Fund Raising

Subject NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS)
FUND RAISING
Description PRIVATE PLACEMENT OF UP TO 10% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF MALAYSIA STEEL WORKS (KL) BHD (“MASTEEL” OR THE “COMPANY”) (“PRIVATE PLACEMENT”)
We refer to the announcements dated 27 August 2012, 4 September 2012, 7 September 2012 and 14 September 2012 in relation to the Private Placement of new ordinary shares of RM0.50 each in MASTEEL (“Placement Share” or “Placement Shares”).
On behalf of the Board of Directors of MASTEEL (“Board”), ECM Libra Investment Bank Berhad (“ECM Libra”) wishes to announce that the Board had on 29 October 2012 (“Price-Fixing Date”), fixed the issue price of RM0.86 per Placement Share for the first tranche of the Private Placement, comprising 7,190,000 new MASTEEL shares of RM0.50 each.

The issue price for the first tranche of RM0.86 per Placement Share each represents a discount of 6.52% to the five (5)-day volume-weighted average market price of the ordinary shares of RM0.50 each in MASTEEL, up to and including 25 October 2012 (being the last market day prior to the Price-Fixing Date) of RM0.92.

The Board is currently identifying suitable placees for the remaining new shares in MASTEEL, to be issued pursuant to the Private Placement. The relevant announcements shall be made in due course, as and when the remaining Placement Shares are subscribed for.

This announcement is dated 29 October 2012.

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