We make reference to the Entitlement (Notice of Book Closure) announcement dated 27 May 2015 in relation to the Bonus Issue.

The Bonus Issue will entail the issuance of up to 607,413,668 Bonus Shares, to be credited as fully paid-up, on the basis of one (1) Bonus Share for every four (4) existing Mah Sing Shares held by the entitled shareholders whose names appear in the Record of Depositors for  Mah Sing Shares at 5.00 p.m. on 10 June 2015 ("Entitlement Date") (“Entitled Shareholders”). The actual number of Bonus Shares to be issued will depend on the issued and paid-up share capital of Mah Sing on the Entitlement Date, taking into account any exercise or conversion (as the case may be) of the existing outstanding 2013/2018 warrants of Mah Sing, constituted by a deed poll dated 18 February 2013 (“Warrant B 2013/2018 Deed Poll”) and expiring on 16 March 2018* (“Warrant B 2013/2018”), the outstanding 2015/2020 warrants of Mah Sing, constituted by a deed poll dated 15 January 2015 (“Warrant C 2015/2020 Deed Poll”) and expiring on 21 February 2020 (“Warrant C 2015/2020”) or Mah Sing’s 7-year RM325 million nominal value of 3.25% redeemable convertible secured bonds constituted by the trust deed dated 8 June 2011.

Holders of Mah Sing’s Warrant B 2013/2018 (“Warrant B 2013/2018 Holders”) and holders of Mah Sing’s Warrant C 2015/2020 (“Warrant C 2015/2020 Holders”) who wish to be entitled to the Bonus Issue shall exercise their rights to subscribe for new Mah Sing Shares by lodging their duly completed exercise forms together with the relevant subscription monies with Mah Sing’s Share Registrar (Tricor Investor Services Sdn Bhd, Level 17, The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur) on or before 5.00 p.m. on 1 June 2015. This is to enable the new Mah Sing Shares arising from such exercise to be allotted to the respective Warrant B 2013/2018 Holders and Warrant C 2015/2020 Holders such that their names will appear in the Record of Depositors for Mah Sing Shares at 5.00 p.m. on the Entitlement Date.

The Warrant B 2013/2018 Holders and Warrant C 2015/2020 Holders who do not exercise their Warrant B 2013/2018 or Warrant C 2015/2020, as the case may be, and subsequently whose names appear in the Record of Depositors for Warrant B 2013/2018 or Record of Depositors for Warrant C 2015/2020, as the case may be, on or before 5.00 p.m. on 10 June 2015 (being the Entitlement Date) shall accordingly be entitled to receive the additional Warrant B 2013/2018 or Warrant C 2015/2020, as the case may be, arising from the Warrant B 2013/2018 Adjustments (as defined below) and/or Warrant C 2015/2020 Adjustments (as defined below).

Effective on 9 June 2015 (being one (1) market day before the Entitlement Date):

(i)           the number of outstanding Warrant B 2013/2018 and the exercise price for such Warrant B 2013/2018 shall be adjusted in accordance with the provisions under the Warrant B 2013/2018 Deed Poll (“Warrant B 2013/2018 Adjustments”). Warrant B 2013/2018 Holders whose names appear in the Record of Depositors for Warrant B 2013/2018 at 5.00 p.m. on 10 June 2015 (being the Entitlement Date) will be entitled to receive the additional Warrant B 2013/2018 arising from the Warrant B 2013/2018 Adjustments; and

(ii)          the number of outstanding Warrant C 2015/2020 and the exercise price for such Warrant C 2015/2020 shall be adjusted in accordance with the provisions under the Warrant C 2015/2020 Deed Poll (“Warrant C 2015/2020 Adjustments”). Warrant C 2015/2020 Holders whose names appear in the Record of Depositors for Warrant C 2015/2020 at 5.00 p.m. on 10 June 2015 (being the Entitlement Date) will be entitled to receive the additional Warrant C 2015/2020 arising from the Warrant C 2015/2020 Adjustments.

Pursuant to the Warrant B 2013/2018 Adjustments or Warrant C 2015/2020 Adjustments, as the case may be:

(a)          Warrant B 2013/2018 Holders will be entitled to one (1) additional Warrant B 2013/2018 for every four (4) existing Warrant B 2013/2018 held and the existing exercise price of RM1.80 for each Warrant B 2013/2018 will be adjusted accordingly to RM1.44 for each Warrant B 2013/2018 (including additional Warrant B 2013/2018). As a result of the Warrant B 2013/2018 Adjustments, up to a maximum of 37,239,315 additional Warrant B 2013/2018 with an adjusted exercise price of RM1.44 for each Warrant B 2013/2018 shall be listed and quoted on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) on 11 June 2015. A notification to the Warrant B 2013/2018 Holders setting out the details of such Warrant B 2013/2018 Adjustments will be despatched to the Warrant B 2013/2018 Holders in due course;

(b)          Warrant C 2015/2020 Holders will be entitled to one (1) additional Warrant C 2015/2020 for every four (4) existing Warrant C 2015/2020 held and the existing exercise price of RM2.63 for each Warrant C 2015/2020 will be adjusted accordingly to RM2.10 for each Warrant C 2015/2020 (including additional Warrant C 2015/2020). As a result of the Warrant C 2015/2020 Adjustments, up to a maximum of 33,238,630 additional Warrant C 2015/2020 with an adjusted exercise price of RM2.10 for each Warrant C 2015/2020 shall be listed and quoted on the Main Market of Bursa Securities on 11 June 2015. A notification to the Warrant C 2015/2020 Holders setting out the details of such Warrant C 2015/2020 Adjustments will be despatched to the Warrant C 2015/2020 Holders in due course.

The Bonus Shares will be listed and quoted on the Main Market of Bursa Securities on 11 June 2015, being one (1) market day after the Entitlement Date.

Mah Sing’s Share Registrar is expected to issue and despatch the notices of allotment for the Bonus Shares to the Entitled Shareholders not later than four (4) market days after the date of listing and quotation for the Bonus Shares on the Main Market of Bursa Securities.

Note:

* As 18 March 2018, being the date preceding the fifth anniversary of the issue date of the Warrant B 2013/2018 falls on a non-market day, the expiry date of the Warrant B 2013/2018 will be 16 March 2018, being the market day immediately preceding 18 March 2018 pursuant to the provisions of the Warrant B 2013/2018 Deed Poll.

This announcement is dated 27 May 2015.