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The Company wishes to announce that further to the announcement by Amanah Merchant Bank Berhad on 19 March 1999 in relation to the Proposed Subscription, the Securities Commission vide its letter of 17 August 1999 has granted the Company a waiver from having to make a mandatory general offer under Practice Note 2.9.3 of the Malaysian Code on Takeover and Mergers, 1998 in respect of the remaining shares in TCB.
The Proposed Subscription is now pending the successful completion of TCB's corporate restructuring exercise, approval of relevant authorities in respect thereof and the revival of the Sentul Raya Project being undertaken by TCB's 70% subsidiary, Sentul Raya Sdn Bhd ("SRSB") in joint venture with Keretapi Tanah Melayu ("KTMB"). The revival of the Sentul Raya Project is largely dependent on the lenders of SRSB agreeing to a debt restructuring and rescheduling plan and TCB obtaining KTMB's agreement to a review of the project agreements to take into account the present project economics.
Yours faithfully,
YTL CORPORATION BERHAD
HO SAY KENG
Company Secretary
Kuala Lumpur
23 August 1999