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09 Sep 2005

MALAYSIA STEEL WORKS (KL) BHD (“MASTEEL” OR “THE COMPANY”)
- PRIMARY COLLATERISED LOAN OBLIGATIONS PROGRAMME


Contents :

The Board of Directors of Masteel is pleased to announce that the Company has on 9 September 2005 signed a Facility Agreement with EON Bank Berhad as Lender and CapOne Berhad for an unsecured fixed rate term loan facility of RM50 million (the “Facility”) under a Primary Collateralised Loan Obligations Programme arranged by Malaysian International Merchant Bankers Berhad.

The Facility is for a period of five (5) years. The purpose of the Facility is for capital expenditure requirements of the Company.

The Facility will not have any material effect on the net tangible assets, the earnings and share capital of the Company for the financial year ending 31 December 2005.

None of the Directors and/or substantial shareholders of the Company have any interest, direct or indirect, in the Facility.

This announcement is dated 9 September 2005.



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