ZAGRO ASIA LIMITED: NOTICE OF A SUBSTANTIAL SHAREHOLDER'S INTEREST

Notice of Interest/Change in Interest
* Asterisks denote mandatory information
Name of Announcer *	ZAGRO ASIA LIMITED
Company Registration No.	199406784D
Announcement submitted on behalf of	ZAGRO ASIA LIMITED
Announcement is submitted with respect to *	ZAGRO ASIA LIMITED
Announcement is submitted by *	Poh Beng Swee
Designation *	Chairman
Date & Time of Broacast	20-Nov-2009 17:17:07
Announcement No.	00055
Price Sensitivity	No

>> Announcement Details

The details of the announcement start here ...

>> Part I
1. Date of notice to issuer *	20/11/2009
2. Name of Substantial Shareholder *	1. Skopini Limited 2. The Zuellig Group Incorporated
3. Please tick one or more appropriate box(es): *
- Notice of a New Substantial Shareholder's interest. [Please complete Part II and IV]

>> Part II
1. Date of change of Interest	10/11/2009
2. Name of Registered Holder	BNP Paribas Nominees Singapore Pte Ltd
3. Circumstance(s) giving rise to the interest or change in interest	# Others
# Please specify details	Transfer from related company as part of a group reorganisation of The Zuellig Group Incorporated.
4. Information relating to shares held in the name of the Registered Holder
No. of Shares held before the change	0
As a percentage of issued share capital	0.0 %
No. of Shares which are subject of this notice	63,904,000
As a percentage of issued share capital	24.71 %
Amount of consideration (excluding brokerage and stamp duties) per share paid or received	0
No. of Shares held after the change	63,904,000
As a percentage of issued share capital

>> Part III
1. Date of change of [Select Option]
2. The change in the percentage level	From % to %
3. Circumstance(s) giving rise to the interest or change in interest	[Select Option]
# Please specify details
4. A statement of whether the change in the percentage level is the result of a transaction or a series of transactions

>> Part IV
1. Holdings of Substantial Shareholder, including direct and deemed interest:
	Direct	Deemed
No. of shares held before the change	0	0
As a percentage of issued share capital	0.0 %	0.0 %
No. of shares held after the change	0	63,904,000
As a percentage of issued share capital	0.0 %	24.71 %

Footnotes

Percentage of shareholdings is calculated based on the total number of 258,572,238 voting shares in issue. The Zuellig Group Incorporated is deemed interested in the 63,904,000 shares held by Skopini Limited (with BNP Paribas Nominees Singapore Pte Ltd as custodian) as Skopini Limited is a 100% owned subsidiary of The Zuellig Group Incorporated.