April 29, 2008

RB LAND HOLDINGS BERHAD (“RB LAND” OR THE “COMPANY”)

●	ACQUISITION OF 50,008,000 ORDINARY SHARES OF RM1.00 EACH AND 193,487 REDEEMABLE PREFERENCE SHARES OF RM1.00 EACH REPRESENTING 70.00% OF THE ISSUED AND PAID-UP ORDINARY SHARE CAPITAL AND REDEEMABLE PREFERENCE SHARE CAPITAL OF RB LAND SDN BHD (“RBL”) RESPECTIVELY FOR A TOTAL CONSIDERATION OF RM242,179,260 FULLY SATISFIED BY THE ISSUANCE OF 242,179,260 NEW ORDINARY SHARES OF RM1.00 EACH IN RB LAND (“RB LAND SHARES”) CREDITED AS FULLY PAID UP AT AN ISSUE PRICE OF RM1.00 PER RB LAND SHARE AND THE SETTLEMENT BY RB LAND OF A SHAREHOLDERS LOAN DUE AND OWING BY RBL TO ROAD BUILDER (M) HOLDINGS BHD AMOUNTING TO RM130,745,608 VIA THE ISSUANCE OF 130,745,608 NEW RB LAND SHARES CREDITED AS FULLY PAID UP AT AN ISSUE PRICE OF RM1.00 PER RB LAND SHARE (“RBL ACQUISITION AND SETTLEMENT”); AND

●	ACQUISITION OF 2,900,000 ORDINARY SHARES OF RM1.00 EACH IN SHAH ALAM 2 SDN BHD (“SA2”) REPRESENTING 29.00% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF SA2 FOR A TOTAL CONSIDERATION OF RM7,728,840 FULLY SATISFIED BY THE ISSUANCE OF 7,728,840 RB LAND SHARES CREDITED AS FULLY PAID UP AT AN ISSUE PRICE OF RM1.00 PER RB LAND SHARE AND THE SETTLEMENT BY RB LAND OF A SHAREHOLDERS LOAN DUE AND OWING BY SA2 TO DISCRETE LIMITED AMOUNTING TO RM37,609,231 VIA THE ISSUANCE OF 37,532,846 NEW RB LAND SHARES CREDITED AS FULLY PAID UP AT AN ISSUE PRICE OF RM1.00 PER RB LAND SHARE AND A CASH PAYMENT OF RM76,385 (“SA2 ACQUISITION AND SETTLEMENT”)

	(COLLECTIVELY KNOWN AS THE “ACQUISITIONS AND SETTLEMENTS”)

We refer to the announcement dated 16 April 2007 in relation to the Acquisitions and Settlements.

As stated in the said announcement, the Securities Commission (“SC”) had imposed a condition under the Foreign Investment Committee’s Guidelines for the Regulation of Acquisition of Assets, Mergers and Take-Over, 1974 whereby RB Land is required to increase its Bumiputera equity interest by at least 3.77% within one (1) year from the date of implementation of the Acquisitions and Settlements, i.e. by 24 March 2005 (“SC Condition”). The SC had subsequently via its letters dated 29 March 2005, 18 April 2006 and 11 April 2007, approved the applications by RB Land for an extension of time to comply with the SC Condition by 25 March 2006, 25 March 2007 and 25 March 2008 respectively.

On behalf of the Board of Directors of RB Land, AmInvestment Bank Berhad wishes to announce that, the SC had, via its letter dated 28 April 2008 (received on 29 April 2007), approved an application by RB Land for an extension of time of one (1) year up to 25 March 2009 to comply with the SC Condition.

This announcement is dated 29 April 2008.

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