PROPOSED ACQUISITION BY KUASA NUSAJAYA (L) LTD ("KNL") FROM EDF INTERNATIONAL SA ("EDFI") OF THE ENTIRE ISSUED AND PAID-UP SHARE CAPITALS OF SUEZ GULF POWER SAE (FORMERLY KNOWN AS "EDF SUEZ GULF POWER SAE") ("SUEZ GULF"), PORT SAID EAST POWER SAE (FORMERLY KNOWN AS "EDF PORT SAID EAST POWER SAE") ("PORT SAID") AND EGYPTIAN OPERATING COMPANY SAE (FORMERLY KNOWN AS "EDF EGYPTIAN OPERATING COMPANY SAE") ("EOC") AND THE OUTSTANDING SHAREHOLDER'S LOANS OWED BY SUEZ GULF AND PORT SAID TO EDFI ("PROPOSED ACQUISITION")

We refer to the announcements made on 29 November 2005, 19 December 2005 and 12 January 2006 in relation to the Proposed Acquisition.

On behalf of Tanjong, Commerce International Merchant Bankers Berhad wishes to announce that the Proposed Acquisition has, on 2 March 2006, been completed in accordance with the terms and conditions of the share purchase agreement dated 29 November 2005. The purchase consideration of US$307 million for the Proposed Acquisition has been funded by way of US$150 million of bank borrowings and the balance through the Tanjong Group's internally generated funds.

Suez Gulf, Port Said and EOC have, upon the completion of the Proposed Acquisition, accordingly become wholly-owned subsidiaries of Tanjong.

This announcement is dated 3 March 2006.

Date Posted : 3 Mar 2006
Source : Kuala Lumpur