Global Corn Group Limited — Capital/Financing Update 2007

Oct 11, 2007

This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities.

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

**GLOBAL SWEETENERS HOLDINGS LIMITED 大成糖業控股有限公司 ***

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 3889)

EXERCISE OF OVER-ALLOTMENT OPTION

The Company announces that the Over-allotment Option was exercised in full by Goldbond Securities (on behalf of the Placing Underwriters) on 10 October 2007 in respect of 45,000,000 Over-allotment Shares, representing about 15% of the Offer Shares initially offered under the Share Offer.

The 45,000,000 Over-allotment Shares will be allotted and issued by the Company on 12 October 2007 at HK$2.04 per Share (excluding 1% brokerage, 0.004% SFC transaction levy and 0.005% Stock Exchange trading fee), being the Offer Price per Share in connection with the Share Offer.

Unless otherwise defi ned herein, terms used in this announcement shall have the same meanings as those defi ned in the prospectus dated 10 September 2007 (the “Prospectus”) issued by Global Sweeteners Holdings Limited (the “Company”).

The Company announces that the Over-allotment Option was exercised in full by Goldbond Securities (on behalf of the Placing Underwriters) on 10 October 2007 in respect of 45,000,000 additional Shares (the “Over-allotment Shares”), representing about 15% of the Offer Shares initially offered under the Share Offer. The 45,000,000 Over-allotment Shares will be allotted and issued by the Company on 12 October 2007 at HK$2.04 per Share (exclusive of 1% brokerage, 0.004% SFC transaction levy and 0.005% Stock Exchange trading fee), being the Offer Price per Share under the Share Offer.

Goldbond Securities, as stablising manager, has borrowed 45,000,000 Shares from Global Corn Bio-chem pursuant to the Stock Borrowing Agreement solely for the purpose of effecting settlement of over-allocations under the Placing. The Over-allotment Shares will be used to facilitate the return in full to Global Corn Bio-chem of 45,000,000 borrowed Shares which were used solely to cover over-allocations under the Placing. Immediately after the issue and allotment of the Over-allotment Shares, about 33.0% of the issued share capital of the Company will be held in public hands. Listing of, and permission to deal in, the Over-allotment Shares has already been granted by the Listing Committee of the Stock Exchange.

The shareholding structure of the Company immediately before and after the issue of the Overallotment Shares by the Company is as follows:

	Immediately before the issue of the Over-	Immediately after the issue of the Over-	Immediately after the issue of the Over-
ShareholdersGlobal Corn Bio-chem(Note 1)PublicTotal:	allotment Sharesallotment SharesNumber ofSharesApproximatepercentage of theCompany’s issuedshare capitalNumber ofSharesApproximatepercentage of theCompany’s issuedshare capital700,000,000(Note 2)70.0%700,000,000(Note 3)67.0%300,000,00030.0%345,000,00033.0%1,000,000,000100.0%1,045,000,000100.0%
			100.0%

Notes:

1. Global Corn Bio-chem is a wholly owned subsidiary of Global Bio-chem Technology Group Company Limited, whose shares are listed on the main board of the Stock Exchange.

2. The 700,000,000 Shares held by Global Corn Bio-chem include the 45,000,000 Shares borrowed by Goldbond Securities from Global Corn Bio-chem pursuant to the Stock Borrowing Agreement solely for the purpose of effecting settlement of over-allocations under the Placing as mentioned above.

3. Including the 45,000,000 Over-allotment Shares returned and redelivered to Global Corn Bio-chem pursuant to the Stock Borrowing Agreement.

The net proceeds of about HK$89.0 million from the issue of the Over-allotment Shares by the Company will be used by the Company for the purposes as set out in the section headed “Future plans and use of proceeds” in the Prospectus.

The Company continues to observe the public fl oat requirements under Rule 8.08(1)(a) of the Listing Rules.

By order of the Board Global Sweeteners Holdings Limited Lee Chi Yung Company Secretary

Hong Kong, Thursday, 11 October 2007

As at the date of this announcement, the executive Directors are KONG Zhanpeng, ZHANG Fusheng, WANG Guifeng and GE Yanping; and the independent non-executive Directors are FUNG Siu Wan Stella, YAN Man Sing Frankie, HO Lic Ki and GAO Yunchun.

• for identifi cation purposes only