Elektromotive Group Limited

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    Reply To SGX Query

    BackMay 22, 2002

    We refer to our announcement dated 21 May 2002 entitled "Investment by Strategic Investor In Panpac's Subsidiary - Innovatif Media Asia Sdn Bhd". The SGX-ST has today requested for clarification as to the financial effect of the investment on the earnings and net assets of the Company for the current financial year.

    In response thereto, the Directors of the Company hereby wishes to clarify that the RM1.25 million (S$598,000) gain (as disclosed in the said announcement of 21 May 2002) will improve the earnings and net assets of the Company for the current financial year. Based on 31 December 2001 audited accounts, the number of shares issued was 220,212,000 shares. Accordingly, the earnings per share and net assets per share will be improved by 0.27cents.