The Board is pleased to announce to its shareholders and to the public of its decision to withdraw from Société du Port in return for a 31.7% stake in Froid des Mascareignes Ltd, as well as all the rights to the leases together with buildings belonging to Associated Container Services Ltd at Marine Road, Port Louis.

Société du Port is a civil partnership, which owns all the shares in Freeport Operations (Mauritius) Ltd, Associated Container Services Ltd and Container Enterprises Ltd. IBL owns 32.6% of the capital of Société du Port.

Froid des Mascareignes Ltd is a Freeport company involved in the discharging, sorting and storing of frozen fish.

The above transactions are in line with the vision of the Company to establish itself with strategic partners in the seafood hub, and to this end a tuna loin processing plant (Thon des Mascareignes) will be based on the site at Marine Road. This highly value added industry will be processing about 200 tons of imported tuna fish daily for the export markets and will employ in excess of 1000 persons. It will also strengthen our Shipping (through the ship owning activity) and Food & Distribution business units (through our fish meal plant).

The above is subject to certain conditions and authorisations being obtained from the relevant Government authorities and the completion date is expected to be on or around 30 September 2004.

This transaction is not a Notifiable Transaction under the Listing Rules of the Stock Exchange of Mauritius.

The shareholders and the public will be kept informed of any development in this matter.

By Order of the Board
S. P. Rey
Secretary