TDK Buys Magnecomp

SINGAPORE -- Magnecomp International Limited (MIL” or

“the Group”) announced today that it will sell its approximately 74.3% stake in

Magnecomp Precision Technology Public Company Limited (“MPT”), a leading

producer of high-precision suspension assemblies for hard disk drives (“HDD”) which

is listed on the Stock Exchange of Thailand (“SET”), to TDK Corporation of Japan(“TDK”) for US$123 million.

Singapore Exchange Main Board-listed MIL will continue to expand its larger and

steadily growing Office Automation and Consumer Electronics Division, Mansfield

Manufacturing Company Limited (“MSF”), and explore new opportunities to deliversustained shareholder value following the proposed sale of MPT.

Under the conditional sale and purchase agreement, MIL will initially sell a stake in

MPT of approximately 64.3%, with the balance 10.0% to be sold subsequently.

The proposed sale of its stake in MPT is subject to various terms and conditions,

including the approval of shareholders of MIL . MIL has been listed on the SingaporeExchange since 1998. A controlling shareholder of MIL has given an irrevocable

undertaking to TDK to vote in favor of the sale.

Magnecomp Precision Technology Plc.