Bursa
Announcements

(Unless otherwise stated, all abbreviations used herein shall have the same meanings as those mentioned in the announcement dated 30 January 2012 in relation to the Proposals.)

We refer to the announcements dated 30 January 2012, 18 July 2012 and 6 November 2012 in relation to the Proposals.

On behalf of the Company, CIMB Investment Bank Berhad (“CIMB”) wishes to announce that the shareholders of Wira Kristal had, vide its letter dated 7 December 2012, informed the Company that Kesturi, the concession holder to the DUKE, had on, 3 December 2012, entered into a supplemental concession agreement (“Supplemental Concession Agreement”) with the Government for the proposed extension of the DUKE (“DUKE Phase-2”).

The DUKE Phase-2 will be an elevated highway that complements the existing DUKE which will comprise of two (2) additional links, namely the Sri Damansara Link and the Tun Razak Link.

The Sri Damansara Link commences at the Menjalara Interchange at Bandar Menjalara on the west, traversing eastward to the Segambut Interchange at Jalan Segambut.

The Tun Razak Link commences at Jalan Tun Razak near Institut Jantung Negara and traverses northwards along Jalan Pahang and Jalan 9/48A to connect to the existing Jalan Gombak.

The relevant principal salient terms of the Supplemental Concession Agreement include:

(i)             the concession period shall be for a period of fifty four (54) years commencing from the effective date of the expressway under the concession agreement dated 12 August 2004 (“Principal Concession Agreement”) (i.e. 11 August 2005) (“Effective Date”) and ending on the fifty fourth (54^th) anniversary of the Effective Date (“Concession Period”);

(ii)            the Concession Period shall, subject to the terms and conditions of the Supplemental Concession Agreement, be extended for a further period of ten (10) years;

(iii)           Kesturi shall fulfil the conditions precedent as stipulated in the Supplemental Concession Agreement within twelve (12) months from the date of execution of the Supplemental Concession Agreement (“CP Period”) subject to any extension which shall not exceed three (3) months after the expiry of the CP Period; and

(iv)          The Supplemental Concession Agreement shall be null and void and neither parties shall have any claim against the other in the event the conditions precedent as stipulated in the Supplemental Concession Agreement are not fulfilled or waived within the CP Period or any extended period.

The financing terms for the proposed DUKE Phase-2, which forms part of the conditions precedents under the Supplemental Concession Agreement, has not been finalised at this juncture.

Accordingly, the Company will undertake further financial, legal and business due diligence on the Wira Kristal Group pursuant to the Share Exchange Agreement to assess the impact of the DUKE Phase-2 on the Proposed Share Exchange. Further details will be announced once the Company has determined the implications of the proposed DUKE Phase-2 on the Proposed Share Exchange, where necessary.

This announcement is dated 7 December 2012.