Purchase of Shares in Vine Graphic Pte Ltd

The Board of Directors of Times Publishing Ltd (the "Company") is pleased to announce that its wholly-owned subsidiary, Times Printers Private Limited, has, yesterday evening, completed the purchase of 500,000 shares of $1 each comprising all the issued share capital of Vine Graphic Pte Ltd ("Vine") for a consideration of S$620,000, payable in cash.

Vine is engaged in the business of printing, converting and finishing of packaging, instructional manuals and CD sleeves, and operates from rented factory premises in Kallang.

The acquisition will give the Group access to a segment of the printing market in Singapore in which it is not previously represented, and enable it to utilise Vine's capability and expertise in packaging printing to support its expansion into packaging printing in the region.

The consideration was arrived at on a willing buyer willing seller basis, taking account of the net tangible asset value of Vine's shares. It will be met out of the Group's cash reserves.

This transaction is not expected to have any material impact on the earnings per share and net tangible asset value of the Company or the Group in the current financial year ending 30 September 2002.

None of the Directors or substantial shareholders of the Company has any interest, directly or indirectly, in the transaction.

By Order Of The Board
Anthony Cheong Fook Seng
Company Secretary

Singapore, 2 October 2001

Submitted by Anthony Cheong Fook Seng, Company Secretary on 02/10/2001 to the SGX