The Company will be making an application to the SGX-ST for the listing and quotation of the Placement Shares on the SGX-SESDAQ shortly. An Offer Information Statement had been lodged with the Monetary Authority of Singapore pursuant to Section 277 of the Securities and Futures Act. inter alia:- SGX-SESDAQ); and ipso facto cease and determine thereafter and none of the parties shall have any claim against the other for costs, expenses, damages, losses, compensation or otherwise.

3. Use of Net Proceeds

Assuming the Placement Agent procures subscription for all the 52,000,000 Placement Shares, the Placement will enable the Company to raise estimated net proceeds (

The Net Proceeds raised by the Company from the Placement will be used primarily to fund its on-going hotel development works in Singapore.

Pending the deployment of the Net Proceeds, such proceeds may be placed as deposits with banks and financial institutions or invested in short term money markets or debt instruments or for any other purpose on a short-term basis as the Directors of the Company may in their absolute discretion deem fit from time to time. Net Proceeds) of approximately S$12,500,000, after deducting the estimated expenses incurred thereto of approximately S$500,000.

4. Financial Impact

Based on the issued share capital of the Company of S$23,316,996 comprising 288,080,000 Shares as at the date of this Announcement and assuming that none of the Company?s outstanding warrants are exercised and that all the 52,000,000 Placement Shares are issued pursuant to the Placement, on completion of the Placement, the issued share capital of the Company will increase to S$36,316,996 divided into 340,080,000 Shares, and the Placement Shares will represent approximately 18.05% of the existing issued Shares in the capital of the Company and approximately 15.29% of the enlarged issued Shares in the capital of the Company immediately after the completion of the Placement.

Based on the audited accounts of the Company and its subsidiaries (Group) for the financial year ended 30 June 2006 (announced on 23 August 2006), if the Placement had been effective on 30 June 2006 with all the Placement Shares being fully subscribed, the Placement will result in an adjustment to the net asset value per Share of the Group from 11.61 cents to 13.54 cents, after taking into account the proceeds from the conversion of 25,080,000 warrants into Shares and assuming that a maximum of 52,000,000 Placement Shares were issued and allotted pursuant to the Placement. In addition, assuming the Placement had been effective on 1 July 2005, and after taking into account the conversion of 25,080,000 warrants into Shares, the issue of the Placement Shares will decrease the earnings per Share of the Group in financial year 2006 from 0.21 cents per Share to 0.16 cents per Share.

5. General

None of the Placement Shares will be placed with any person or groups of persons disallowed by the SGX-ST as set out under Rule 812 of the Listing Manual of the SGX-ST.

None of the Directors nor (so far as the Directors of the Company are aware) any substantial shareholder of the Company has any interest, direct or indirect, in the Placement (other than through their shareholdings in the Company).

By Order of the Board

Vita Holdings Limited

Sim Poh Heok

Executive Chairman

13 July 2007