On 30 May 2003, the Board of Directors of Inno-Pacific Holdings Ltd (the "Company") announced that the Company had entered into a Conditional Placement Agreement (the "Placement Agreement") with Kim Eng Ong Asia Securities Pte Ltd (the "Placement Agent") pursuant to which the Placement Agent has agreed to procure subscriptions on a best endeavour basis for up to 69,450,000 new ordinary shares of $0.01 each in the capital of the Company (the "Placement Shares") at the price of $0.033 per Placement Share.

On 10 June 2003, the Board announced that the Singapore Exchange Securities Trading Limited ("SGX-ST") had given its in-principle approval for the Company's application for the listing and quotation of the Placement Shares. The in-principle approval of the SGX-ST is not an indication of the merits of the Company, its subsidiaries, the placement or the Placement Shares.

The Board is pleased to announce that completion of the Placement Agreement has taken place today. The Placement Shares have all been placed out by the Placement Agent.

Listing and quotation of the Placement Shares on the SGX-ST is expected to take place on 23 June 2003.

BY ORDER OF THE BOARD
INNO-PACIFIC HOLDINGS LTD