Purchase Of Subsidiary Companies

General Announcement Reference No RP-030421-64844

Company Name	:	RELIANCE PACIFIC BERHAD
Stock Name	:	RPB
Date Announced	:	22/04/2003

Type	:	Announcement
Subject	:	Purchase of subsidiary companies

Contents :

We refer to the above and we are pleased to inform the purchase of the following "shelf companies" by Reliance Shipping & Travel Agencies Sdn Bhd, a wholly owned subsidiary of RPB:

1.0 M.I.C.E World Sdn Bhd ("M.I.C.E")
M.I.C.E was purchased on 17th April 2003 at a consideration of RM 2.00. The authorised and issued and paid up capital of M.I.C.E is RM100,000.00 and RM2.00 respectively.

2.0 Reliance Cruiseworld Sdn Bhd ("Reliance Cruiseworld")
Reliance Cruiseworld was purchased on 17th April 2003 at a consideration of RM2.00. The authorised and issued and paid up capital of the above company is RM100,000.00 and RM2.00 respectively.

3.0 Reliance Hotelworld Sdn Bhd ("Reliance Hotelworld")
Reliance Hotelworld was purchased on 17th April 2003 at a consideration of RM2.00. The authorised and issued and paid up capital of the company is RM100,000.00 and RM2.00 respectively.

4.0 Maricuti.Com Sdn and CutiCuti.Com Sdn Bhd ("Maricuti and Cuticuti")
Both the companies, Maricuti and Cuticuti were purchased on 17th April 2003 at a consideration of RM2.00 each company. Their authorised and issued and paid up capital are RM100,000.00 and RM2.00 each respectively.


There is no material effects on RPB's group earnings per share and net tangible assets per share for the financial year ending 31st March 2003 in respect of the above transactions.

There is no directors or substantial shareholders interest in respect of the aforesaid transactions. No government authorities approval is required.

Rationale

All of the above companies will be used as future investment vehicles within the RPB group.