PPK 1.02% 97.0¢ ppk group limited

signs contrct to acquire new business cospak in ns

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    PPK announcedAcquisition of Cospak Group of Companies
    26-12 1834

    On 24 December 2002, Plaspak entered into a conditional contract to
    acquire the Cospak Group of companies. Cospak is a Sydney based group
    involved in the importation, distribution and manufacture of glass
    and plastic packaging products.

    The Cospak Group has an annual turnover of approximately $100 million
    and a projected EBIT of $7.4 million for the 2003 year. It is the
    largest importer of glass packaging in Australasia with operations in
    Western Australia, New South Wales, South Australia, Queensland,
    Victoria and New Zealand.

    It is projected that the acquisition will be immediately earnings per
    share positive and will allow Plaspak further growth opportunities in
    the general packaging market.

    The contract is subject to numerous conditions precedent which

    * satisfactory due diligence; and

    * shareholder approval of a placement of shares to provided partial
    funding for the acquisition.

    It is anticipated that the due diligence and compliance with other
    conditions precedent will be completed by mid February 2003. At that
    time, arrangements will be implemented for the holding of the
    required shareholders meeting and additional relevant information
    will be provided to shareholders and the market.

    R Nicholls
    for and on behalf of Jury Wowk, COMPANY SECRETARY

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