General Announcement
Reference No CU-050310-33473

Submitting Merchant Bank	:	ASEAMBANKERS MALAYSIA BERHAD
Company Name	:	ISLAND & PENINSULAR BERHAD
Stock Name	:	I&P
Date Announced	:	10/03/2005


Type	:	Announcement
Subject	:	ISLAND & PENINSULAR BERHAD ("I&P" OR "THE COMPANY") · Voluntary Offer By Aseambankers Malaysia Berhad ("Aseambankers"), On Behalf Of I&P, To Acquire 70,599,161 Ordinary Shares Of RM1.00 Each Representing The Entire Issued And Paid-Up Share Capital Of Negara Properties (M) Berhad ("Negara"), At A Purchase Consideration Of RM310,000,000 Or RM4.39 Per Ordinary Share Of RM1.00 Each In Negara To Be Satisfied By The Issuance Of 91,176,470 New Ordinary Shares Of RM1.00 Each In I&P At An Issue Price Of Approximately RM3.40 Per Share ("Voluntary Offer")

Contents :

We refer to the abovecaptioned Voluntary Offer.

Pursuant to the Malaysian Code on Take-Overs and Mergers, 1998 ("the Code"), Aseambankers, on behalf of I&P, is pleased to announce that as at 4.30 p.m. (Malaysian time) on 10 March 2005, I&P has received acceptances of 47,447,471 ordinary shares of RM1.00 each in Negara ("Offer Shares") from the shareholders of Negara, which is greater than the minimum shares (being 35,299,582 of the Offer Shares, representing 50% + one (1) share of the total issued and paid-up share capital of Negara). Consequently, the Voluntary Offer has become unconditional as to acceptances.

Aseambankers, hereby gives notice that pursuant to Section 24 of the Code, the closing time and date of the Voluntary Offer has been extended to 5.00 p.m. (Malaysian time) on 25 March 2005 (being a period of not less than fourteen (14) days from the date on which the Voluntary Offer becomes unconditional as to acceptances). All other terms and conditions of the Voluntary Offer (save for the Voluntary Offer being unconditional as to acceptances) remain unchanged. The corresponding percentages of the total issued and paid-up share capital of Negara, as at 4.30 p.m. (Malaysian time) on 10 March 2005 are set out in Table 1 below.

In addition, Aseambankers, will on 11 March 2005, despatch written notices to the shareholders of Negara that the closing time and date of Voluntary Offer has been extended to 5.00 p.m. (Malaysian time) on 25 March 2005.

Table 1

As at 4.30 p.m. (Malaysian time) on 10 March 2005:	Number of Offer Shares	%
a) in respect of acceptances which have been received after the despatch of the Offer Document	47,447,471	67.21
b) held by I&P and Persons Acting in Concert (as defined in the Offer Document) at the time of despatch of the Offer Document	2,422,800	3.43
c) acquired or agreed to be acquired by I&P during the Offer Period (as defined in the Offer Document)	70,599,161	100.00