PROGEN HOLDINGS LIMITED

(Company Registration No. 199605118C)

New Strategic Investor of Progen Holdings Limited

The Board of Directors of Progen Holdings Limited (“

Golden Wang Holdings Pte. Ltd., a company established and existing under the laws of

Singapore, has today entered into a share sale and purchase agreement for the acquisition of

54,400,000 ordinary shares, equivalent to 20.0% of the issued share capital of the Company, for

an aggregate consideration of S$12.24 million, from Mr Lee Ee @ Lee Eng, who is the

Executive Chairman and Managing Director, and founder of the Company. [Further details can

be found in the announcement of notice of substantial shareholder’s interest which will be

released separately today.] The transaction is expected to be completed on or before 31 July

2011.

Golden Wang Holdings Pte. Ltd. is solely owned by Mr Lau Kung Ching, a Malaysian

entrepreneur with businesses in Malaysia and Brunei Darussalam involved in mechanical and

engineering business, real estate development and supply of building hardware.

Mr Lee Eng shall continue in his role as the Executive Chairman and Managing Director of the

Company. Following the transaction, Mr Lee Eng will hold 9.73% (inclusive of deemed interest)

of the issued share capital of the Company.

Save as disclosed above, none of the Directors, the controlling shareholders or the substantial

shareholders of the Company have any interest, direct or indirect, in the above transaction.

None of the Directors, the controlling shareholders or the substantial shareholders of the

Company have any interest, direct or indirect, in Golden Wang Holdings Pte Ltd.

BY ORDER OF THE BOARD

Lee Ee @ Lee Eng

Managing Director

29 June 2011Company”) is pleased to announce that

This announcement has been prepared by the Company and its contents have been reviewed by the Company’s

sponsor (“Sponsor”), Asian Corporate Advisors Pte. Ltd., for compliance with the relevant rules of the Singapore

Exchange Securities Trading Limited (“Exchange”). The Company’s Sponsor has not independently verified the

contents of this announcement including the correctness of any of the figures used, statements or opinions made.

This announcement has not been examined or approved by the Exchange and the Exchange assumes no

responsibility for the contents of this announcement including the correctness of any of the statements or opinions

made or reports contained in this announcement.