The Board of Directors of the Company wishes to announce that its wholly-owned subsidiary, Icon Line (Malaysia) Sdn Bhd has subscribed for additional 120,000 ordinary shares of Australia Dollar 1.00 each at par for a total cash consideration Australia Dollar 120,000.00 in Icon Freight Services Pty Ltd, Australia pursuant to a Rights Issue exercise carried out by Icon Freight Services Pty Ltd, Australia. Upon completion of the rights issue allotment, Icon Line (Malaysia) Sdn Bhd's investment in Icon Freight Services Pty Ltd, Australia shall be increased from 55% to 75%.

The additional investment has no material impact on the share capital, earnings, gearing and net assets for the financial year ending 30 June 2012.

This announcement is dated 20 December 2011.