Investor Relations - News

Completion Of Sale And Purchase Agreement

Further to the announcement made by the Directors of Metalock (Singapore) Limited (the "Company") on 19 July 2002, the Directors of the Company are pleased to announce as follows :

1. Dynamic Turbocharger Services (Australia) Pty Ltd ("Dynamic"), a wholly owned subsidiary of the Company has today completed its purchase of the business assets ("Assets") of R.M. Diesel Pty Ltd pursuant to the terms of the agreement dated 19 July 2002 made between RMD and Dynamic;

2. Out of the cash consideration of A$2,816,043, A$2,500,000 has been paid by Dynamic to RMD today; and

3. The balance of the cash consideration, after taking in account the results of a review of the stocks, adjustments for the net book value of the Assets as at completion as well as provisions for employee leave entitlements, will be paid by Dynamic to RMD on 8 August 2002.