,515,790	-
Yap Kim Lee, Kenny	4,270,550	-
Yap Ah Seng, Alvin	4,719,600	30,000 (1)
Yap Ah Siong, Andy	4,719,600	30,000 (2)
Yap Hock Huat	4,719,600	20,000 (3)
Yap Ping Heng	4,719,600	10,000 (4)
Yap Kim Choon	4,719,600	-
Yap Kim Chuan	4,719,600	-

Notes:

3. Related Party Information (Page 50)

The sum of $70,000 reflected as "Fees paid to a firm of which a director is a member"

This sum was paid to a law firm (which our Independent Director, Mr Robson Lee Teck Leng, is a partner) for legal services rendered in connection with the Placement of our Company's shares, details of which had been disclosed on pages 69 and 115 of our Company's Prospectus dated 28 October 2000.

The sum of $25,000 reflected as "Consultation fee paid to a company in which a director has substantial interest"

This sum was paid to a company (which our Independent Director, Mr Chang Weng Leong, has substantial interest) for consultancy services rendered, details of which had been disclosed on pages 69, 83 and 115 of our Company's Prospectus dated 28 October 2000.

The sum of $2,196,977 reflected as "Purchase consideration paid to certain directors of the Company and affiliated parties/company for assuming the assets, undertakings and business of the various partnerships/sole proprietorships"

This sum was paid as part of the restructuring exercise of our Group, undertaken in connection with the Placement of our Company's shares, details of which had been disclosed on page 33 of our Company's Prospectus dated 28 October 2000.

The above transactions do not fall within the ambit of Chapter 9A of the Listing Manual. In any event, the amount of the respective payments made fall below Threshold 1 as defined in Chapter 9A of the Listing Manual.