Company Overview of Mencast Marine Pte. Ltd

The board of directors of Mencast Holdings Ltd. announced that its wholly-owned subsidiary, Mencast Marine Pte. Ltd. had on April 12, 2013, accepted the letter of offer dated April 1, 2013 from JTC Corporation in relation to the lease of the plot of land known as Private Lot A3001988 with an estimated area of 15,091 square meters, located at L8200909851 Penjuru Road in Jurong Industrial Estate. The lease of the land is for a period of 27 years and 8 months commencing from July 1, 2013. The lease term is subject to compliance with the following: fixed investment criteria, development of the land to a minimum gross floor area at the gross plot ratio of not less than 2.0 but not more than 2.50, satisfactory completion of the building works, and obtaining of a temporary occupation permit. The investment criteria are to be fulfilled within three years from the commencement date. The company intends to build a manufacturing plant on the land to be used for the remanufacturing and reconditioning centre, remote offshore vehicle deployment base and training academy.