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02 Feb 2007

UPDATES ON MATERIAL LITIGATION
- KUALA LUMPUR HIGH COURT SUIT NO. D5-22-1312-1999
MUKAND LTD (“MUKAND” OR “THE PLAINTIFF”) vs MALAYSIA STEEL WORKS (KL) BHD (“MASTEEL”
OR "THE COMPANY")

Contents :

    Masteel wishes to report that on 19 September 2006, the High Court of Malaya dismissed with costs Mukand's claim of US375,749.45 against the Company in respect of the sale of cranes to Masteel. The court then gave judgement in favour of Masteel on its counter claim against Mukand for RM3,728,203.24 together with costs and interest of 8% per annum from January 1999 until full payment is made by Mukand. The total compensation sum up to December 2006, would be approximately RM6.0 million.

    Meanwhile, the Plaintiff has appealed on the above judgement to the Court of Appeal and is yet to be heard.

    A further announcement in relation to the above case will be released as and when notification is received from the Company’s solicitors.


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