| We refer to our announcements dated 3 October 2008 and 18 November 2008 which stated that PacificMas had received approval from Bursa Malaysia Securities Berhad (“Bursa Securities”) for a further extension of time for a period of three (3) months until 25 December 2008 to comply with the Public Shareholding Spread. |
| On 12 December 2008, PacificMas has submitted an application to Bursa Securities to allow PacificMas a further extension of time of six (6) months from 26 December 2008 until 25 June 2009 to comply with the Public Shareholding Spread, highlighting that the stock market turmoil and economic downturn have affected its proposed rectification plan. |
| On 19 December 2008, PacificMas received a letter from Bursa Securities approving a further extension of time for a period of only three (3) months until 25 March 2009 to comply with the Public Shareholding Spread. Notwithstanding this, PacificMas together with OCBC Capital (Malaysia) Sdn Bhd, a substantial shareholder and holding company of PacificMas would continue with its efforts to rectify its Public Shareholding Spread. |
| Based on the Company's Record of Depositors as at 28 November 2008, the public shareholding spread of PacificMas was 16.46% represented by 28,150,088 shares held by 9,432 public shareholders holding not less than 100 shares each. Accordingly, PacificMas does not comply with the Public Shareholding Spread as less than 25% of its total listed shares are in the hands of public shareholders. |
| Further details will be announced in due course. |
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| This announcement is dated
19 December
2008. |
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