We refer to the article in the The Edge for the week of 4 April 2011 to 10 April 2011 entitled “Boustead, LTAT eyeing majority stake in Esso M’sia” (“News Report”). The Company wishes to make the following clarification after due and diligent enquiries with all the directors, major shareholders and all such other persons reasonably familiar with the matters.

We wish to clarify that the Company is constantly exploring growth opportunities including mergers and acquisitions (“M&A”) that will allow the Company to enhance its shareholders value and does not rule out any new M&As (including the acquisition of any players in the oil and gas sector) if there are opportunities available at the price and terms acceptable to Boustead.

The Company will make an announcement to Bursa Malaysia Securities Berhad should there be any new developments in due course.

This announcement is dated 4 April 2011.