Untitled Document

Further to the announcements of 19 September and 9 October, 2003, the Board of Directors of Inno-Pacific Holdings Ltd (the "Company") is pleased to announce that completion of the acquisition took place today.

On 19 September 2003, the Company announced that it had entered into a sale and purchase agreement to acquire 204,051 ordinary shares of $1.00 each ("Sale Shares"), representing 51% of the issued and paid-up share capital of RR Industrial Packaging & Design Services Pte Ltd ("RR Industrial"), from Mr. 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"), which 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 in the Company ("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.

On 9 October 2003, the Company had 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 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.

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 Company will make an announcement when the Consideration Shares or the Adjusted Consideration Shares, as the case may be, are allotted and issued to the Vendor as well as the listing and quotation of the Consideration Shares or Adjusted Consideration Shares, as the case may be on the SGX-ST.

Completion of the acquisition of shares in RR Industrial Packaging & Design Services Pte Ltd
23 Oct, 2003


Further to the announcements of 19 September and 9 October, 2003, the Board of Directors of Inno-Pacific Holdings Ltd (the "Company") is pleased to announce that completion of the acquisition took place today. On 19 September 2003, the Company announced that it had entered into a sale and purchase agreement to acquire 204,051 ordinary shares of $1.00 each ("Sale Shares"), representing 51% of the issued and paid-up share capital of RR Industrial Packaging & Design Services Pte Ltd ("RR Industrial"), from Mr. 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"), which 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 in the Company ("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. On 9 October 2003, the Company had 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 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. 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 Company will make an announcement when the Consideration Shares or the Adjusted Consideration Shares, as the case may be, are allotted and issued to the Vendor as well as the listing and quotation of the Consideration Shares or Adjusted Consideration Shares, as the case may be on the SGX-ST.