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Increase In Investment In Megachem Manufacturing Pte. Ltd.

The Board of Directors of Megachem Limited (the "Company") wishes to announce that the Company has increased its investment in the capital of Megachem Manufacturing Pte. Ltd., a wholly-owned subsidiary of the Company, from S$200,000 to S$1,200,000 by subscribing to an additional 1,000,000 shares of S$1.00 each at par on 13 February 2004.

The total subscription price of S$1,000,000 was satisfied by capitalisation of part of the amount due from Megachem Manufacturing Pte. Ltd. to the Company and a cash injection of S$531,723 by the Company. The abovementioned cash injection was funded by internal resources and is not expected to have any material impact on earnings per share and net tangible assets per share of the Group for the financial year ending 31 December 2004.

None of the directors of the Company has any interest, direct or indirect, in the above transaction, save through their respective shareholdings in the Company. The Company did not receive any notification from any of its controlling shareholders that they have any direct or indirect interest in the above transaction.