PROPOSED PRIVATE PLACEMENT OF UP TO TEN PERCENT (10%) OF THE COMPANY’S ISSUED AND PAID-UP SHARE CAPITAL TO INVESTORS TO BE IDENTIFIED (“PROPOSED PRIVATE PLACEMENT”)

We refer to the announcements dated 18 January 2011, 11 February 2011 and 2 March 2011 in relation to the Proposed Private Placement.
 

On behalf of the Board of Directors of Masteel, OSK Investment Bank Berhad wishes to announce that the approval from Bursa Malaysia Securities Berhad on the Proposed Private Placement has lapsed today, 9 August 2011, being six (6) months from the date of the approval. We wish to inform shareholders that no new shares were issued/placed out pursuant to the Proposed Private Placement.

This announcement is dated 9 August 2011.