| We refer to our announcement dated 19 December 2008 which stated, amongst others 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 March 2009 to comply with the Public Shareholding Spread. |
| On 13 March 2009, PacificMas has submitted an application to Bursa Securities to allow PacificMas a further extension of time of six (6) months from 26 March 2009 until 25 September 2009 to comply with the Public Shareholding Spread, highlighting that OCBC Capital (Malaysia) Sdn Bhd ("OCSB"), a substantial shareholder and holding company of PacificMas, was still in negotiation to sell down OCSB's shareholding in PacificMas and that OCSB would require additional time to implement the rectification plan in view of the on-going unfavourable stock market conditions and economic downturn. |
| On 24 March 2009 , PacificMas received a letter from Bursa Securities approving a further extension of time for a period of only three (3) months until 25 June 2009 to comply with the Public Shareholding Spread. |
| Based on the Company's Record of Depositors as at 27 February 2009 , the public shareholding spread of PacificMas was 16.46% represented by 28,150,166 shares held by 9,397 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. |
| This announcement is dated 24 March 2009. |
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