Portek International Limited

Invitation in respect of 36,000,000 Ordinary Shares of par value of $0.20 each comprising 30,000,000 New Shares and 6,000,000 Vendor Shares as follows:-

(1) 6,000,000 Offer Shares at $0.30 for each Offer Share by way of public offer; and

(2) 30,000,000 Placement Shares by way of placement, comprising:-

The Board of Directors of Portek International Limited ("Portek" or the "Company") is pleased to announce that, at the close of the Application List at 12.00 noon on 26 March 2002, there were 3,675 valid applications for the 6,000,000 Offer Shares available to the public for subscription. In total, these applicants applied for 132,665,000 Offer Shares, with application moneys received amounting to approximately $39.80 million. Based on the 6,033,000 Offer Shares available to the public for subscription (comprising 6,000,000 Offer Shares and 33,000 Placement Shares in respect of invalid applications by way of Placement Shares Application Forms), the offer to the public is approximately 21.99 times subscribed.

In addition to these applications for 132,665,000 Offer Shares, valid applications have been made for 29,927,000 Placement Shares and 40,000 Reserved Shares. These applications represent, in aggregate, a subscription rate of 4.52 times on the 36,000,000 Invitation Shares.

To ensure a reasonable spread of shareholders of the Company, the Board of Directors of the Company has decided on the following basis of allotment:-

Of the applications received for the 28,460,000 Placement Shares by way of Placement Shares Application Forms, certain applications in respect of an aggregate of 33,000 Placement Shares were invalid applications. These 33,000 Placement Shares were therefore included as Offer Shares made available for public subscription. The spread of placees is as follows:-

There were applications received for the 1,500,000 Placement Shares through the Internet. The spread of placees is as follows:-

The 40,000 Reserved Shares have been fully taken up by the two Independent Directors of the Group. The spread of applicants is as follows:-

The Company's Shares will commence trading on a "ready" basis on 28 March 2002. There will be NO trading on a "when-issued" basis.

The return of unsuccessful applications using printed Application Forms by ordinary post at the risk of the unsuccessful applicants, together with the full amount of the application moneys (without any interest or any share of revenue or other benefit arising therefrom), will commence today and is expected to be completed by 1 April 2002. For unsuccessful Electronic Applications, it is expected that the full amount of the application moneys will be refunded (without any interest or any share of revenue or other benefit arising therefrom) by automatically crediting to the applicants' accounts with their Participating Banks (as defined in the Prospectus dated 16 March 2002), or as in the case of applications for Placement Shares through the internet web-site of DBS Vickers Securities (Singapore) Pte Ltd ("DBS-Vickers"), by ordinary post or other means as DBS-Vickers may agree, at their own risk, within 3 market days after the close of the Application List provided that the remittance in respect of such applications which has been presented for payment or other processes has been honoured and the application moneys received in the designated share issue account.

In respect of partially successfully applications, the balance of the application moneys is expected to be refunded (without any interest or any share of revenue or other benefit arising therefrom) to the applicants, by ordinary post at their own risk (in the case of applications made using printed Application Forms), or through the crediting the relevant amount to the applicant's accounts with their Participating Banks (in the case of Electronic Applications for Offer Shares), or by ordinary post at their own risk or such other means as DBS-Vickers may agree (in the case of applications for Placement Shares through the internet web-site of DBS-Vickers), within 14 days after the close of the Application List provided that the remittance in respect of such applications which has been presented for payment or other processes has been honoured and the application moneys received in the designated share issue account.

The Board of Directors of Portek is pleased to advise that Central Provident Fund ("CPF") members may, with effect from the date on which the Company's Shares are traded as indicated above, use their CPF savings (up to 35% of investible savings) to purchase the Company's Shares under and subject to the requirements of the CPF Investment Scheme.

The Company wishes to thank the investors who have applied for the Offer Shares and the Placement Shares, the relevant authorities and all who have helped in one way or another in the Company's initial public offering, for their support and assistance.

DBS Bank and POSBank customers may call the DBS and POSB phone banking telephone numbers (as provided in the Prospectus dated 16 March 2002) to check the provisional results of their IPO applications. Customers will be required to enter their CDP Securities Account Number when utilising the automated service.

DBS Bank and POSBank customers may call the DBS IPO Results Enquiry Service at 6327 4767 to check the provisional results of their IPO applications. Customers will be required to enter their CDP Securities Account Number when utilising the automated service.

Issued by
The Development Bank of Singapore Ltd

For and on behalf of
Portek International Limited
27 March 2002