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Further to our announcement dated 3 December 1999, Bumiputra Merchant Bankers Berhad is pleased to announce on behalf of the Board of Directors of CHHB, that the Securities Commission ("SC") has approved the Proposals subject to the following conditions:
(i) the failure by Timbang Makmur Sdn Bhd ("TMSB") to redeem at least 40% of the Cumulative Redeemable Preference Shares ("CRPS") by the third anniversary following the date on which the CRPS is issued ("Anniversary Date") should not be an exercise event for the put option ("Exercise Event");
(ii) the failure by TMSB to pay or declare dividend can only be an Exercise Event if TMSB fails to pay dividend by the third Anniversary Date;
(iii) the Cash Collateral Account can only be used for dividend payment;
(iv) All references made to Security Providers in the Settlement Agreement should not include Country Heights Venture Sdn Bhd if the reference would place CHHB at a disadvantage position; and
(v) CHHB should get the approval of the SC on the final terms of the put option to RHB Bank.
This announcement is dated 12 January 2000.