• TeleChoice International Limited IPO attracts strong response from institutional and retail investors
• Public Offer approximately 28 times subscribed, with approximately S$123 million in application monies received
• AIG Investment Corp (S) Ltd, Pheim Asset Management (Asia) Pte Ltd, Phillip Capital Management (S) Ltd and UOB Asset Management Ltd, among institutional investors who have subscribed for the Placement tranche

Singapore, 23 June 2004 - TeleChoice International Limited, a regional provider of mobile telecommunications equipment and solutions, today announced the close of the public offer tranche of its initial public offering ("IPO"). The IPO comprises 112 million shares (the "Shares") at S$0.29 per Share.

As at the close of the public offer, there were applications from the public for approximately 426 million Shares. This represents a subscription rate of approximately 28 times based on the 15 million Shares under the public offer tranche.

In addition, the 97 million Shares offered by way of placement have also been fully taken up following a book-building process. Institutional investors who have subscribed for the largest number of shares include AIG Investment Corp (S) Ltd, Pheim Asset Management (Asia) Pte Ltd, Phillip Capital Management (S) Ltd and UOB Asset Management Ltd.

"The strong response from both the Singapore public as well as institutional investors has been encouraging and we look forward to welcoming them as shareholders of TeleChoice," said Mr Clive Lim, President & Executive Director of TeleChoice International Limited. "We are excited about the prospects of the regional telecommunications industry and will continue to leverage on our core strengths and established relationships with our principals and strategic shareholder, Singapore Technologies Telemedia Pte Ltd. Our public listing, coupled with the IPO proceeds, will allow us to implement our strategies of expanding TeleChoice's range of products and services, our geographical presence and new market penetration in the region."

DBS Bank is the Manager, Underwriter and Placement Agent for this IPO.

TeleChoice's shares will be traded in board lots of 1,000 shares on the Main Board of the Singapore Exchange Securities Trading Limited. Trading is expected to commence on 25 June 2004.