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03 Jun 2005

ACQUISITION OF TWO (2) ORDINARY SHARES OF RM1.00 EACH IN THE SHARE CAPITAL OF STEEL DYNAMICS (MALAYSIA) SDN BHD BY MALAYSIA STEEL WORKS (KL) BHD

Contents :


Malaysia Steel Works (KL) Bhd (“MSW” or “the Company”) is pleased to announce that it had on 3 June 2005 acquired two (2) Ordinary Shares of RM1.00 each at par representing the entire issued and paid up share capital of Steel Dynamics Sdn Bhd (Company No: 690681-U) (“Steel Dynamics”) from the following subscribers for a total cash consideration of RM2.00 thereby resulting in Steel Dynamics becoming a wholly-owned subsidiary of MSW:-

Name of subscriber
No. of ordinary shares of RM1.00 each
Lim Pek Tho
1
Ha Neong @ Chan Kiew
1
TOTAL
---------------------------
2
================


The current authorized share capital of Steel Dynamics is RM100,000.00 comprising 100,000 Ordinary Shares of RM1.00 each. The issued and paid-up capital of Steel Dynamics is two (2) Ordinary Shares of RM1.00 each.

The proposed Directors of Steel Dynamics to be appointed are as follows:

(i) Tai Hean Leng @ Tek Hean Leng

(ii) Lim Eng Soon

Currently, Steel Dynamics is a dormant company, but its intended principal activity is to carry on the business of manufacturers or distributors of iron and steel products.

None of the Directors and/or Substantial Shareholders and/or persons connected to them have any interest, direct or indirect, in the above mentioned acquisition.


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