Termination Of The Proposed Acquisition Of 49% Of The Issued And Paid-Up Share Capital Of Aasia Steel Factory Co. Ltd From Yongnam Private Limited

Further to the approval granted by the shareholders of the Company at the Extraordinary General Meeting held on 29 April 2008 on the proposed acquisition of 49% of the issued and paid-up share capital of Aasia Steel Factory Co. Ltd, a company incorporated in Saudi Arabia, comprising 2,450 shares of SAR 1,000 each for the total consideration of approximately S$1,036,608 (the equivalent of SAR 2,450,000) from Yongnam Private Limited, the Board of Directors of the Company wishes to announce that the proposed acquisition has been terminated due to certain conditions precedent of the acquisition have not been fulfilled.

BY ORDER OF THE BOARD

SEOW SOON YONG
Chief Executive Officer
15 April 2009