Increase in Shareholding in Fung Choi Printing and Packaging Group Limited ("Fung Choi")

Pursuant to Rule 704(15)(d) of the Listing Manual, the Company announces that its wholly-owned subsidiary, F&N Investments Pte Ltd (" F&NI ") has increased its shareholding in its associated company Fung Choi from 25.92% to 27.14%, through the acquisition of 5,170,000 shares of Fung Choi in the open market (" Acquisition "). The shares of Fung Choi are listed and traded on the Singapore Exchange Securities Trading Ltd.

The consideration for the Acquisition is approximately $1,929,000 payable in cash and arrived at on a willing buyer and willing seller basis.

The Acquisition is not expected to have a material effect on the net tangible assets per share or earnings per share of the Company or the Group for the current financial year.

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

Submitted by Anthony Cheong, Group Company Secretary on 24 May 2005.