Kuala Lumpur, 7 October 2004
The proposed acquisition by YTL Cement Berhad (YTL Cement) of 107,500,000 ordinary shares of RM1.00 each representing 32.10% equity interest in Perak-Hanjoong Simen Sdn Bhd (PHS) from Doosan Heavy Industries & Construction Co. Ltd. for a cash consideration of RM75,250,000 ("Proposed Acquisition") has been approved by the Ministry of International Trade and Industry.
The announcement was made on behalf of YTL Cement today, by AmMerchant Bank Berhad, which stated that the Ministry of International Trade and Industry had approved the Proposed Acquisition through letters dated 16 September 2004 and 4 October 2004.
The Proposed Acquisition is now subject to approval of the shareholders of YTL Cement at an extraordinary general meeting which is to be convened.
Details of the Proposed Acquisition: YTL Cement acquires 32.10% stake in Perak-Hanjoong Simen