Salcon berhad ("Salcon" Or "Company") (a) proposed Acquisition of 74.165% of oriental Capital Assurance Berhad ("Oriental") for a Total cash consideration of RM129,805,536; And (b) Proposed Mandatory General offer for the Remaining Ordinary Shares of RM1.00 each In Oriental Which Are Not Already Owned By It ("Offer Shares") for A Cash Consideration Of RM1.75 For Each Offer Share. (Collectively Referred As The "proposals")

BackSep 27, 2007
General Announcement
Reference No MM-070927-60470

Submitting Merchant Bank
:
 MIMB INVESTMENT BANK BERHAD 
Company Name
:
 SALCON BERHAD 
Stock Name
:
 SALCON
Date Announced
:
 27/09/2007


Type : Announcement
Subject : SALCON BERHAD ("Salcon" or "Company")

(A) PROPOSED ACQUISITION OF 74.165% OF ORIENTAL CAPITAL ASSURANCE BERHAD ("ORIENTAL") FOR A TOTAL CASH CONSIDERATION OF RM129,805,536; AND

(B) PROPOSED MANDATORY GENERAL OFFER FOR THE REMAINING ORDINARY SHARES OF RM1.00 EACH IN ORIENTAL WHICH ARE NOT ALREADY OWNED BY IT ("OFFER SHARES") FOR A CASH CONSIDERATION OF RM1.75 FOR EACH OFFER SHARE.

(COLLECTIVELY REFERRED AS THE "PROPOSALS")

Contents :

We refer to the announcements dated 28 August 2007 and 14 September 2007 in relation to the abovementioned Proposals. On behalf of the Board of Directors of Salcon ("Board"), MIMB Investment Bank Berhad (formerly known as Malaysian International Merchant Bankers Berhad) wishes to announce that Salcon's solicitors had on 24 September 2007 received a letter from the solicitors for Maika Holdings Berhad ("Maika") informing that Maika was served with an ex-parte Order of the Kuala Lumpur High Court dated 21 September 2007. Pursuant to the Order, Maika has been restrained, among others, from acting upon any of the resolutions including the resolution approving the disposal of its shares in Oriental, which was passed at the 24th Annual General Meeting of Maika held on 30 August 2007, pending the inter-parte court hearing which is fixed on 8 October 2007. Salcon is not named as a party in the proceedings.

Pending the outcome of above suit, the Board will proceed with the above Proposals.

This announcement is dated 27 September 2007.