Further to the announcement made on 10 August 2007 in relation to the Proposed Acquisition, the Board of Directors of HLN Technologies Limited (the "Company") is pleased to announce that the Singapore Exchange Securities Trading Limited ("SGX-ST") has on 30 October 2007 granted its in-principle approval for the listing and quotation of up to 9,619,184 new ordinary shares in the capital of the Company (the "Consideration Shares") to be issued pursuant to the Proposed Acquisition on the Official List of the SGX-ST Dealing and Automated Quotation System, subject to:
(i) Confirmation from the Company on the availability of a valid share issue mandate authorising the issue of the first tranche Consideration Shares and the second tranche Consideration Shares, as may be applicable; and
(ii) Announcement of the consolidated audited net profit before tax of HLN Metal Centre Pte. Ltd. for FY2008 and the number of new shares issued under the second tranche to vendors, as may be applicable.
The approval in-principle of the SGX-ST is not to be taken as an indication of the merits of the Proposed Acquisition or the Consideration Shares.
BY ORDER OF THE BOARD
Wa Kok Liang
Chief Executive Officer
30 October 2007
The Company's initial public offering was managed by Westcomb Capital Pte Ltd.