Deadline for Share Recovery Submission Remains on 1 June but Processing of Applications Will Continue

Kuala Lumpur, 27 May 1999

All share recovery applications which are still pending a decision from the Securities Commission (SC) will continue to be processed even after the 1 June 1999 deadline, provided that these applications were submitted to the Share Recovery Unit (SRU) with original or replacement share scrips before the deadline.

Investors who have submitted their share recovery applications before 1 June 1999 but have yet to see their securities deposited into their CDS accounts by 1 June 1999 should therefore not be overly concerned as their applications are under process.

The SC will give approval and request for the securities to be deposited into the investor's CDS account once all documentation and payment to the MCD is received and the application is found to be in order.

Applicants may still contact the SRU at tel. (03) 654 8888 or (03) 654 8000, or correspond with the SRU at the Share Recovery Unit, Securities Commission, Persiaran Bukit Kiara, Bukit Kiara, 50490 Kuala Lumpur after 1 June 1999 to enquire about their applications or to submit additional information or documents, as requested by the SRU. However, the SRU will not accept any fresh applications after the deadline.

Investors who do not submit their applications by the deadline risk having their securities being disposed of by the Minister of Finance at any time after 1 December 1999. Any claims for the sale proceeds from such disposal will then have to be made to the Registrar of Unclaimed Monies.

Amendments to the Securities Industry (Central Depositories) Act 1991 which was effective 1 November 1998 required full immobilisation of securities within the central depository. In effect, it became compulsory for investors to deposit their share scrips into a CDS account by 1 December 1998.

Shares not deposited by 1 December 1998 (and which do not fall under exempt categories) were automatically transferred to the legal custody of the Minister of Finance. Investors were then given six months from 1 December 1998, that is until 5pm, 1 June 1999 to apply for the recovery of these shares.

According to the law, if no application is made within that period, the Minister of Finance may dispose of these shares and the sale proceeds would be treated as unclaimed monies.

SECURITIES COMMISSION MALAYSIA

Issued on behalf of the Securities Commission. Members of the press requiring assistance may contact the Corporate Affairs Department at tel no. 03-654 8513 (Ann Teoh) / 03-654 8184 (Azmi Harris Ibrahim) or fax no.: 03-651 5078. Members of the public with enquiries relating to the Share Recovery Unit may contact tel: 03-654 8888 / 654 8000 or fax: 03-651 5518.

Background information:

The Securities Commission (SC), a statutory body reporting to the Minister of Finance, was established under the Securities Commission Act 1993. It is the sole regulatory agency for the regulation and development of capital markets. The SC has direct responsibility for supervising and monitoring the activities of market institutions, including the exchanges and clearing houses, and regulating all persons licensed under the Securities Industry Act 1983 and Futures Industry Act 1993.

More information about the SC is available on its homepage at www.sc.com.my