SOUTHERN STEEL BERHAD (SSB) Renounceable rights issue of up to RM141,176,500 nominal amount of 5.5% 5-year irredeemable convertible unsecured loan stocks (ICULS) at 100% of the nominal amount payable in full upon acceptance on the basis of RM1.00 nominal amount of ICULS for every 2 existing ordinary shares of RM1.00 each held at 5:00 p.m. o 5 June 2003 (Rights Issue of ICULS)

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The Board of Directors of SSB is pleased to announce that as at the close of the last date and time for acceptance and payment in respect of the Rights Issue of ICULS at 5:00 p.m. on 8 July 2003, the Rights Issue of ICULS was over-subscribed by 12.88%.

Further details of acceptances and excess applications for the Rights Issue of ICULS are set out below in Table 1.

This announcement is dated 11 July 2003.
Table 1

	No. of Applications	Nominal Amount of ICULS RM	%
Acceptances received	1,571	138,373,867	98.01
Excess ICULS applications received	937	20,984,610
Total applications received	2,508	159,358,477
Total nominal amount of ICULS available for subscriptions		141,176,500
Over-subscription		18,181,977	12.88