Press Release dated December 12th, 2004:

Company’s subsidiary company in Thailand viz. Polyplex (Thailand) Public Company Limited (PTL) made Initial Public Offering (IPO) of 240 million ordinary shares of the face value of Baht 1 each at an offering price of Baht 6.90 each share. The IPO received an encouraging response both from institutional and retail investors and the issue was oversubscribed.

The Board of Directors of PTL have approved the basis of allotment of 240 million ordinary shares and the shares are proposed to be listed and traded on The Stock Exchange of Thailand, Bangkok on and with effect from December 15, 2004.

The proceeds raised thru IPO by PTL are proposed to be utilized towards repayment of Loans to Financial Institutions, Additional Working Capital requirements, Installation of a Metallizer besides other capital expenditure / accessories.

With the making of IPO the shareholding of Polyplex Corporation Limited (PCL) in PTL has come down to 70% and PCL now holds 560 million ordinary shares of Baht 1 each out of which 132 million ordinary shares are held directly and 428 million ordinary shares are held through its wholly owned subsidiary viz. Polyplex (Asia) Pte. Ltd., Singapore.