Further to the Company’s announcement on 2 January 2009 (Ref No. CM-081107-41475), the Board of Directors of the Company wishes to announce that its wholly-owned subsidiary, Icon Line (Malaysia) Sdn Bhd has subscribed for 24,500 shares of Thai Baht One Hundred (THB 100) each at par for a total cash consideration of THB2,450,000 in the capital of Icon Freight Services Company Ltd, a joint venture company in Thailand, representing .49% of the issued and paid up share capital of Icon Freight Services Company Ltd.

It was mutually agreed by all parties that the nominal value of the shares to be alloted be changed from Thai Baht Five Hundred (THB 500) to Thai Baht One Hundred (THB 100) per share.

Financial effects on the Investment in Thailand

The investment is not expected to have a material effect on the earnings and net assets of the Company and its subsidiaries.

Directors’ and Major Shareholders’ Interest      

None of the Directors, major shareholders of the Company and/or persons connected with them has any interest, direct and/ or indirect in the said investment.

Statement by Directors  

The Board of Directors of the Company is of the opinion that the above investment is in the best interest of the Company. The Board is not aware of any departure from the Securities Commission’s Guidelines arising from the investment.