TIBS HOLDINGS LTD'S S$80 MILLION UNSECURED FIXED RATE BONDS DUE 2003

SINGAPORE, MAR. 14 - TIBS, DBS Bank and HSBC today jointly announced the issue of S$80,000,000 Unsecured Fixed Rate Bonds due 2003 (the "Bonds") by TIBS.

The issue is jointly lead managed by DBS Bank and HSBC. The proceeds will be used by TIBS to refinance the existing bonds due in March 2000, for the purchase of new buses and taxis for its expansion programme, and for working capital requirements.

The 3-year Bonds will bear coupon of 5.05% per annum. The Bonds have been fully placed with institutional and sophisticated investors. Singapore Exchange Securities Trading Limited has given its in-principle approval for the listing of and quotation for the Bonds.

Commenting on the issue, Stephen Finch, Managing Director of Debt Capital Markets, DBS Bank said, "The issue has been very well-received. We continue to see demand for fixed income investments far outstripping supply. In addition, many bond investors are keen to diversify their holdings into the transportation sector".

"We are pleased to have jointly lead managed this important transaction for TIBS. The competitive funding rate achieved by TIBS through the strong investor demand clearly highlights the importance of the debt capital markets in Singapore for issuers," said Martin Taylor, Head of Capital Markets and Fixed Income Sales of HSBC - Singapore.