Acquisition of TransQuest Asia Publishers Pte Ltd

Acquisition of TransQuest Asia Publishers Pte Ltd by STP Distributors Private Limited

In accordance with Clause 704(15)(c) of the Listing Manual, we are pleased to announce that the Companyaas wholly-owned subsidiary, Times Publishing Limited through its wholly-owned subsidiary, STP Distributors Private Limited (the "Purchaser"), has entered into an agreement to acquire all the issued share capital of TransQuest Asia Publishers Pte Ltd ("TransQuest"). Completion is expected to take place within the month. The principal activity of TransQuest is the distribution of computer, technology and academic books in South East Asia.

The business and undertaking of TransQuest will be transferred to the Purchaser after completion of the acquisition.

The total consideration was S$1.4 milion, arrived at through negotiation on a willing buyer, will seller basis, taking into account the net asset value of TransQuest. The consideration will be met from internal resources.

The transaction is not expected to have any material effect on the net tangible asset per share or earnings per share of the Company for the current financial year.

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

Submitted by I A MacLean, Director/Company Secretary on 8/7/2002 to the SGX