SINGAPORE, 20 Jan 2008 ? E3 Holdings Ltd (?E3?) and Jade Technologies Holdings Ltd (?Jade?) announced today that the two Singapore Exchange-listed companies have jointly signed agreements to buy a combined 49% stake in an oil refinery and a 100% stake in a 3.0 square km (?sq km?) parcel of land nearby in the northeastern province of Jilin in the People?s Republic of China (?PRC?).

Jade?s wholly owned Jade Commodities & Resources Pte Ltd (?Jade Commodities?) and E3?s wholly owned Englo Real Estate Development Pte Ltd (?Englo?) will acquire 34% and 15%, respectively, of an existing refinery from Song Yuan Petrol Chemical Shareholdings Ltd (?Song Yuan Petrol Chemical?). Jade and E3 will pay RMB 95.2 million in cash and assume approximately RMB 145.8 million of debt.

Sited in the oil-producing region of Song Yuan, the refinery has a built-up area of 40,000 square metres (?sqm?) sitting on 286,000 sqm of land. It has a current refining capacity of 1.0 million tonnes a year and owns the necessary licenses for oil refining, and import and export of crude oil and related petrochemical products.

Under PRC laws foreign investors cannot hold more than 49%-stake in an existing refinery.

Jade and E3 said in a joint statement they will fund their respective stakes in the new venture through internally generated resources and bank borrowings. Dr Anthony Soh is the single largest shareholder of the two companies and the two deals mark the first collaboration between Jade and E3.

Existing shareholders of the refinery, which has an estimated asset value of RMB 500 million, are seeking to tap foreign technology and capital as well as access to crude oil imports. Jade, which has a wide network and experience in commodity trading, can facilitate crude oil imports through its existing relationships with Russian exporters. The existing owners have agreed that Jade or its nominated foreign partner will manage the refinery.

The investment in the refinery offers both Singapore companies a launch pad to penetrate the PRC oil and gas industry which recorded a total consumption growth of 11.3% from 6.53 million barrels per day in 2005 to 7.27 million barrels in 2007, based on statistics released by the PRC National Bureau of Statistics.

The acquisition, which is subject to the completion of an investment audit and due diligence over 60 days, availability of finance and the necessary approvals from the relevant regulatory authorities and shareholders, is expected to contribute to the performances of both companies within their respective current financial years.

Commenting on the refinery acquisition, Dr Anthony Soh, Jade?s Group President, said: ?This is a landmark opportunity for Jade to penetrate the oil refining and downstream products industry in the PRC, which is already growing very strongly. In particular, Jade will move beyond the role of a trader to that also of a producer. It will mark a new chapter in the growth of Jade as an integrated player in the oil and gas industry.?

Jade Commodities and Englo also announced that they have jointly signed an agreement with the Song Yuan City Ning Jiang District Government in Jilin to acquire 100%-stake of a 3.0 square km plot (3.0 million sqm) parcel of land close to the first refinery at an initial cost of RMB60.0 million.

About one third or 1.0 million sqm has been earmarked by Jade for the development of a new oil refinery with an annual capacity of at least 8.0 million tonnes a year.

Jade will pay for this portion of the land, and source for investors and strategic partners to undertake the construction of the new refinery which is expected to be completed in three years.

E3 will pay for of the remaining 2.0 million sqm of the land (?Remaining Land?) and the management of the Remaining Land will be undertaken by E3 and has been earmarked for development as industrial land for oil and other downstream petrochemical companies. It will build upon E3?s experience in real estate management in Jilin, where it currently oversees the development of two parcels of land in the capital city, Changchun, totaling 13 sq km.

E3, which changed its name recently from Ei-nets Ltd, has identified real estate as one of its three key activities, the other two being solar power and IT/education. It will treat its 15%-stake in the refinery as an investment holding.

?This new land bank complements our existing real estate management operations in Jilin province. Building on our strengths and experience in real estate management, we are confident that this new land parcel will unlock additional shareholder value for E3. We will continue to explore additional opportunities and joint collaborations to further extend our growth in China?s real estate sector,? said Dr Soh, speaking in his capacity of E3?s Group President.

In conjunction with the land acquisition, E3 and Jade have also been granted an option to acquire and develop a 25.0 sq km plot of land in Song Yuan City. In close proximity to the first 3.0 sq km parcel, this second plot may be developed into a petrol-chemical complex to complement the existing refineries and oil fields in the area.

SGX-LISTED JADE TECHNOLOGY AND E3 HOLDINGS ANNOUNCE SIGNIFICANT JOINT INVESTMENTS IN OIL REFINERY AND 3.0 SQ KM OF LAND IN NORTHEAST PRC

? Deal paves entry for both companies to penetrate into the lucrative China Oil and Gas industry

? Accompanying 3.0 sq km of land earmarked for development into a second oil refinery with an annual capacity of at least 8.0 million tonnes, and downstream activities