RNS Number:8689N
Govett Singapore Growth Fund Ltd
23 July 2003


GOVETT SINGAPORE GROWTH FUND - INTERIM REPORT 31 MAY 2003

CHAIRMAN'S STATEMENT

The first six months of the financial year continued to be a challenging one for
the Singapore equity market. During the period, we saw the market battered by a
series of negative events, including a virulent virus known as Severe Acute
Respiratory Syndrome (SARS), political tensions in the Korean peninsula, the
Iraqi war and the threat of terrorism. While SARS has caused the most
substantial damage to the Singapore economy and equity market over the last few
months, fortunately, in particular for the citizens of Singapore who have
suffered during the crisis, the virus now appears to be substantially under
control and the market has begun to stabilise and rebound from its lows.

At the time of writing in July, the Singapore market has extended its gains on a
liquidity-led rally assisted by the early signs of an improving US economy. The
net asset value has increased to #10.89 as at 18 July 2003. This represents an
increase of 20.20 % since 31 May 2003 compared with an increase of 19.10 % in
the index.

Against the challenging market backdrop of the first six months, the Fund's net
asset value decreased by 6.0% compared with a fall of 4.75% for the MSCI
Singapore index. The Fund Manager is, however, reasonably positive about market
prospects for the second half of the year, and has moved the Fund into a
moderately geared position by accumulating stocks on weakness. We therefore
believe that the Fund is reasonably positioned to benefit from the expected
continued market recovery in the second half of the financial year.

The SARS epidemic has highlighted two key lessons for investors; first, that the
Singapore government was able to demonstrate high level crisis management
capabilities compared with some other jurisdictions in the region which confirms
Singapore's political strength and will when managing social and economic
uncertainties. Secondly, it is a timely reminder that while China is likely to
remain dominant in attracting new global manufacturing investments, a
diversification into other countries in the region is both desirable and
prudent, so this can only be of benefit to Singapore.

The Singapore government remains committed to structural reform with the
objective of enhancing the country's competitiveness and the shaping of the "New
Singapore Inc." will allow companies to pool resources with the aim of achieving
cost reductions in order to compete more effectively globally. Such commitment
to reform, together with prudent fiscal policies, will, we believe, continue to
place Singapore high on the list of key investment destination among global
investors attracted to the region.

Duration of the Company

The Company, which was set up in October 1989, currently has no fixed life.

As noted above, the Directors believe that there are reasons to be positive
about the Singapore market over the medium term. However, the Directors are also
mindful of the current size of the Company and their responsibility to conduct
the affairs of the Company for the benefit of all the shareholders.

The Directors announce, therefore, that they have resolved to procure the
proposal at the next annual general meeting of the Company which is currently
expected to be held in, or around, April 2004 (and, if passed, at each
subsequent annual general meeting) of an ordinary resolution to the effect that
the Company should continue as an investment company for a further one year
period. If any such resolution is not passed, the Directors will draw up
suitable proposals for the future of the Company (which may include, but is not
to be limited to, the voluntary liquidation, open ending or other reorganisation
of the Company) for submission to the members of the Company at an extraordinary
general meeting to be convened by the Directors for a date no more than three
months after such annual general meeting, Implementation of the proposals will
require the approval of the members by special resolution. If such Proposals are
not approved, the Company will continue as an investment company.

Carl Lee
Chairman
July 2003


Statement of Total Return (incorporating the revenue account*) for the six
months ended 31st May 2003

                         Six months ended 31st May 2003  Six months ended 31st May 2001  Year ended 30th November 2002
                            Revenue  Capital     Total    Revenue    Capital      Total    Revenue   Capital      Total
                              #000s    #000s     #000s      #000s      #000s      #000s      #000s     #000s      #000s

