Elektromotive Group Limited

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    Announcement - Capital Reduction

    BackDec 30, 2002

    Further to our announcement made on 13 December 2002, wherein we have announced inter alia, that Panpac Media Group Limited (the "Company") would be seeking confirmation of the High Court for a capital reduction, the Board of Directors of the Company is now pleased to announce that the grant of the order of the High Court confirming the capital reduction of the Company (the "Court Order") has been obtained on 13 December 2002 and a copy of the Court Order has been lodged with the Singapore Registrar of Companies and Businesses on 27 December 2002. Accordingly, the Company's said capital reduction is now complete and effective.