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 ("Proposed Acquisition"); And (b) Proposed mandatory general Offer for the Remaining Ordinary Shares of RM1.00 each In Oriental Which Are Not Already Owned By It for A Cash Consideration Of RM1.75 For Each Share ("Proposed Mandatory General Offer"). (Collectively Referred As The "Proposals")

BackOct 24, 2007

General Announcement
Reference No MM-071024-61444

Submitting Merchant Bank
:
 MIMB INVESTMENT BANK BERHAD 
Company Name
:
 SALCON BERHAD 
Stock Name
:
 SALCON
Date Announced
:
 24/10/2007


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 ("PROPOSED ACQUISITION"); AND

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

(COLLECTIVELY REFERRED AS THE "PROPOSALS")

Contents :

Further to the announcement dated 4 October 2007, on behalf of the Board of Directors of Salcon, MIMB Investment Bank Berhad (formerly known as Malaysian International Merchant Bankers Berhad) is pleased to announce that the shareholders of the Company have approved the ordinary resolution in relation to the Proposals at the Extraordinary General Meeting held on 24 October 2007.

This announcement is dated 24 October 2007.