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On behalf of the Company, Commerce International Merchant Bankers Berhad ("CIMB") is pleased to announce that the Securities Commission ("SC") has approved the Revised Proposals subject to the following variations:-

(i) the proposed acquisition of the 20% equity interest in APM and WTCH by the controlling shareholders of TCMH ("Controlling Shareholders") must be completed prior to the listing of APM and WTCH on the Kuala Lumpur Stock Exchange ("KLSE"); and

(ii) the acquisition of the remaining 30% equity interest in APM and WTCH by Bumiputera investors approved by the Ministry of International Trade and Industry ("MITI") must be completed no later than one (1) year from the date of listing of APM and WTCH on the KLSE.

The approval of the SC is also subject to, among others, the condition that the cash proceeds to be received by TCMH from the sale of the 50% equity interest in APM and WTCH to the Controlling Shareholders and Bumiputera investors approved by the MITI are to be distributed to the shareholders of TCMH immediately.

The Board of Directors of TCMH is currently deliberating on the approval of the SC and will make an announcement on its decision in due course.

The Revised Proposals were approved by the MITI on 17 May 1999 as proposed.

The Revised Proposals are still subject to the approvals from the following:-

(i) the Foreign Investment Committee;

(ii) the shareholders of TCMH at an extraordinary general meeting to be convened;

(iii) the KLSE for the listing of and quotation for the entire issued and paid-up share capital of APM and WTCH on the Main Board of the KLSE; and

(iv) any other relevant authorities.