Investor Relations - News

Acquisition Of Shares In Subsidiary Company

The Board of Directors of MTQ Corporation Limited (the "Company" or "MTQ") is pleased to announce that the Company has on 20 July 2004 and 2 August 2004 acquired 84,800 and 69,440 ordinary shares of S$1.00 each respectively, in the issued and paid up share capital of its subsidiary, MTQ Subsea Technology Pte Ltd ("MTQ Subsea") from 2 of MTQ Subsea's shareholders for a total cash consideration of S$69,408. The price of S$0.45 per share was arrived at on a "willing buyer and willing seller" basis.

The net tangible assets backing per share of MTQ Subsea as at 31 March 2004 was approximately S$0.45.

The acquisition has been funded from MTQ's internal resources.

As a result of the acquisition, the Company's interest in the issued and paid up share capital of MTQ Subsea has increased from 75% to 77.51%.

The transaction is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of MTQ for the current financial year.

Save as disclosed above, none of the directors or substantial shareholders of MTQ have any interest, direct or indirect, in the transaction.


BY ORDER OF THE BOARD
MTQ CORPORATION LIMITED