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ACQUISITION OF THE ENTIRE ISSUED AND FULLY PAID-UP SHARE CAPITAL OF

• TRUSHIDUP PLANTATIONS SDN BHD ("TPSB");
• WAWASAN LAND PROGRESS SDN BHD ("WLPSB"); AND
• DIANTI PLANTATIONS SDN BHD ("DPSB")

BY SABAH DEVELOPMENT COMPANY SDN BHD ("SDC"), A WHOLLY-OWNED SUBSIDIARY OF ASIATIC FOR A TOTAL CASH CONSIDERATION OF RM81,801,979 FROM SEVERAL INDIVIDUALS.

ACQUISITION OF THE ENTIRE ISSUED AND FULLY PAID-UP SHARE CAPITAL OF

• CENGKEH EMAS SDN BHD ("CESB"); AND
• KITUVA PLANTATIONS SDN BHD ("KPSB")

BY SDC FOR A TOTAL CASH CONSIDERATION OF RM19,990,715 FROM SYARIKAT TRUSHIDUP SDN BHD ("STSB") AND SEVERAL INDIVIDUALS.

ACQUISITION OF APPROXIMATELY 1,749 ACRES OF PLANTATION LANDS TOGETHER WITH A PALM OIL MILL AND OTHER PLANTATION ASSETS LOCATED IN THE DISTRICT OF KINABATANGAN, SABAH BY SDC FOR A TOTAL CASH CONSIDERATION OF RM50,320,800 FROM STSB.

ACQUISITION OF OTHER PLANTATION ASSETS BY SDC FOR A TOTAL CASH CONSIDERATION OF RM986,609 FROM TRUSHIDUP RESOURCES SDN BHD.

ACQUISITION OF APPROXIMATELY 5,110 ACRES OF PLANTATION LANDS LOCATED IN THE DISTRICT OF KINABATANGAN, SABAH BY ASIATICOM SDN BHD, A 70% OWNED SUBSIDIARY OF ASIATIC, FOR A TOTAL CASH CONSIDERATION OF RM51,895,364 FROM STSB.

(COLLECTIVELY REFERRED TO AS "ACQUISITIONS")

Further to the announcement dated 17 February 2004, the Board of Directors of Asiatic is pleased to announce that the Proposed Acquisitions have been completed on 28 May 2004 ("Completion Date").

In view of the above, TPSB, WLPSB, DPSB, CESB ans KPSB are now wholly-owned subsidiaries of SDC.

The final purchase consideration is subject to an audit to be undertaken by the independent auditors. The audit will determine the difference between the net assets value of the Vendor Companies as at the Completion Date and 30 November 2003 and any difference will be settled by the Vendor or Purchaser as the case may be, upon the completion of the said audit.

This announcement is dated 28 May 2004.



TAN SRI MOHD AMIN BIN OSMAN
Chairman
Genting Plantation Berhad