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Pursuant to Rule 9.19(24) of the Listing Requirements of Bursa Malaysia Securities Berhad (Bursa Securities) for the MESDAQ Market (MMLR), Southern Investment Bank Berhad (SIBB) is pleased to announce, on behalf of the Board of Directors (Board) of SerSol, that MSSB, a wholly-owned subsidiary of SerSol, had on 28 November 2006 subscribed for two (2) ordinary shares of RM1.00 each in GPSB (GPSB Shares), representing the entire issued and paid-up capital in GPSB for a total cash consideration of RM2.00.

GPSB is a private limited company incorporated in Malaysia on 28 November 2006 under the Companies Act, 1965. Its present authorised share capital is RM100,000 comprising 100,000 GPSB Shares, of which two (2) GPSB Shares have been issued and fully paid-up. The two (2) subscribers shares are held in trust for MSSB by Tan Fie Jen and Tan Bee Ngoh, the Directors of GPSB.

The principal activities of GPSB are manufacturing, sale and distribution of water-based multi-colour granite coating paint (Product).

GPSB was incorporated pursuant to a shareholders agreement entered into between MSSB, Bizenviro Pte Ltd (Bizenviro) and Chong Yoon Ling (CYL) (collectively JV Shareholders) on 10 October 2006 (Shareholders Agreement), as a joint venture vehicle to acquire the technology and to manufacture and distribute the Product (Joint Venture).

Pursuant to the terms of the Shareholders Agreement, MSSB, Bizenviro and CYL shall subscribe for their respective GPSB Shares via cash and the proposed shareholding structure of GPSB is as follows:

As the Joint Venture, a non-related party transaction, is less than the 5% threshold under Paragraph 10.07(a) of the MMLR, no announcement of the Joint Venture is required.

The incorporation of GPSB will not have any material effect on the earnings of the consolidated financial statements of SerSol for the financial year ending 31 December 2006.

The incorporation of GPSB does not have any effect on the issued and paid-up share capital, net assets and substantial shareholders shareholdings of SerSol.

The incorporation of GPSB is not subject to the approval of SerSols shareholders and any authorities.

As far as the Directors of SerSol are aware, none of the Directors, substantial shareholders and/or person(s) connected with the Directors and/or substantial shareholders of SerSol, has any interest, direct or indirect, in the incorporation of GPSB.

No adviser is required for the incorporation of GPSB. SIBB is the Sponsor for SerSol.

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