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29 Feb 2012

MALAYSIA STEEL WORKS (KL) BHD ("Masteel" or "the Company")
- Update on the Joint-Venture Agreement entered between Masteel and KUB Malaysia Berhad

Announcement Details/Table Section :

We refer to the announcement made on 19 January 2011, wherein Masteel announced that the Company had entered into a Heads of Joint Venture Agreement (“JVA”) with KUB Malaysia Berhad (Company No. 6022-D) (“KUB”), a company listed in the Main Market of Bursa Malaysia Securities Berhad whereby KUB and Masteel (“Parties”) have agreed to combine their capabilities and resources to co-operate and collaborate with each other in the joint-venture company, Metropolitan Commuter Network Sdn Bhd (“MCN”) to pursue the rail transit network project in the Iskandar Development Region (“Project”) and the Parties are desirous of submitting a joint proposal for the Project to the Government of Malaysia (“Proposal”).

Pursuant to Bursa Malaysia Securities Berhad’s letter dated 4 August 2006, we wish to announce the status of the JVA as follows:-

1. During the fourth quarter ended 31 December 2011, MCN had numerous meetings with the Ministry of Transport and Ministry of Finance officials to resolve the issues raised during the Economic Council ("EC") meeting on 8 August 2011.

2. Presently, MCN is awaiting confirmation from the EC Secretariat for the date of the retabling of its revised proposal for its Iskandar commuter rail project to the EC.

This announcement is dated 28 February 2012.

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