Singapore, 25 August 2003 - ASIAN information technology (IT) vendor IPC Corporation Ltd ('IPC' or the 'Group') today announced that it has sold its entire stakes in Graphtech India Ltd ('GIL-INDIA) and GIL Singapore Pte Ltd ('GIL Singapore') to Mcorp (Europe) Limited ('MODI').

GIL INDIA and GIL Singapore were established in 1996 as part of a Joint Venture Agreement ('JVA') between IPC and MODI to manufacture and sell personal computers (PCs) and PC peripherals for the Indian market. MODI runs various businesses including participating in joint ventures in the area of manufacturing and sale of PCs and PC peripherals.

In 1998, the Group decided to cease its PC and PC peripherals businesses. As such, GIL INDIA and GIL Singapore have been dormant since 1998.

The sale of the stakes in GIL-INDIA and GIL Singapore are in line with the Group's cessation of its PC and PC peripherals businesses.

MODI has agreed to acquire the Group's stake of 1,000,001 Equity Shares in GIL-INDIA for a cash consideration of S$1.

For GIL Singapore, MODI has agreed to purchase the Group's entire stake of 700,001 shares for S$267,856.88.

The total transaction of S$267,857.88 has no impact on the Group's financial performance in FY' 2003.

IPC Chairman and CEO Patrick Ngiam said: "IPC has relinquished its entire stakes in GIL INDIA and GIL Singapore as the Group had ceased to be involved in the PC and PC peripherals businesses since 1998.

"The Group, amongst other businesses, continues to nurture and drive the IT businesses of Thin Computing and e-Services for longer term sustainable growth."

About IPC

Listed on the main board of the Singapore Exchange (SGX), IPC Corporation Ltd (IPC) is an established Asian IT vendor in Thin Computing and e-Services with a marketing and sales distribution network in more than 50 countries worldwide.

Group IT Businesses
· Thin Computing
· e-Services

*For more information, please visit our website at www.ipc.com.sg

Thin Computing

ThinSoft (Holdings) Inc. (ThinSoft), a subsidiary of IPC Corporation Ltd, has developed a premium suite of cost effective thin computing solutions that significantly reduce the Total Cost of Ownership (TCO). ThinSoft offers three flagship software product series BeTwin, WinConnect and WinConnect Server XP, which run applications on Windows and Linux. Windows and Linux represent the world's two most dominating operating systems. These solutions address the pervasive computing needs of individuals and organisations in the characteristically dynamic computing and communications environment. The competitive efficiency of the solutions are attributed to the ability to link multiple users to a single host computer with uncompromised computing power as well as concurrent Internet usage.

*For more information, please visit our website at www.thinsoftinc.com
ThinSoft (Stock code: 8096) is listed on the GEM board of the Stock Exchange of Hong Kong.

e-Services

e-IPC, a wholly owned subsidiary of IPC, is a leading Internet infrastructure provider of e-Services for B2B and B2C transactions. e-IPC's value proposition is the full service provision of On-line Exchange (OLX) and On-line Applications (OLA). Since 1996, e-IPC has been operating a premier network in China offering OLX and OLA e-Services to major enterprises in the retail industry in Shanghai.

OLX

OLX enables and facilitates the entire fulfillment cycle in the supply chain from credit check to inquiry to ordering to electronic processing and payment.

OLA

OLA is an on-line access platform to mission critical software applications to fulfill administrative and operational requirements such as data warehousing, data mining and data analysis, enterprise resource planning and customer relationship management.

Broadband Systems Integration

In the area of Broadband Systems Integration, IPC successfully developed and launched EaziSurf; an
in-premise broadband solution for the Multi-Dwelling Unit (MDU) market. EaziSurf is a wired and wireless in-premise hardware and software broadband solution for the bandwidth demanding provision of seamless multimedia communications in MDU sites such as hotels and residential condominiums.

*For more information, please visit our websites at www.e-ipc.com.cn and www.essex.com.sg

Property Development Project

The Group has a significant property asset in Zhuhai, China, that is being developed into a premier residential cum commercial property ( www.costadelsol.com.cn )

The property development project, upon completion in phases, comprises the planned 1,610 units of apartments, houses, service apartments and shopping centre retail units. Phase-I was launched in May 2002 and the property development project is now in its second phase of construction.

For more information, please contact:

Leslie Sim
VP, Investor Relations
IPC Corporation Ltd
DID: (65) 6744-2688
Email: leslie.sim@ipc.com.sg