SSTEEL-Listing and quotation of ICULS arising from the Rights Issue.

SOUTHERN STEEL BERHAD

LISTING'S CIRCULAR NO. L/Q : 18615 OF 2003

Rights issue of RM141,176,500 nominal amount of 5.5% 5-year irredeemable convertible unsecured loan stocks (ICLUS) at 100% of its nominal value on the basis of RM1.00 nominal value ICULS for every 2 existing ordinary shares of RM1.00 each held (Rights Issue)

Please be advised that the ICULS issued pursuant to the Rights Issue will be admitted to the Official List of the Exchange and the listing and quotation of the ICULS on the Main Board under the "Loan" sector, on a "Ready" basis pursuant to the Rules of the Exchange will be granted with effect from 9.00 a.m., Monday, 4 August 2003.

The Stock Short Name, Stock Number and ISIN Code of the ICULS are "SSTEEL-LA", "5665LA" and "MYL5665LAI72" respectively.

The holders of the ICULS will have the right to convert the ICULS at the conversion price of RM1.03 into new ordinary shares of RM1.00 each in SSTEEL at any time during the tenure of the ICULS. The conversion price of the ICULS shall be satisfied solely by the tender of RM1.03 nominal amount of the ICULS by the holders for cancellation for every one (1) new ordinary share in SSTEEL.

The tenure of the ICULS is 5 years from the date of issuance of 1 August 2003. The expiry date of the ICULS will be on 31 July 2008 at 5.00p.m.

Kindly also be advised that the ICULS are prescribed securities. Dealings in the ICULS should be carried out in accordance with the Securities Industry (Central Depositories) Act, 1991 and the Rules of Malaysian Central Depository Sdn Bhd.

Kindly also be advised that only "free securities" can be utilised for settlement of trades involving the ICULS.

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