Acquisition of Printing Plant in Melbourne, Australia

The Board of Directors of Times Publishing Ltd (the "Company") announces that Times Enterprises (Australia) Pty Limited ("TEA") a wholly owned subsidiary in Australia, has agreed to purchase land and buildings and the chattels located thereon, and printing and associated equipment and inventories situated in Melbourne, Australia, from the Joint Administrators of Diamond Press Holdings Pty Ltd and its related companies (collectively "DP"). At the same time, TEA has purchased two printing presses also similarly situated, from ABN Amro Australia Ltd.

The total consideration for assets and inventories will be about A$33.6 million, on a willing buyer willing seller basis. Of the consideration, A$21.0 million will be met from internal cash resources, while the balance will be financed through loans from financial institutions.

The acquisition presents an opportunity for the Group to expand operations in a core business for the first time in Australia. The Company has a network of plants which specialise in the printing of quality time-sensitive large volume publications. This new plant will be part of the Groupaas network of print sites in Asia and United Kingdom, and will strengthen the Groupaas capability in offering multi-site print services to international publishers. The transaction is not expected to have any material effect on the net tangible assets per share or earnings per share of the Company and Times Publishing Group for the current financial year.

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, 28 June 2001

Submitted by Anthony Cheong Fook Seng, Company Secretary on 28/06/2001 to the SGX