Untitled Document

On 19 September 2003, the Board of Directors of Inno-Pacific Holdings Ltd (the "Company") announced that the Company has entered into a sale and purchase agreement to acquire 204,051 ordinary shares of $1.00 each representing 51% of the issued and paid-up share capital of RR Industrial Packaging & Design Services Pte Ltd ("RR Industrial") from Lim Cheng Yong (the "Vendor").

The total consideration for the acquisition of $3,000,000 was arrived on the basis that the prospective net profit after tax of RR Industrial, warranted and guaranteed by the Vendor, will not be less than $1,200,000 for a continuous period of 12 months (the "Warranty Period"). The Warranty Period shall commence from any date after 7 March 2003 (being the date of incorporation of RR Industrial) as the Company may determine for a continuous period of 12 months but shall not end later than 31 December 2004. The total consideration of $3,000,000 will be satisfied by the allotment and issuance of 60 million new ordinary shares of $0.01 each ("Consideration Shares") to the Vendor. The Consideration Shares will represent approximately 14.4% of the existing issued share capital of the Company.

In the event that the net profit after tax of RR Industrial for the Warranty Period is less than $1,200,000, the Company may, with the consent of the Vendor, either elect to require the Vendor to pay the shortfall to RR Industrial or adjust downwards the Consideration Shares (the "Adjusted Consideration Shares") accordingly.

The Company will allot and issue the Consideration Shares or the Adjusted Consideration Shares, as the case may be, to the Vendor within 30 days from the date on which the audit of the financial statements of RR Industrial is completed.

The Consideration Shares or Adjusted Consideration Shares, as the case may be, shall rank pari passu in all respects with the existing shares of the Company as at the date of their issue.

The Board is pleased to announce that the Singapore Exchange Securities Trading Limited ("SGX-ST") has given its in-principle approval for the Company's application for the listing and quotation of the Consideration Shares. The in-principle approval of the SGX-ST is not to be taken as an indication of the merits of the acquisition, the Consideration Shares, the Company or its subsidiaries.

BY ORDER OF THE BOARD
INNO-PACIFIC HOLDINGS LTD

Lee Koh Sing (Ms)
Company Secretary


Acquisition of shares in RR Industrial Packaging & Design Services Pte Ltd
9 Oct, 2003


On 19 September 2003, the Board of Directors of Inno-Pacific Holdings Ltd (the "Company") announced that the Company has entered into a sale and purchase agreement to acquire 204,051 ordinary shares of $1.00 each representing 51% of the issued and paid-up share capital of RR Industrial Packaging & Design Services Pte Ltd ("RR Industrial") from Lim Cheng Yong (the "Vendor"). The total consideration for the acquisition of $3,000,000 was arrived on the basis that the prospective net profit after tax of RR Industrial, warranted and guaranteed by the Vendor, will not be less than $1,200,000 for a continuous period of 12 months (the "Warranty Period"). The Warranty Period shall commence from any date after 7 March 2003 (being the date of incorporation of RR Industrial) as the Company may determine for a continuous period of 12 months but shall not end later than 31 December 2004. The total consideration of $3,000,000 will be satisfied by the allotment and issuance of 60 million new ordinary shares of $0.01 each ("Consideration Shares") to the Vendor. The Consideration Shares will represent approximately 14.4% of the existing issued share capital of the Company. In the event that the net profit after tax of RR Industrial for the Warranty Period is less than $1,200,000, the Company may, with the consent of the Vendor, either elect to require the Vendor to pay the shortfall to RR Industrial or adjust downwards the Consideration Shares (the "Adjusted Consideration Shares") accordingly. The Company will allot and issue the Consideration Shares or the Adjusted Consideration Shares, as the case may be, to the Vendor within 30 days from the date on which the audit of the financial statements of RR Industrial is completed. The Consideration Shares or Adjusted Consideration Shares, as the case may be, shall rank pari passu in all respects with the existing shares of the Company as at the date of their issue. The Board is pleased to announce that the Singapore Exchange Securities Trading Limited ("SGX-ST") has given its in-principle approval for the Company's application for the listing and quotation of the Consideration Shares. The in-principle approval of the SGX-ST is not to be taken as an indication of the merits of the acquisition, the Consideration Shares, the Company or its subsidiaries. BY ORDER OF THE BOARD INNO-PACIFIC HOLDINGS LTD Lee Koh Sing (Ms) Company Secretary