? Credit Agricole Asset Management Singapore Limited,  Phillip Capital Management (S) Ltd and Pinnakell Asset Management Pte Ltd have subscribed in total for 15.5% of the Invitation Shares

Singapore, 20 June 2003 - Radiance Electronics Limited ("Radiance"), a PRC-based Electronics Manufacturing Services ("EMS") provider to the satellite communications industry today announced that three institutional investors have subscribed for shares in Radiance's initial public offering ("IPO" or "Invitation") which was launched last week.

The investors  -  Credit Agricole Asset Management Singapore Limited, Phillip Capital Management (S) Ltd and Pinnakell Asset Management Pte Ltd - have in total subscribed for 4.5 million placement shares, which in aggregate account for approximately 15.5% of the total Invitation shares of 29 million shares offered.

Mr Henry Goh, Chief Executive Officer of Radiance said, "We are pleased with our investors' vote of confidence. It reflects our strong business fundamentals and their belief in our long-term objective of creating shareholder value."
  
Radiance launched its IPO on the Stock Exchange of Singapore Dealing and Automated Quotation System ("SGX-SESDAQ") on 13 June 2003.  Of the 29 million shares offered, 3 million are offer shares and 26 million are placement shares (inclusive of 1.5 million reserved shares). The offer shares and placement shares are priced at S$0.21 per share.

The Invitation will close at 12 noon on 24 June 2003. Balloting of applications for the public offer is expected to take place on 25 June 2003 and trading is expected to commence on 9 am, 26 June 2003.

SBI E2-Capital Pte Ltd is the manager for the IPO. SBI E2-Capital Securities Pte Ltd and UOB Kay Hian Private Limited are the joint lead placement agents and underwriters for the public offer. Kim Eng Ong Asia Securities Pte Ltd is the sub placement agent.

"We are extremely pleased by investors' interests in Radiance. Radiance has a strong foothold in the satellite communications industry and with all its manufacturing facilities based in low cost PRC, it is well-positioned to benefit from the upswing in the electronics sector, " commented Mr Choo Chee Kong, Chief Executive Officer of SBI E2-Capital Pte Ltd.

A copy of the Prospectus in respect of the invitation may be obtained on request, subject to availability, from:

SBI E2-Capital Pte Ltd    UOB Kay Hian Private Limited
5 Shenton Way                 80 Raffles Place
#09-07 UIC Building      #30-01 UOB Plaza
Singapore 068808         Singapore 048624

and from members of the Association of Banks in Singapore and members of the Singapore Exchange Securities Trading Limited and merchant banks in Singapore.

Any person who wishes to acquire shares in Radiance Electronics Limited pursuant to the invitation will need to make an application in the manner set out in the Prospectus.

About Radiance Electronics Limited

Radiance is a specialist provider of electronics manufacturing services ("EMS") to customers who are OEMs or ODMs of products in the satellite communications and computer peripheral industries.  Radiance provides Box Build and PCBA for Satellite Communications products such as Low Noise Block Converters (LNB) and Satellite Signal Distribution Equipment and accessories; and computer peripherals.

Radiance's manufacturing facilities are based in low cost PRC, which improves their competitive pricing.  To tap on the lower costs of land and labour and to broaden its customer base, Radiance plans to use part of the proceeds to set up a new manufacturing plant in Shenzhen, PRC to target customers in the computer peripherals industry.

As a quality testament, Radiance's manufacturing facilities in Shanghai, PRC operated through its subsidiary Radiance Electronics (Shanghai) Co., Ltd ("Radiance Shanghai") has been awarded ISO 9002 and QS 9000 certifications and enjoys good rapport with the local PRC authorities. Radiance Shanghai has also been awarded a Class A rating under the Customs Management Program by the Shanghai Customs Authority for their excellence in the customs compliance efforts.  Radiance Shanghai was also awarded the High Technology Enterprise Award in 2001 and was ranked amongst the Top 500 Enterprises in Shanghai, PRC based on annual sales revenue for five consecutive years since 1997,

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Issued for and on behalf of Radiance Electronics Limited
By Financial PR Pte Ltd
For more information, contact:
Mark LEE/ Kathy ZHANG, staff@financialpr.com.sg
Tel:  (65) 6438 2990
Fax: (65) 6438 0064