General Announcement
Reference No CU-050325-42443

Submitting Merchant Bank	:	ASEAMBANKERS MALAYSIA BERHAD
Company Name	:	ISLAND & PENINSULAR BERHAD
Stock Name	:	I&P
Date Announced	:	25/03/2005


Type	:	Announcement
Subject	:	ISLAND & PENINSULAR BERHAD ("I&P" OR "THE COMPANY") Voluntary Offer By Aseambankers Malaysia Berhad 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 :

Aseambankers Malaysia Berhad on behalf of the board of directors of I&P hereby announces that the abovementioned Voluntary Offer closed at 5.00 p.m. (Malaysian time) on 25 March 2005.

The position and level of acceptances of the Voluntary Offer as at 5.00 p.m. on 25 March 2005 are as follows:

	Number of Negara shares	% of the issued and paid-up share capital of Negara
Number of Negara shares held by I&P as at the time of posting of the offer document dated 14 January 2005 in relation to the Voluntary Offer ("Offer Document")	-	-
Number of Negara shares held by parties acting in concert with I&P as at the time of posting of the Offer Document	2,422,800	3.43
	2,422,800	3.43
Number of Negara shares held by I&P as at the time of posting of the Offer Document	-	-
Negara shares for which acceptances have been received up to 5.00 p.m. on 25 March 2005 that have been verified as valid acceptances	49,013,045*	69.42
Negara shares acquired or agreed to be acquired during the offer period	-	-
Total number of Negara shares held by I&P up to 5.00 p.m. on 25 March 2005	49,013,045*	69.42

* Includes the acceptance of 2,422,800 Negara shares received from parties acting in concert with I&P

This announcement is dated 25 March 2005.