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03 Feb 2010

We refer to the announcement dated 28 January 2010 in relation to the Proposed Private Placement.

Announcement Details :

On behalf of the Board of Directors of Masteel (“Board”), OSK Investment Bank Berhad (“OSK”) wishes to announce that Bursa Malaysia Securities Berhad (“Bursa Securities”) had vide its letter dated 3 February 2010, approved the Proposed Private Placement subject to the following conditions:-

(i) Masteel and OSK must fully comply with the relevant provisions under the Main Market Listing Requirements (“LR”) pertaining to the implementation of the Proposed Private Placement;

    (ii) Masteel and OSK to inform Bursa Securities upon completion of the Proposed Private Placement;

    (iii) Masteel to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposed Private Placement is completed;

    (iv) Additional listing fee payable for each tranche of the Placement Shares listed, together with a copy of the details of the computation of the amount of listing fees payable; and

    (v) OSK must submit to the Exchange the placees’ details in accordance with Paragraph 6.15 of the LR as soon as practicable after each tranche of placement and before the listing of the new shares to be issued pursuant to the Proposed Private Placement.

    Masteel will fully comply with the LR in regards to the implementation of the Proposed Private Placement. 

    This announcement is dated 3 February 2010.
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