RIGHTS ISSUE OF WARRANTS OF YONGNAM HOLDINGS LIMITED
-Drew & Napier LLC as counsel to the rights issue of warrants-

21 December 2007 – Drew & Napier LLC (“Drew & Napier”) acted as counsel to the renounceable partially underwritten rights of up to 366,574,743 warrants ("Warrants") at an issue price of S$0.03 for each Warrant, each Warrant carrying the right to subscribe for one new ordinary share ("New Share") in the capital of Yongnam Holdings Limited ("Company") at an exercise price of S$0.25 for each New Share, on the basis of three Warrants for every ten existing ordinary shares in the capital of the Company held by entitled shareholders.

The Company raised an approximate S$10,700,000 from the Rights Issue of Warrants.

The Warrants were successfully listed on the Official List of the Singapore Exchange Securities Trading Limited ("SGX") on 21 December 2007.

The Drew team was led by Mr Petrus Huang, Director of Drew, Ms Joanne Lee and Ms Stephanie Chew.

ABOUT DREW & NAPIER LLC
Founded in 1889, Drew & Napier LLC is one of Singapore’s largest and most established law firms, with over 200 lawyers. Consistently rated top tier in dispute resolution over the years by international ranking organisations like Asia Pacific Legal 500, Chambers Global: The World’s Leading Lawyers for Business, Practical Law Company and Asia Law Profiles, the firm has five senior counsel, the largest number in Singapore. Drew & Napier LLC is headed by chief executive officer, Davinder Singh, SC. Drew & Napier LLC is also highly rated in Intellectual Property and Tax, with market leading practices in Banking & Corporate, Corporate Insolvency & Restructuring, Telecommunications, Media & Technology, Competition, and Admiralty & Shipping.

For more information please contact:

Verona Huang
Corporate Affairs Manager
Drew & Napier LLC
Tel: +65 6531 2482
Email: Verona.huang@drewnapier.com

Lisa Lim
Corporate Affairs Executive
Drew & Napier LLC
Tel: +65 6531 2218
Email: lisa.lim@drewnapier.com