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On 24 June 2002, the shareholders of Asiatic approved a proposal by the Company for the purchase of Asiatic shares.

The Company wishes to announce that the present mandate granted by the shareholders of Asiatic for the Share Buy-Back will expire at the conclusion of the forthcoming Twenty-Fifth Annual General Meeting ("AGM") of Asiatic. In this regard, the Company proposes to seek from its shareholders at an Extraordinary General Meeting to be convened, a renewal of the authority to purchase up to ten percent (10%) of the issued and paid-up share capital of the Company comprising 741,335,000 ordinary shares of RM0.50 each as at 28 April 2003.


Yours faithfully
Asiatic Development Berhad

TAN SRI MOHD AMIN BIN OSMAN
Chairman