Further to the announcement of 9 March 2004, the Board of Directors of Sinwa KS Limited (the "Company")
is pleased to announce that the Company has received in-principle approval from Singapore Exchange
Securities Trading Limited (:SGX-ST") on 23 March 2004 for the listing and quotation of the ordinary shares in the
capital of the Company to be issued pursuant to exercise of options under the proposed employee share option
scheme ("Scheme") subject to shareholders' approval.

The in-principle approval of the SGX-ST is not to be taken as an indication of the merits of the Scheme.

A circular setting out, inter alia, the details and information relating to the Scheme and enclosing a notice
of an extraordinary general meeting seeking shareholders' approval for, inter alia, the adoption of the
Scheme, grant of options under the Scheme will be dispatched to shareholders in due course."