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20 Jul 2010

We refer to earlier announcements in relation to the Warrants Issue.

On behalf of the Board of Directors of Masteel, MIMB Investment Bank Berhad (“MIMB”) is pleased to announce that the Ministry of International Trade and Industry (“MITI”) had, vide its letter dated 19 July 2010 approved the Warrants Issue. The MITI has also maintained a two (2) year extension time period (beginning 15 March 2010 and ending 14 March 2012) which was given vide MITI’s letter dated 11 February 2010, for Masteel to comply with an equity condition whereby, “at least 60% of the entire shares of Masteel shall be held by Malaysians including 30% to be reserved for Bumiputera” (“Equity Condition”).

Further to the above, Masteel is required to inform MITI upon completion of the Warrants Issue.

For consistency, the abbreviations used above are the same as those previously defined in the Company's announcement dated 18 May 2010.

This announcement is dated 20 July 2010.
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