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Further to the announcement dated 12 September 1995, the Board of Directors of Asiatic is pleased to announce the completion of the Proposed Acquisition based on a revised purchase consideration of RM857,080 pursuant to a supplemental agreement dated 10 April 2003.

Kenyalang, a private limited company incorporated in Malaysia, has been alienated a piece of agricultural land measuring approximately 5,000 hectares by the State Authority of Sarawak. The said land, which is held on a 60 year lease commencing July 1999, is situated at Medalam, Ulu Nanga Medamit, Limbang and is described as Lot 10 Sungai Medalam Land District.

The Proposed Acquisition will not have any material impact on the net tangible assets of the Group based on its audited accounts for the financial year ended 31 December 2002 and is not expected to have any material effect on the earnings of the Group for the current financial year ending 31 December 2003.

None of the directors or substantial shareholders of the Company has any interest in the Proposed Acquisition.

TAN SRI MOHD AMIN BIN OSMAN
Chairman
Asiatic Development Berhad