News

On 17 April 2012, the Company was informed that the Ministry of Law and Human Rights of the Republic of Indonesia, pursuant to its Decision No. AHU-18137.AH.01.01.Tahun 2012 dated 10 April 2012 has approved the deed of establishment of PT. APM Auto Components Indonesia (“PT. APMACI”), as a result of which PT. APMACI has been duly established and granted its legal entity status. The Investment Registration of PT. APMACI with the Indonesian Investment Coordinating Board (“ICB”) was approved on 22 February 2012.

PT. APMACI is a limited liability company with an authorized share capital of US$10,000,000 comprising 10,000,000 shares each having a nominal value of US$1.00. The total issued and paid-up share capital will be US$8,000,000 and will be subscribed for by two of the Company’s 100% owned investment holding companies -

APM Automotive International Ltd - 6,400,000 shares (80%)

Auto Parts Holdings Sdn Bhd - 1,600,000 shares (20%)

PT. APMACI will carry on a project to manufacture and sell automotive heat exchange products, namely, air-conditioning cooling system, evaporators, condensers, cooling modules and radiators for the Indonesian market. The manufacturing facility will be located on an industrial lot of land area measuring approximately 38,077 sq meters at Suryacipta Industrial City in Karawang, West Java. Completion of the facility is expected end 2012 with operations to commence in the second quarter of 2013. Under the Investment Registration of PT. APMACI with the ICB, the company is also permitted to carry out the business of property rental. The total capital and investment outlay for the project will be approximately US$10.9 million, financed by internal funds.

The registration of PT. APMACI and its project will not have a material effect on the earnings and net tangible assets of the Group for the financial year ending 31 December 2012 but the project is expected to contribute positively in the longer term. None of the directors and substantial shareholders of the Company has an interest, direct or indirect, in the registration of PT. APMACI or the project.

This announcement is dated 17 April 2012.