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23 Mar 2010

We refer to the announcements dated 28 January 2010, 3 February 2010, 12 February 2010 and 3 March 2010 in relation to the Proposed Private Placement.

OSK Investment Bank Berhad on behalf of Masteel is pleased to announce that the Board of Directors of Masteel ("Board") has fixed the second tranche of the placement shares comprising 5,800,000 ordinary shares of RM0.50 each at an issue price of RM1.015 per share. It is not the intention of the Board to place the placement shares to Directors or substantial shareholders of Masteel and/or persons connected to them.

This issue price represents a discount of approximately 3.82% to the five (5)-day volume weighted average market price of Masteel's shares up to and including 22 March 2010 of RM1.0553.

This announcement is dated 23 March 2010.
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