WBL Corporation Limited co reg no. 191200028Z DISPOSAL OF AN ASSOCIATED COMPANY

Singapore, 15 January 2014 - WBL Corporation Limited ("Wearnes") wishes to announce that its wholly-owned subsidiary, Wearnes Automotive & Equipment Pte Ltd, has disposed of its entire 49% equity interest in First Class Automotive Co., Ltd. ("First Class Automotive") (formerly known as Jaguar Cars (Thailand) Co., Ltd.) to AAS Auto Services Co., Ltd. for a total consideration of Thai Baht 52,112,227.15 (Fifty Two Million One Hundred Twelve Thousand Two Hundred and Twenty Seven Baht and Fifteen Satang) (equivalent to S$2.01 million) (the "Disposal").
The sale consideration was arrived at on a willing buyer, willing seller basis, taking into consideration the financial position and business prospects of First Class Automotive.
The Group's carrying value of First Class Automotive was S$2.01 million as at 31
December 2013.
Following the Disposal, First Class Automotive ceased to be an associated company of Wearnes.
The Disposal will not have any material impact on the results of the Wearnes Group for the current financial year ending 31 December 2014.
None of the directors or controlling stockholders of Wearnes has any direct or indirect interest in the Disposal.

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