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12 Jan 2007

MALAYSIA STEEL WORKS (KL) BHD (“MASTEEL” OR “COMPANY”)

PROPOSED PRIVATE PLACEMENT OF UP TO 13,300,000 NEW ORDINARY SHARES OF RM0.50 EACH IN MASTEEL (“PLACEMENT SHARES”) REPRESENTING NOT MORE THAN 10% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF MASTEEL
(“PROPOSED PRIVATE PLACEMENT”)

Contents :

We refer to the announcements dated 9 January 2006, 15 February 2006, 21 February 2006, 16 March 2006 and 3 August 2006 in relation to the Proposed Private Placement.


CIMB Investment Bank Berhad (formerly known as Commerce International Merchant Bankers Berhad) wishes to announce that the Board of Directors of MASTEEL has fixed the issue price for the 13,000,000 Placement Shares on 12 January 2007 at RM0.95 per Placement Share. This represents a discount of approximately 7.77% from the 5-day weighted average market price of MASTEEL shares up to and including 11 January 2007 of RM1.03 per share.

In addition, pursuant to the approval letter from the Securities Commission dated 14 February 2006, we wish to provide the detailed breakdown of the utilisation of proceeds as follows:




This announcement is dated 12 January 2007.



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