Singapore, 17 September 2003... On 8 September 2003, the Monetary Authority of Singapore (MAS) notified Nagacorp Ltd (Nagacorp) of its intention to refuse registration of the company's prospectus. Under the Securities and Futures Act, Nagacorp has 10 days, until 18 September 2003, to make submissions to MAS as to why MAS should register the company's prospectus.

2   In response to a request from Nagacorp, MAS has given the company until 29 September 2003 to make its submissions to MAS.

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