Singapore, 21 October 2003...The Monetary Authority of Singapore (MAS) today refused registration of Nagacorp's prospectus.

2   On 8 September 2003, MAS notified Nagacorp of its intention to refuse registration of the company's prospectus as it was of the opinion that it would not be in the public interest to do so.

3   Nagacorp was given the opportunity to make submissions to MAS as to why MAS should register the company's prospectus. Nagacorp submitted its representations to MAS on 29 September 2003.

4   MAS has considered Nagacorp's submissions carefully and is of the opinion that its earlier reservations have still not been adequately addressed. MAS has therefore decided to refuse registration of Nagacorp's prospectus.

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