Proposed Renounceable Rights Issue of up to 100,944,400 Warrants and Proposed Issuance of up to 10,000,000 Warrants to the Eligible Management Staff of the Company and its subsidiaries at an Indicative Issue Price of RM0.05 per Warrant ("the Proposals")

Further to the announcements on 9 December 2004 and 12 October 2004 in relation to the Proposals, the Company is pleased to announce that the Securities Commission ("SC") and the Foreign Investment Committee have, vide SC's letter dated 27 January 2005, approved the Proposals subject to, among others, the Company increasing its Bumiputera equity by 2.49% of the enlarged issued and paid-up share capital within two (2) years from the date of the implementation of the Proposals.