Placement Of Up To 18, 000, 000 New Ordinary Shares Of Par Value S$0.20 Each In The Capital Of HG Metal Manufacturing Ltd

The Board of Directors of HG Metal Manufacturing Limited (the "Company") wishes to announce that further to the Company's announcements in relation to the above captioned matter dated 19 April 2004, 20 April 2004 and 24 April 2004, the Company has completed the placement of 18,000,000 new ordinary shares of S$0.20 each in the capital of the Company (the "New Shares") at the placement price of S$0.3633 for each New Share today.

The New Shares are expected to be listed and quoted on the Official List of the Singapore Exchange Securities Trading Limited Dealing and Automated Quotation System ("SGX Sesdaq") with effect from 9.00 a.m., 29 April 2004.