Realised and unrealised           -  (1,334)    (1,334)                2,727      2,727          -    (2,094)    (2,094)
(losses)/ gains on
investments
Net foreign currency              -     (17)       (17)         -         34         34          -       (11)       (11)
(losses)/profit
Income from investments         563        -        563       361          -        361        699          -        699
Deposit interest                  2        -          2         -          -          -         13          -         13
Investment management fees     (21)     (86)      (107)      (28)      (113)      (141)       (53)      (212)      (265)
Other expenses                 (91)        -       (91)     (114)       (28)      (142)      (228)       (34)      (262)
Net return/(loss) before        453  (1,437)        984       219      2,620      2,839        431    (2,351)    (1,920)
finance costs and taxation
Interest payable                (1)      (1)        (2)       (2)        (1)        (3)        (2)          -        (2)
Return/(loss) on ordinary       452  (1,438)      (986)       217      2,619      2,836        429    (2,351)    (1,922)
activities before taxation
Tax on ordinary activities    (106)        -      (106)      (63)          -       (63)      (127)          -      (127)
Return/(loss) on ordinary       346  (1,438)    (1,092)       154      2,619      2,773        302    (2,351)    (2,049)
activities after tax
Return/(loss) per ordinary    18.47  (76.73)    (58.26)      7.92     134.65     142.57      15.96   (124.27)   (108.31)
share for the year (in
pence)
Weighted average shares in                    1,874,458                       1,945,528                        1,891,660
issue


*The Revenue column represents the Revenue Account of the Company.

The revenue and capital items in the above statement derive from continuing
operations. There were no recognised gains and losses other than presented
above.

Balance Sheet
As at 31st May 2003

                                                              31st May              31st May      30th November
                                                                  2003                  2002               2002
                                                                 #000s                 #000s              #000s

Investments at valuation                                        17,354                23,080             15,943
Current assets

Debtors                                                            216                   110                290
Cash at bank                                                        16                   480              2,436

                                                                   232                   590              2,726
Creditors: amounts falling due within one year                   (606)                 (134)              (597)
Net current assets / (liabilities)                               (374)                   456              2,129

Total assets less current liabilities                          16,9806                23,536             18,072
FINANCED BY
Share capital                                                       18                    19                 18
Share premium                                                    4,217                 4,858              4,217
Capital redemption reserve                                           8                     7                  8
Revenue reserve                                                  1,394                   900              1,048
Capital reserve - unrealised                                   (4,861)                    10            (5,160)
Capital reserve - realised                                      16,204                17,742             17,941

Total shareholders' funds (all equity)                          16,980                23,536             18,072
Net asset value per share                                        #9.06                #12.10              #9.64


Cashflow Statement for the year ended 31 May 2003

                                                                            31 May              31 May       30 November
                                                                              2003                2002              2001
                                                                             #000s               #000s             #000s
Operating activities
Investment income received                                                     332                 217               557
Deposit interest received                                                        2                   -                13
Investment management fees paid                                               (21)                (27)              (55)
Other cash payments                                                           (87)                (53)             (206)
Net cash inflow from operating activities                                      226                 137               307
Return on investments and servicing of finance
Interest paid                                                                  (1)                 (2)               (3)
Capital expenditure and investment activities
Foreign exchange                                                                 -                 (2)                 -
Purchase of fixed asset investments                                        (5,770)            (15,082)          (18,375)
Sale of fixed asset investments                                              2,705              14,806            20,654
Sundry capital items                                                          (90)               (139)             (255)
Net cash (outflow)/inflow from capital activities                          (3,155)               (417)             2,024
Financing
New loan                                                                     2,386                   -                 -
Repayment of loan                                                          (1,841)                   -                 -
Purchase of own shares                                                           -                   -             (642)
(Decrease) /increase in cash                                               (2,385)               (282)             1,688


The Company's interim report and accounts will be sent to shareholders in July/
August 2003 Copies will be made available to the public at the registered office
of the Company, Union House, Union Street, Jersey.

The Summarised Balance Sheet at 30 November 2002, Statement of Total Return and
Cashflow Statement for the period then ended are an abridged version of the
Company's full statutory accounts for the year ended 30 November 2002, which
have been filed with the Registrar of Companies; the auditors' opinion on those
accounts was unqualified.

By Order of the Board
AIB Govett Secretaries (Jersey) Limited
Union House
Union Street
St. Helier
Jersey JE4 9YE
Channel Islands
Registered in Jersey no: 45425
xx July 2003


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