Change Of Tax Rate

The Board of Directors ("the Board") of HG Metal Manufacturing Limited ("the Company") refers to the 2004 Budget announced on 27 Febraury 2004, in which the corporate tax rate was reduced from 22% to 20%.

In view of the reduction in the corporate tax rate, the Board wishes to announce that the tax rate of the first & final dividend for the financial year ended 31.10.2003 to be changed to 20%. The detailed information is as follow:

Dividend Rate 1 cent or 5% per ordinary shares ( net of tax )
Par Value Of Shares S$0.20
Tax Rate 20.0%
Dividend Type Cash

The first & final dividend was approved by the Annual General Meeting of the Company held on 27 February 2004 and will be paid on 17 March 2004.