RESULTS OF THE EXTRAORDINARY GENERAL MEETING OF

THE SHAREHOLDERS OF HG METAL MANUFACTURING LIMITED

Singapore, 5 January 2010 - HG Metal Manufacturing Limited (“HG Metal” or “Company”) today held

an extraordinary general meeting (“EGM”) of shareholders at Hotel Re! 175A Chin Swee Road

Singapore 169879 to resolve on the motions to remove as directors of the Company, Mr Tan Chan

Too, Mr Wee Piew and Mr Lee Leng Loke, and to approve the appointment of Mr Chng Hee Kok and

Mr Roy Ling Chung Yee as directors of the Company.

The EGM resolved against the removal of Mr Tan Chan Too. As Mr Wee Piew and Mr Lee Leng Loke

had resigned from the Board on 4 January 2010, the resolutions for their removal as directors were

accordingly not moved. Mr Wee and Mr Lee will however continue to serve out their service contracts

as executives of the Company until the end of June 2010.

Mr Gui Kim Young, HG Metal Independent Director, said, "On behalf of the Company, I wish to thank

Mr Wee and Mr Lee for their service and dedication to the Company. I am particularly grateful for the

support they have provided to the Company over the years. Mr Tan's retention on the Board provides

continuity in the management of the Company's business and reflects the wishes of shareholders of

HG Metal."

The Company had 4 January 2010 announced the Board’s appointment of Mr Chng Hee Kok and Mr

Roy Ling Chung Yee to the Board of Directors with effect from 4 January 2010. In view of the said

appointment, the proposed resolutions to appoint Mr Chng and Mr Ling were not carried at the EGM.

“The Board will be meeting shortly to reconstitute the Audit, Remuneration and Nominating

Committees of the Company, and to consider the executive appointments of the Directors. The

relevant announcements will be made in due course,” said Mr Gui.

Mr Chng is presently the Chief Executive Officer and Director of Hartawan Holdings Limited. Mr Chng

also sits on the boards of directors of a number of public listed companies including People's Food

Holdings Limited, Pacific Century Regional Developments Ltd, Samudera Shipping Line Ltd, Full

Apex Holdings Ltd, CHT Holdings Ltd and Sunray Holdings Limited. He had served as Chief

Executive Officer of Scotts Holdings Ltd and Chief Executive Officer of Yeo Hiap Seng Ltd. He was a

council member of the Singapore Institute of Directors. From 1984 to 2001, Mr Chng was an elected

Member of Parliament.

On his new appointment, Mr Chng said, “I am honoured to be appointed to HG Metal Board. The

world economy is going through challenging times and I look forward to doing my part to help HG

Metal continue its development as a strong steel stockist”.

Mr Roy Ling is currently the Managing Director of RL Capital Management, a boutique hedge fund

focused on Asia and is also an Independent Director of Asia Water Technology Ltd. Mr Roy Ling was

previously a Vice President with JPMorgan Asia’s real estate investment banking team, responsible

for the origination and execution of investment banking mandates for regional clients. He has also

worked for Lehman Brothers, Goldman Sachs and Saloman Smith Barney, where his experience and

responsibilities included corporate finance and equity research and real estate financings.

“I consider it a privilege to be invited to the Board of Directors of HG Metal. I hope to be able to

contribute further to the Company,” said Mr Roy Ling.

Mr Sia Ling Sing, HG Metal Director, said both Mr Chng and Mr Roy Ling with their extensive

management experience and professional expertise, will be able to inject fresh direction for the

Company, enhance risk management control within the Company and rebuild the Company’s

business. “Mr Chng’s management skills and experience, and Mr Roy Ling’s extensive professional

and finance skills will be real assets as we concentrate our core business in steel stockists and focus

on sustaining profitability into the future. Along with my other Board members, I look forward to

working with Mr Chng and Mr Roy Ling, to further strengthen HG Metal and position the Company for

growth in today’s market environment,” said Mr Sia.

About HG Metal Manufacturing Limited (Bloomberg Code: HGM.SP)

HG Metal is a premier stockist and manufacturer of steel products. With more than 30 years in the steel

business, HG Metal offers more than 2,000 different types of steel products of various dimensions for a

wide variety of industrial and engineering applications. With their “one-stop supermarket” strategy, HG

Metal is able to satisfy the needs of their customers with one visit to their extensive stockyard and

manufacturing facility.

HG Metal has also differentiated itself from its peers in its strategic move to custom-manufacture steel

products. HG Metal currently manufactures customized flat steel bars in a wide variety of engineering

processes and mild steel lip channels commonly used as roofing support in commercial and industrial

buildings. The Directors believe that HG Metal is the only steel stockist in Singapore with such

manufacturing capability. This gives HG Metal a distinct competitive advantage against their competitors,

as they can fulfill their customers’ requirements more quickly and completely, especially for specifications

that are not readily available in the market.

You may also visit the Company’s website at www.hgmetal.com

For enquiries, please contact:

Ms Jasmine Foong

Tel: i6268 2828

Fax: i6268 3838