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The Directors of Poh Tiong Choon Logistics Limited (the "Company") are pleased to announce that the Company has through its wholly-owned subsidiary PTC Express Pte Ltd ("PTC Express") succeeded in its tender for the State Lease of the Land Parcel, known as Land Parcel 681 at Tuas Bay Drive/Tuas South Avenue 3 (the "Industrial Land"). The Industrial Land, with a lease tenure of 60 years, has a land area of 36,841.6 sq m (396,559.3 sq ft). The site is zoned Business 2 with a maximum permissible gross plot ratio of 1.0. The tendered sale price for the site is S$9.09 million.

The tender bid was submitted jointly by PTC Express and a non-related co-investor, Hua Siah Construction ("HSC"). PTC Express will have a 82% state in the Industrial Land with the remaining 18% held by HSC.

Subject to the Company obtaining all the neccessary approvals from the relevant authorities, it intends to develop the Industrial Land into 39 units of terrace industrial building. The land acquisition and development cost of this project will be funded by the Group's internal resources and bank borrowings.

The land acquisition is not expected to have any material effect on the net tangible assets per share and earnings per share of the Group for the financial year ended 31 Devember 2006.

The relative percentage under Rule 1006(c) of the Listing Manual relating to the land acquisition does not exceed 20%. Rule 1006(a), (b) and (d) are not applicable.

None of the directors or controlling shareholders of the Company has any interest, direct or indirect in the acquisition.

By Order of the Board

Poh Khim Hong (Ms)
Financial Director

6 February 2007